DES MOINES, Iowa - (August 04, 2017)
Sale sets record for city’s central business district
Chicago-based Draper and Kramer, Incorporated, one of the leading privately held, full-service real estate firms in the United States, announces it has completed the sale of Capital Square, a 454,619-square-foot multi-tenant office building in downtown Des Moines, Iowa.
Draper and Kramer sold the property, located at 400 Locust Street, to Colorado-based Real Capital Solutions for $30.2 million, reportedly the highest price ever paid for an office building in Des Moines’ central business district. CBRE’s Minneapolis Capital Markets group represented Draper and Kramer in the transaction, which closed in June 2017.
Developed by Draper and Kramer in 1983, the eight-story, 454,619-square-foot building was designed by Skidmore, Owings & Merrill. Prominently located in downtown Des Moines, Capital Square features a large atrium that regularly hosts high-profile events, including the 2016 Iowa Caucus Microsoft Media Center and the Drake Relays pole vaulting competition. The building’s major tenants include The Des Moines Register, RSM McGladrey, Life Care Services, BH Equities and Iowa State University.
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated is family-owned and one of the leading privately held full-service real estate firms in the U.S. Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s expertise spans residential and commercial property management and leasing; debt and equity financing for commercial properties; residential and commercial acquisition and development; and residential mortgage services through Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of investors in real estate across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; condominium associations; and foundations. For more information, visit www.draperandkramer.com.
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Editors:
For more information, contact Sarah Lyons, [email protected], (312) 267-4520.
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Chicago-based Draper and Kramer announces it has sold Capital Square, a Class A multi-tenant office building in downtown Des Moines, Iowa.
