 |
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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