Accesso Partners to Sell Twin Cities Landmark Office Tower
- Mar 29, 2016
The Chicago-based brokerage firm also arranged Accesso’s $253 million acquisition of the IDS Center in 2013 and procured financing on the company’s behalf. Accesso Partners, then called Beacon Investment Properties, purchased the building in a joint venture with two Israeli investment funds from Inland American Real Estate Trust.
The IDS Center at 80 S. 8th St. occupies a full square block of the Nicollet Mall, the shopping and dining district at the core of the skyway pedestrian walkway system in downtown Minneapolis.
The building, which dates back to 1972, was designed by influential American 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.
Besides the office component, the 88 percent-leased property includes the 8-story, glass-enclosed Crystal Court, a retail shopping center and urban park that frequently has traffic counts of more than 50,000 people per day. The 19-story, 281-key Marquette Hotel, which is also part of the IDS Center, is separately owned and will not be included in the sale.
Jeff Bramson and Jaime Fink, senior managing directors, along with Mark Katz, managing director, are leading the HFF investment sales team representing the seller.
Image courtesy of Accesso Services