Twenty/20, a three-story class A building, has been vacant since Sprint exercised a termination option and moved out about three years ago. Tina McCall, a Wells Real Estate Funds asset manager, says that the landlord will continue to market the remaining 15,000 sf to potential tenants. Quoted lease rates for space in the building are between $19 and $20 per sf.
The Epoch and BCBSKC leases, which begin in February and run 69 months, include renewal options, according to landlord Wells. An important aspect of the relocation and expansion of BCKSKC and its subsidiary was being able to move to the same building, McCall says. In addition to McCall, Wells was represented by CB Richard Ellis' Bob Fagan, Jon Hitchcock and Brent Roberts. BCBSKC and Epoch were represented by D. Michael Posten and Suzanne Dimmel of Colliers Turley Martin Tucker.
Wells Real Estate Investment Trust owns a majority interest in 20/20, while two Wells limited partnerships hold minority interests. Wells, which acquired 20/20 in 1999, owns 86 buildings in 24 states totaling approximately $4.5 billion. Across the portfolio, Wells' properties comprise more than 21 million sf that is approximately 95% leased. 20/20 is the REIT's only property in the Kansas City area.
20/20 is located in South Johnson County, which is one of the tightest submarkets in the Kansas City area. The vacancy rate in the submarket is 12.3%, compared to a vacancy rate of 15.4% for the Kansas City metro area, according to a CB Richard Ellis third quarter report. The average asking rate in South Johnson County is $18.35.
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