{"id":1004244659,"date":"2018-07-24T02:40:28","date_gmt":"2018-07-24T10:40:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004244659"},"modified":"2022-12-08T19:06:37","modified_gmt":"2022-12-09T03:06:37","slug":"lingerfelt-commonwealth-buys-kansas-city-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lingerfelt-commonwealth-buys-kansas-city-office-tower\/","title":{"rendered":"Lingerfelt CommonWealth Buys Kansas City Office Tower"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004244662\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/2345-Grand-Blvd..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004244662\" data-attachment-id=\"1004244662\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-commonwealth-buys-kansas-city-office-tower\/2345-grand-blvd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/2345-Grand-Blvd..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2345 Grand Blvd.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;2345 Grand Blvd.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/2345-Grand-Blvd..jpg?w=800\" class=\"wp-image-1004244662 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/2345-Grand-Blvd..jpg\" alt=\"2345 Grand Blvd.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/2345-Grand-Blvd..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/2345-Grand-Blvd..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/2345-Grand-Blvd..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004244662\" class=\"wp-caption-text\">2345 Grand Blvd.<\/p><\/div>\n<p>Lingerfelt CommonWealth Partners has made its entr\u00e9e into the Kansas City, Mo.,&nbsp;market. In a joint venture with CrossHarbor Capital Partners, the commercial real estate investment firm recently acquired the approximately 538,700-square-foot office building at 2345 Grand Blvd. from Franklin Street Properties Corp.<\/p>\n<p>The purchase marks a departure from Lingerfelt CommonWealth\u2019s core regions: the Mid-Atlantic and Southeast. Additional details on the transaction are not being released due to certain restrictions, a company spokesperson told <em>Commercial Property Executive<\/em>.<\/p>\n<p><em>&#8220;We are enthusiastic about entering the Kansas City market at this time and we are particularly excited to own such an iconic building in this prime location,&#8221;<\/em> Brian Witthoefft, managing director of leasing and marketing with Lingerfelt CommonWealth Partners, said in a prepared statement. <em>&#8220;The market fundamentals continue to strengthen, showing steady leasing demand, positive space absorption in quality properties, and upward pressure on rental rates metro-wide.\u201d&nbsp;<\/em><\/p>\n<p>Developed in 1977 by the Shorenstein Co., the Mies van der Rohe-designed 2345 Grand sits in Kansas City\u2019s Crown Center submarket downtown. The 28-story building is currently 73 percent occupied by multiple tenants, including law firm Lathrop &amp; Gage, which inked an approximately 111,000-square foot lease renewal in 2016. The transaction also included the four-story annex building at 2380 McGee St., designed by Mies van der Rohe as well.<\/p>\n<p>Lingerfelt CommonWealth, which will serve as operator of 2345 Grand, plans to submit the Class A property to a substantial renovation program that will include the reconfiguration and upgrading of the ground-level retail space at 2380 McGee. Joint venture partner Commonwealth Commercial will take on the role of property manager. Commercial real estate services firm Cushman &amp; Wakefield has been tapped to spearhead leasing and marketing activity.<\/p>\n<h2>Portfolio boosting<\/h2>\n<p>Lingerfelt CommonWealth has been active in both the office and hospitality sectors over the last several months. In a joint venture with JDI Realty, the company recently <a href=\"https:\/\/www.commercialsearch.com\/news\/delta-hotels-by-marriott-comes-to-chesapeake-bay\/\">purchased Virginia Beach Resort Hotel &amp; Conference Center<\/a> in Virginia Beach, Va.<\/p>\n<p>Also on the list of acquisitions are the 78,500-square-foot Buschwood III office building at 3350 Buschwood Park Drive in Tampa, Fla., and the 405-key Norfolk Waterside Marriott in Norfolk, Va.<\/p>\n<p><em>Image courtesy of&nbsp;Lingerfelt CommonWealth<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The acquisition, made in a joint venture with CrossHarbor Capital Partners, marks the commercial real estate investment firm\u2019s entrance into the Midwestern city\u2019s office market.<\/p>\n","protected":false},"author":969,"featured_media":1004244662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1592,13,21742,21747],"tags":[37832,32799,33262],"class_list":["post-1004244659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-kansas-city","category-midwest","category-latest","category-office","tag-crossharbor-capital-partners","tag-cushman-wakefield","tag-lingerfelt-commonwealth-realty-partners-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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