Companies moving downtown

[normalthings]

https://www.bizjournals.com/kansascity/ ... arch.html

Waddell & Reed to consolidate their offices into a single building in Missouri. This could be a huge win for downtown.

If I were to put odds on it I would put it at
2 to 1 - South KC/Ward Parkway
1 to 2 - Plaza
1 to 4 Downtown
1 to 5 - Briarcliff

This was before my time... but, weren’t they set on moving to Briarcliff at one point long ago?

[FangKC]

They will end up wherever they can get the biggest incentives deal. That will include Kansas. They might be fishing for Kansas to offer them big incentives to say on that side of the border.

If I recall, there was a big effort to get them downtown during the Kay Barnes era, but they didn't bite.

As far as location goes, figure out where their top management lives, and expect them to pick a location within 15 minutes of their homes.

[flyingember]

If I recall, there was a big effort to get them downtown during the Kay Barnes era, but they didn't bite.

To be fair, it wasn't a given downtown wouldn't continue to decline during this era.

[longviewmo]

If they would have moved downtown then, they'd still be looking to move with how much they've shrunk?

[earthling]

Wadell Reed currently leases about 300K sqft space with 1000 employees, Strata only 250K. They want more space for growth. Could Strata get more floors? Could the tornado building next to Sprint Center trigger? Would imagine they otherwise go to the burbs on MO side but is there 400K Class A available on MO side? If they have to build new somewhere, downtown may have a shot.

Also...

Missouri Gov. Mike Parson is scheduled to sign legislation Tuesday in Kansas City that would end the so-called incentives border war by prohibiting the use of state incentives for companies moving across the state line within the metro area. However, that legislation would not become effective until Kansas passes a reciprocal measure — something not done during the 2019 legislative session.

Waddell & Reed was founded in Kansas City in 1937, with its first headquarters at Ninth Street and Baltimore Avenue. It moved from the Crown Center area to its Overland Park campus in 1990.

https://www.bizjournals.com/kansascity/ ... -hunt.html

[KCtoBrooklyn]

Wadell Reed currently leases about 300K sqft space with 1000 employees

Actually, it looks like their total amount of space is coniserably higher than that. They lease 300k office plus 38k for disaster recovery (?) plus they own an additional 150k of office space. That would put their total close to 500k.

The twisty tower is only slated for 270k of office space. 1034 Main was planned to have 600k.

[normalthings]

Wadell Reed currently leases about 300K sqft space with 1000 employees

Actually, it looks like their total amount of space is coniserably higher than that. They lease 300k office plus 38k for disaster recovery (?) plus they own an additional 150k of office space. That would put their total close to 500k.

The twisty tower is only slated for 270k of office space. 1034 Main was planned to have 600k.

The proposed twist tower would have 504,000sqft of office and 21,000 sqft of retail. Copaken Brooks says that would fit between 1,272 to 4,032 people.

The scaled back box would only have 270,000 sqft of office/hotel.

[KCtoBrooklyn]

I thought the number seemed a little low, but I got it directly from Copaken Brooks' website:

This iconic building would consist of a 10-story, 320,000 square feet – including 270,000 square feet of office/hotel and 50,000 square feet of retail. It would also include 1,300 below-grade parking spaces.

https://www.copaken-brooks.com/our-prop ... 3th-grand/

I guess those numbers are for the smaller, non-twisty option, although all the photos on that page still show the twist.

[normalthings]

Same issue with the Loopnet page. The listing has the 500k+ sqft number but also has the 270k sqft in the description.

It may be interesting to note that the smaller version of 3rd Grand is pegged at 300k sqft. The taller tower would certainly cross into the 600k+ range. [the 300k figure seems high]

[earthling]

Will be surprising if they consolidate all sites. The DR site likely won't be given the point is to have DR somewhere else. No mention they plan to sell the two they currently own. Is common to put some backoffice and lower wage employees in owned buildings (especially if Class B or aging Class A) then higher wage leaning employees in top tier Class A space - affordable parking another challenge for some workers. The article was pointing out what they currently lease and that they want expansion space. So likely 500K-600K needed, more if they do plan to consolidate all. If they aren't in a rush to move, downtown may have a shot. If 500K top tier Class A space is available on Plaza or burbs (don't think so), then could end up there.

[beautyfromashes]

Perhaps they could take some space from H&R Block across the street. I heard they were trying to rent out some of their floors.

[normalthings]

Looks like USDA is mostly looking at space in downtown KC. Great news!

[TrolliKC]

Hopefully dt

https://www.startlandnews.com/2019/06/f ... dium=email

SF based tech media company Friendmedia moving to KC in 2020

[jasty5]

So I heard Waddell and Reed is moving downtown into new construction. I have no other info...

[DaveKCMO]

So I heard Waddell and Reed is moving downtown into new construction. I have no other info...

Very likely Strata, unless they've inked something with Platform Ventures? Should make for a very interesting border war test since the new building will be incentivized (versus incentivizing the company directly for the jobs).

[normalthings]

So I heard Waddell and Reed is moving downtown into new construction. I have no other info...

Big if true. Its a move that should have occurred 20 years ago.

[jasty5]

I don’t think it’s strata, I think it’s something new.

[normalthings]

I don’t think it’s strata, I think it’s something new.

1. Waddell & Reed would need more space than what Strata or Platform Ventures can offer. Twisty Tower (500K SF) is the closest w/o being too small of the proposed office buildings.The Washington Square Park Office Project would be my second guess.

2. Are you saying that this will be a not yet announced office tower project?

[jasty5]

I don’t think it’s strata, I think it’s something new.

1. Waddell & Reed would need more space than what Strata or Platform Ventures can offer. Twisty Tower (500K SF) is the closest w/o being too small of the proposed office buildings.The Washington Square Park Office Project would be my second guess.

2. Are you saying that this will be a not yet announced office tower project?

I think this is some new project, and don’t think it’s associated with any of the existing spec developments. Agreed that strata would not be big enough. I heard a cost range of $200M for the cost, which is double the cost of Strata.

[normalthings]

I don’t think it’s strata, I think it’s something new.

1. Waddell & Reed would need more space than what Strata or Platform Ventures can offer. Twisty Tower (500K SF) is the closest w/o being too small of the proposed office buildings.The Washington Square Park Office Project would be my second guess.

2. Are you saying that this will be a not yet announced office tower project?

I think this is some new project, and don’t think it’s associated with any of the existing spec developments. Agreed that strata would not be big enough. I heard a cost range of $200M for the cost, which is double the cost of Strata.

It’s great to hear B&M getting more involved with downtown construction. I can’t wait to see the designs once available. Hopefully, we will see a proper urban friendly tower.