$153.5 M Crown Center Tower Sale Underscores Heating KC Office Market

Houston-based Hines Interests LP has offered the 595,607-square-foot Crown Center office structure at 2555 Grand Blvd. to Newton, MA-based Select Earnings REIT for $153.5 million, or about $257.72 per square foot.

The deal is the highest priced single-asset sale in downtown Kansas City given that Hines acquired the structure from the Crown Center Redevelopment Corp. for $155.8 million in February 2008, according to CoStar details.

Select Income REIT focuses on acquisitions of single-tenant, net-leased properties.

Delivered in 2003, the Class A building functions as head office for Shook Hardy & & Bacon LLP, a local law firm which inhabits all however three floors of the 24-story structure.

Hines had employed CBRE to market the building, which was listed for about 5 months prior to going under agreement. The purchaser was self-represented in the transaction.

Please refer to CoStar COMPS # 3358837 to find out more.

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