Another five tenants are also in the building; HOK leases about 81%, and the rest of the building is occupied. David Brown, president and CEO of ORIX, tells GlobeSt.com that the property was a must-have on their list of priorities. "We have a number of different acquisition strategies, ranging from value-add, opportunistic to core, high-quality assets, and this one clearly is a high-quality, stabilized property in a strong market," he says.
The three-story building has design features such as floor-to-ceiling glass windows with exterior aluminum sunscreens, and also has a 388-space underground parking garage. Seller Opus Estates LLC bought the property in 2005 for $17.5 million, according to sources. Brown wouldn't comment on the lease rates, but the average lease rate for downtown is $19.18 per sf for class A office space.
Brown says his company has purchased a few other properties in the Kansas City market recently. "I would say that we like certain markets in the Midwest for their stability and recent growth, such as Kansas City, Chicago, Minneapolis and St. Louis," he says. Brown also says while the acquisition market has been tough the past few months, his company is actively seeking sales and development opportunities. The company is an all-cash buyer, and isn't affected by the recent lending freeze, he says. "Our opportunity is about to get interesting," Brown says.
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