A partnership between Hines and GE Real Estate has bought a two-building office complex in Kansas City CBD from Shorenstein Co. LLC and IBM. 2345 Grand is a 28-story office tower with an adjoining four-story office building. The combined square footage of the two buildings is 528,000 sq. ft.
This is the third acquisition by the Hines Suburban Office Venture (HSOV). Its first acquisition was the Manhattan Towers in Manhattan Beach, Calif. The second was Atlanta’s Ashford Perimeter, which the partnership acquired in the summer of 2003.
Hines plans to increase the value of the asset through a renovation of the plaza, an upgrade of the main-building lobby and an aggressivecampaign. 2345 Grand is currently 84% leased.
"We felt that this asset was a strong fit for ourstrategy," said Stephen Hoover, GE Real Estate's managing director for Commercial Strategic Ventures. "We're continuously evaluating value-added office properties in markets around the U.S. for additional investment opportunities."
Designed by legendary architect Mies van der Rohe, 2345 Grand was built in 1975. The office tower features a two-story lobby clad in travertine, terrazzo and bronze.
"We are excited to have found an asset that meets our criteria and solidifies our presence in the city. In addition, this property will be an excellent opportunity for the venture to add value," said Hines Vice President Kurt Hartman.