(The IDS Center in downtown Minneapolis. MPR Photo/Tom Weber)
The tallest building in Minneapolis, the IDS Center, is no longer for sale, Bloomberg reports.
Here’s an excerpt from the story about Inland American Real Estate Trust’s decision:
“We have decided to hold on to this iconic asset,” Jeff Manno, Inland’s vice president of transactions, said in an e-mailed statement. “There isn’t and never was an urgency to sell this property and we continue to believe in its strength in the Minneapolis marketplace.”
Inland, based in Oak Brook, Illinois, had been seeking a sale of the office tower as it shifts its focus to retail, lodging and student-housing holdings. While the company is continuing to pursue that strategy, the IDS Center “has served us well the last six years and we believe it will continue to do so,” Manno said.
The 57-story IDS Center was built in 1972. It has received the Outstanding Building of the Year award in the million-square-feet plus category for three years in a row from the Building Owners and Managers Association of Greater Minneapolis.
The IDS Center beats out two other Minneapolis skyscrapers for height by 16 feet. The IDS Center is 792 feet, followed by the Capella Tower at 776 feet and the Wells Fargo Center at 775 feet.