Minneapolis St. Paul Business Journal
By Mark Reilly
September 10, 2025
Story Highlights
- Accesso Partners receives loan extension for Minneapolis’ IDS Center.
- IDS Center’s value dropped to $135 million in 2025.
- Associated Bank leases full floor in IDS Center.
Accesso Partners, the owners of IDS Center in Minneapolis, has received another extension for its loan on the iconic downtown building, a sign that banks may see hope for a recovering office market.
The Star Tribune has a report on the announcement by Hallandale Beach, Florida-based Accesso, which has owned the IDS Center since 2013. The deal was supported by at least $183 million in mortgage debt, according to previous Business Journal reporting; the Star Tribune reported the value of the loan at $151.7 million.
Office building values plummeted after white-collar workplaces emptied during the Covid-19 pandemic, a decline that threatened many of the financial structures behind the real estate. The trend is happening nationwide, but the Business Journal reported late last year that the Twin Cities held the highest concentration of distressed commercial real estate debt in the nation at the time.
Office employment has recovered somewhat since the pandemic ended, but building values remain low. For IDS, the building’s assessed value, according to Hennepin County records, is $135 million in 2025, down from $167.5 million in 2024 and more than $100 million less than Accesso paid for the property 15 years ago.
Accesso won an earlier extension on its IDS loan last winter. Deb Kolar, general manager of the 57-story tower, told the Star Tribune that “The good news is that the bank still believes in the building. … It shows the commitment we have to the property.” She said Accesso hasn’t considered selling the building.
Accesso also confirmed a full-floor lease for Associated Bank. The Business Journal had reported on that deal, under which Associated will lease 25,000 square feet of office space in addition to a new skyway-level branch, in June.