Beacon Investment Properties is the new owner of downtown Minneapolis’ IDS Center.
Beacon purchased the center from Oak Brook, Ill.-based Inland American Real Estate. Beacon paid $253 million for the property.
The deal is an important one for Minneapolis. After all, the IDS Center is the tallest office building in Minnesota.
According to a release describing the deal, Ariel Bentata, chief investment officer and founding partner of Beacon Investment Properties, said that the building’s strong financial history and tenant base persuaded Beacon that purchasing the property made financial sense.
“Our company is delighted and proud to own the premier office complex in one of America’s most progressive and dynamic markets,” Bentata said in a written statement.
