Minneapolis/St. Paul Business Journal
September 21, 2022
By Kelly Busche
Several tenants in downtown Minneapolis’ IDS Center have renewed or expanded their leases in the iconic downtown Minneapolis tower, according to an announcement from owner Accesso.
IDS reported that the year-to-date square footage of current tenants that have have either renewed or expanded their office footprints in the building total nearly 275,000 square feet. This accounts for over 5% of the property’s total 1.42 million square feet of office space.
The 57-story tower is located at 80 S Eighth St.
Among the expanding tenants is law firm Taft Stettinius & Hollister, which the Business Journal reported would be taking on about half of the 26th floor in the tower. The new space totals around 16,000 square feet and is in addition to Taft’s approximately 93,500 square feet of space it already has on floors 22 through 25.
“The property continues to offer an incredible environment for us to efficiently conduct our business, providing our employees with first-class amenities, a convenient downtown commute and a variety of nearby retail options,” said Justin Weinberg, Taft’s Minneapolis partner in charge.
Another law firm, Lathrop GPM, one of the largest tenants in the building, has renewed its lease, Accesso announced in a news release.
The Business Journal reported in June that Lathrop planned to move from its 100,000 square feet on floors 4 and 5 up to floors 30 and 31.
Wealth management firm Okabena Co. as well as law firms Hogan Lovells, Littler Mendelson P.C. and Zamansky Professional Association have all renewed their leases in IDS, said Accesso, which is based in Hallandale Beach, Fla.
Denmark-based MedTrace Pharma A/S also opened its new U.S. headquarters in IDS earlier this month. The medical- device company occupies around 2,700 square feet in the building, according to Accesso. MedTrace aims to grow its U.S. team from four to 10 people over the next year.
“As many companies embrace hybrid work schedules and solidify their long-term office plans, these lease expansions and renewals prove that the IDS Center remains an ideal option for a wide variety of tenants,” Deb Kolar, general manager of the IDS Center for Accesso, said in the release.
In April, the Business Journal reported that firm Ballard Spahr will slim down its Minneapolis office in IDS, with plans to retain the 20th and 21st floors.
The Business Journal reported IDS’ occupancy was at 77% in July, which is up a few ticks from last year, but down from the 88% level it was at in 2013, according to financial records.