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MINNEAPOLIS-An affiliate of Inland American Real Estate Trust Inc. buys IDS Center, the tallest and best known Downtown building here, for approximately $277 million. Well-known American architect Philip Johnson designed the 51-story, 1.4-million-sf mixed-use building, which was completed in 1972.

Joe Cosenza, vice chairman of the Oak Brook-based Inland Real Estate Group of companies, negotiated this deal himself, and says, “I feel a particular pride in the acquisition of a property with this kind of elevated place in architectural history.” The acquisition is something of a departure for Inland, the various entities of which are mostly associated with retail properties. Eastdil Secured represented the seller, Chicago-based John Buck Co.

The building, located at 80 S. Eighth St., contains 1.2 million sf of office space and more than 166,000 sf of retail. The 24,000-sf Crystal Court indoor park features an eight-story canopy of glass that surrounds a 105-foot, floor-to-ceiling waterfall.

An Inland spokesman tells GlobeSt.com it is currently 95.5% leased. He declined to disclose the rental rates. Three law firms each occupy about 100,000 sf. They are Briggs & Morgan, Lindquist & Vennum, and Gray Plant Moody. Jim Duda, current VP and general manager of the building, will stay in place under the new owner.

Cosenza noted that, when IDS Center opened, it was hailed by the New York Times architecture critic as “one of the best mixed-use complexes of our time.” Many people, however, recognize it from its roles in such movies as “Purple Rain,” “Fargo,” and as the home of the TV-station set in television’s “the Mary Tyler Moore Show.”

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