Inland Affiliate Purchases IDS Center in Minneapolis

Business Wire, August 21, 2006

OAK BROOK, Ill. -- A venture affiliated with Inland American Real Estate Trust, Inc. recently purchased the IDS Center property, the tallest and most prominent building on the downtown Minneapolis skyline and (in the words of the New York Times upon the building's opening) "one of the finest skyscrapers in any American city."

The 51-story, 910-foot-tall, 1.4-million-square-foot IDS Center was designed by renowned American architect Philip Johnson. The price was approximately $277 million.

Inland American Real Estate Trust is part of The Inland Real Estate Group of Companies, Inc., which collectively is one of the largest and fastest-growing real estate companies in the country.

"The IDS Center is an architectural icon and has been called 'one of the best mixed-use complexes of our time,' by The New York Times," said Joe Cosenza, vice chairman of the The Inland Real Estate Group of Companies, Inc., who negotiated the transaction. "I've walked nearly every inch of it, and I feel a particular pride in the acquisition of a property with this kind of elevated place in architectural history. That pride and attention to detail will be evident in the way the building is owned and managed."

One of the management companies in The Inland Real Estate Group of Companies, Inc. assumed management of the IDS Center upon closing.

"Those of us who direct the management, leasing and operations of the IDS Center are enthusiastic about welcoming Inland as our new owner," according to Jim Durda, vice president and general manager at the IDS Center, "because they have earned a quality reputation in today's commercial, retail, property management and asset management real estate segments. As important to our tenants, however, is that they are also distinguished by their long-term approach to real estate and the treatment they provide to their tenants."

Durda and the building's current management are being incorporated into the Inland management family.

While The Inland Real Estate Group of Companies, Inc. is perhaps best known for retail acquisition and management, its companies have acquired more than 12 million square feet of office space since the beginning of 2005.

Since its opening in 1972, the IDS Center has been the center of commercial and retail activity in downtown Minneapolis, and is the city's foremost architectural icon. The IDS Tower is home to 130 tenants, with more than 1.2 million square feet of leasable office space. The dramatic adjoining 24,000-square-foot IDS Crystal Court features an indoor park featuring a canopy of glass that soars eight stories - 120 feet - above ground, surrounding a 105-foot, floor-to-ceiling waterfall. The atrium alone totals more than 2.4 million cubic feet. The property also includes more than 166,000 square feet of retail space. IDS Center, one of the tallest buildings in the Midwest, also has earned a place in American pop culture, having appeared in movies like "Purple Rain," "Joe Somebody" and "Fargo" and been cast as the home of the fictional television station that was the setting of each episode of "The Mary Tyler Moore Show."

The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com) is comprised of a group of separate legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corporation. Companies sponsored by affiliates of The Inland Real Estate Group of Companies rank collectively as the single fastest-growing acquirer of retail property in the United States (Chain Store Age, May 2006) and the fifth-largest shopping center owner in North America (Shopping Centers Today, November, 2005). Inland-sponsored companies have more than 130 million square feet of commercial real estate under management in 42 states around the country and managed assets in excess of $18 billion. The Inland Real Estate Group of Companies, Inc. is headquartered in Oak Brook, Ill.

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