Friday, April 26, 2013

57-Story IDS Center, Minnesota’s Tallest Office Tower, Acquired by Beacon Investment Properties in a Joint Venture with Harel Insurance & Finance and Menora Mivtachim Insurance for $253 Million




IDS Center, 80 South Eighth Street
Minneapolis, MN

MINNEAPOLIS, MN. (April 26, 2013) -- The 57-story IDS Center, Minnesota’s tallest office tower and Minneapolis’ signature skyscraper, has been acquired by Beacon Investment Properties, LLC of Hallandale Beach, FL in a joint venture with Tel Aviv-based Harel Insurance Investments & Financial Services Ltd. and Menora Mivtahim Insurance Ltd. from Inland American Real Estate Trust, Inc. Oak Brook, IL for $253 million.

Ariel Bentata
       The 1.4 million-square foot glass and steel postmodern architectural landmark, with its 25,000 square foot indoor park and fountain, has a 93% leased office tower and the two-level retail plaza called Crystal Court which is 100% leased.

        Located at 80 S. 8th St., and occupying a full square block of the Nicollet Mall in what is considered the epicenter of downtown Minneapolis, the IDS Center was designed in 1972 by architect Philip Johnson, known for creating iconic corporate headquarters including the Seagram’s Building in New York City and the Pittsburgh Plate Glass Center in Pittsburgh.

Claude Dombey
        Ariel Bentata, chief investment officer and founding partner of Beacon Investment Properties, said, “Our company is delighted and proud to own the premier office complex in one of America’s most progressive and dynamic markets, the Twin Cities. It is a stable asset with long term tenants and a history of strong financial performance. 

"We are honored to assume the stewardship of IDS Center from Inland American which took very good care of this commercial real estate icon during its seven year ownership. We will carry on that tradition.”

        Claudio Dombey, a founding partner and chief of investor relations, cited the “solid support of our partners Harel Insurance Investments & Financial Services, Ltd. and Menora Mivtachim Insurance Ltd. In Tel Aviv that enabled us to expedite this sizeable and complex transaction. We are very fortunate to have such an excellent partnership.”

        Inland American Real Estate Trust, Inc., which has owned IDS Center since 2006, said it is selling the office complex to focus its investment portfolio on the lodging, retail and student housing segments.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

Chris Barnett (cbarn@aol.com) (o) 415-921-5092 (m) 415-336-5092
Terry Kennon (terry@beaconri.com (o) 972-385-8787 (m) 214-676-0693


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