HEITMAN ADVISORY CORP. ACQUIRES OWNERSHIP OF IDS CENTER IN MINNEAPOLIS
HEITMAN ADVISORY CORP. ACQUIRES OWNERSHIP OF
IDS CENTER IN MINNEAPOLIS
MINNEAPOLIS, Dec. 4 /PRNewswire/ -- Heitman Advisory Corp., on behalf of one of its institutional investors, has acquired 100 percent ownership of the office/retail/parking components of Minneapolis' IDS Center, a 2.4-million-square-foot, 57-story complex ranked largest in the city. The investor previously has held a 50 percent partnership interest in IDS Center with Brookfield Minnesota Inc.
"IDS Center is one of the premier mixed-use properties in the country and, in our judgement, is well positioned as a long-term investment," said Norman Perlmutter, chairman of Heitman Financial Ltd., Chicago, parent company of Heitman Advisory and one of the nation's largest real estate investment firms. "It serves as the anchor of the Minneapolis central business district, and its blue chip tenant directory reflects the depth and diversity of the Minneapolis-St. Paul economy."
Currently 90 percent leased, IDS Center, 80 S. Eighth St., is the corporate headquarters of IDS Financial Services Inc., the signature tenant since the complex was developed in 1972. Other major tenants include Dayton Hudson Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.; and the law firms of Lindquist & Vennum and Briggs and Morgan. On-site retailers include Brooks Brothers and Talbots.
Designed by architects Phillip Johnson and John Burgee, the complex includes a 57-story office tower (the city's tallest) connected to an eight-story office annex, a bi-level retail center, and a 19-story, 281- room hotel (The Marquette), managed by Hilton International. An affiliate of Brookfield will retain ownership of the hotel, which will be leased to Heitman. Spanning one city block, IDS Center surrounds a skylighted central plaza -- The Crystal Court. It is linked on each of its four sides to the Skyway system.
The acquisition of IDS Center boosts Heitman's portfolio of downtown Minneapolis properties to more than 3 million square feet, making it the largest office landlord in the central business district. Its other properties include First Bank Place West, a 26-story, 404,000-square- foot office tower at 120 S. Sixth St.; and the 270,000-square-foot Minneapolis Centre, located at 920 Second Ave., South, part of the International Centre complex.
The Heitman portfolio also includes nearly 2 million square feet of properties in suburban Minneapolis.
Heitman Minnesota Management Inc. will serve as the on-site leasing/management agent for IDS Center, according to David Sternberg, a senior vice president at Heitman Properties' regional office in Minneapolis. Heitman's Michael Dwyer, a vice president, has been appointed general manager for IDS Center. J. Scott Hettinger has joined Heitman as leasing manager for office tenants in IDS Center.
/CONTACT: Marjean Johnson or Kathy Rodgers, 612-332-1603, or Aleen Bayard, 312-751-5518, all of Margie Korshak Associates, Inc. for Heitman Financial Ltd./ CO: Heitman Advisory Corp.; IDS Center ST: Minnesota IN: FIN SU: TNM SB -- NY072 -- 9311 12/04/91 15:13 EST