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Copaken Brooks Helps Chicago Investors Buy Two Kansas City Office Buildings

Kansas City Business Journal
Rob Roberts, Reporter

April 21, 2014

An investment group represented by Copaken Brooks has closed the sale of two Class A buildings in Overland Park’s Renaissance Office Park to CA Office, part of Chicago-based CA Ventures.

Holliday Fenoglio Fowler LP marketed the two seven-story buildings, the Van Eyck and del Sarto, which total 293,872 square feet. The parties involved in the transaction did not disclose the sale amount, but two parties familiar with the transaction said the buildings sold for about $90 to $100 a square foot, or roughly $26 million to $29 million.

The transaction marks the first area acquisition for CA Office.

“We regularly review holdings on behalf of owners we represent to ensure they meet their investment goals,” said Keith Copaken, a principal with Copaken Brooks. “We determined that the time was right to do this deal to monetize the project’s equity.”

The two buildings are 85 percent occupied by, among others, Design Resources Inc., Ketchum Directory Advertising and Marsh & McLennan Agency, an insurance firm. The 150,521-square-foot Van Eyck building is situated on nearly 8 acres at 7007 College Blvd. The 143,351-square-foot del Sarto building sits on 4.9 acres at at 7015 College Boulevard.

The buildings were developed in the mid-1980s as part of the three-building Renaissance Office Park.

“This acquisition allows CA Office to enter one of the most sought-after submarkets in the Midwest,” said Bob Gillespie, managing partner of CA Office. “We have purchased two of the best buildings in the market, which were developed and have been exceptionally maintained by Copaken Brooks.”

Separate investment groups represented by Copaken Brooks continue to own Renaissance III and more than 35 acres of developable property in the vicinity. Renaissance III tenants include Zurich, an international insurance firm, and Intouch Solutions, a digital pharmaceutical marketing agency.

Additional Information

Contact:
Becca Andersen
Marketing Communications

816.701.5000

 

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