Copaken Brooks Explores Recapitalization of Overland Park Office Building

Rob Roberts
Reporter, Kansas City Business Journal
August 19, 2013

Two Class A office buildings at College Boulevard and Metcalf Avenue in Overland Park are for sale — sort of.

Keith Copaken, a principal with Copaken Brooks, said the buildings' owners seek to "recapitalize those assets through sale, refinance or joint venture."

The buildings, both seven-story, roughly 150,000-square-foot structures, were developed in the mid-1980s by Copaken, White & Blitt, a successor to Copaken Brooks. Part of the three-building Renaissance Office Park, they are owned by investment partnerships including principals of Copaken Brooks.

One of the buildings, the Van Eyck, is located at 7007 College Blvd. and was the first building constructed in Renaissance Office Park. The other, the del Sarto, is located at 7015 College Blvd., and was the second building added in the park.

More than 80 percent occupied, the buildings are being offered to the investment market without an asking price, said Copaken, who added that its a good time to both sell and refinance.

"The timing and capital markets are such that it makes sense to try to do something now while rates are low and demand is high," he said.

The idea behind an asset recapitalization, Copaken explained, is to give property owners greater access to both debt and equity.

"We went through a similar process with Town Pavilion last year and ended up refinancing that project," Copaken said.

Copaken Brooks leases and manages more than 3 million square feet of office space in the Kansas City area, including the 38-story Town Pavilion at 1111 Main St.

Rob reports on real estate and development.

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