Exclusive: Kansas City Office Mid-Rise Scores Refi
It's the fifth refinancing deal in 10 years for this building.
Copaken Brooks has obtained a $25.6 million refinancing loan for Corrigan Station, a 122,000-square-foot office building in Kansas City, Mo., Yardi Matrix information shows. CommunityAmerica Credit Union provided the note.
The company completed the LEED Silver-certified mid-rise back in 2016, reflecting the broader green building trends in play at the time. Since then, the firm has taken out four permanent loans originated by Dickinson Financial, totaling $88.6 million.
Located at 1828 Walnut St. within the Crossroads district, the 10-story building has easy access to the Power & Light District and Crown Center, as well as the city’s downtown area. Kansas City International Airport is 22 miles away.
The Class A mid-rise has about 12,000 square feet of ground-floor retail space. The property also comprises a four-story parking garage with EV charging stations and a two-story rooftop clubhouse, as well as meeting spaces, a rooftop garden and multiple lounge areas.
Corrigan Station is part of a two-building campus that also includes Corrigan Station II, a three-story structure that measures 22,910 rentable square feet. The two facilities share the parking garage.
Kansas City office market cools
Kansas City’s office market softened in the third quarter, with net absorption falling to negative 185,000 square feet, the first quarterly loss in two years, according to a CBRE report. Vacancy stood at 17.5 percent, up 40 basis points from June but still 10 basis points below its year-ago level. Leasing activity also slowed to roughly 500,000 square feet, bringing the year-to-date total to 1.9 million square feet, down from more than 3 million square feet during the same period in 2025.
Despite the weaker local fundamentals, the Corrigan Station refinancing comes as office debt markets continue to improve nationally. Loan originations rose 47 percent year-over-year in the second quarter, a Mortgage Bankers Association survey shows, the second-largest increase among property types, behind retail. Quarter-over-quarter, volume increased 23 percent, pointing to continued lender appetite even as individual office markets remain uneven.
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