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OFFICIAL - Commerce Tower
Posted: Thu Feb 24, 2005 9:55 am
by Missionite
Not sure this means much of anything yet, but news nonetheless.
[quote]40-year-old skyscraper goes on the market in KC
The 30-story Commerce Tower, one of downtown's most visible skyscrapers, is for sale.
Tower Properties Co., the owner of the 40-year-old building, put the 540,000-square-foot building on the market because of its desire for “greater portfolio diversification.â€
Commerce Tower is for sale
Posted: Thu Feb 24, 2005 12:50 pm
by KansasCityCraka
I would be really intrested in finding out how much it costs..looked at plenty of sources and can't find any price what so ever.
Commerce Tower is for sale
Posted: Thu Feb 24, 2005 1:14 pm
by Dr. Know
KC Business Journal
Owner puts Commerce Tower up for sale
A major piece of Kansas City's downtown skyline is for sale.
Tower Properties Co. has put the 30-story Commerce Tower on the market. The offering price for the building at 911 Main St. is $24.5 million, about $55 a square foot.
Tower Properties CEO Buzz Willard said Wednesday that the sale will diversify the company's portfolio. Sale proceeds will be reinvested in real estate, Willard said.
Willard said that Tower Properties, one of the largest downtown property owners, remains committed to Downtown and expects to retain management of the building. Colliers Turley Martin Tucker brokers Mike Klamm, Paul Hilton and Michael Hanrahan will market the building for sale.
Commerce Tower opened in 1965. Its size, condition and location could attract institutional investors.
Kansas City is drawing more interest from out-of-town commercial real estate buyers.
Time Equities Inc. of New York bought City Center Square, 1100 Main St., in December 2003. Hines of Houston bought the building at 2345 Grand Blvd., near Crown Center, in March 2004.
Commerce Tower contains 438,000 square feet of leasable space and ranks No. 11 on The Business Journal's list of the Top 25 largest multitenant office buildings. Occupancy is 77 percent, according to Tower Properties' Web site.
Tower Properties (OTC BB: TPOP.OB), spun off by Commerce Bank's owner in 1971, has contracted to sell Commerce an office building at 811 Main St. and a parking garage at Ninth and Walnut streets.
The garage's sale price is $7.25 million. The building's sale price is $10.75 million, according to Securities and Exchange Commission filings. Willard said he expects the sales to close by April.
Tower and Commerce's owner share directors and officers. Commerce officers, including CEO David Kemper and Vice Chairman Jonathan Kemper, own stock in Tower.
In early February, Tower sold a 24,480-square-foot office building at 9221 Quivira Road in Overland Park to B.A. Karbank & Co. LLP. The single-story structure has been vacant for about 18 months, since Sprint Corp. left. Willard said the building is in a predominately retail area and didn't fit Tower's portfolio.
Tower Properties' holdings also include office buildings and warehouses in Johnson County, apartment buildings in Johnson County and Kansas City, North, and two office buildings in the St. Louis area.
The company's assets totaled $117 million on Sept. 30, the most recent date for which figures are available. Tower Properties earned $138,362 during the quarter that ended Sept. 30, but it lost $706,285 through the first nine months of 2004.
© 2005 American City Business Journals Inc.
Asking $55/psf. I used to work in this building. I'm surprised they're selling it because that is where Tower Properties HQ is. It is pretty old though.
Commerce Tower is for sale
Posted: Thu Feb 24, 2005 1:19 pm
by KansasCityCraka
Lets get Donald Trump to buy it..lol.. that would really boost things more DT. My uncle is in the market of buying another building, he rehabs old buildings and has other companies..he's kind of a smaller Trump..as of right now he is looking in Chicago (where he lives) for some more high-rise buildings to buy but I'll tell him about this one.
Commerce Tower is for sale
Posted: Thu Feb 24, 2005 1:55 pm
by dangerboy
I don't think it means a whole lot. Sounds like Commerce Bank will stay in the building. Companies do this all the time. They decide to lease instead of own, so they sell the buildling and sign a long-term lease. Or vice versa.
The important part of this sale will be the price precedent it establishes for downtown office space. I think this building and City Center Square have been the only big office buildings to change hands lately.
Commerce Tower is for sale
Posted: Thu Feb 24, 2005 1:57 pm
by tat2kc
I'd love to see the exterior of this building updated. It has the potential to be a really sleek, cool building.
Commerce Tower is for sale
Posted: Thu Feb 24, 2005 4:00 pm
by Thrillcekr
*whips out his credit card*
Re: Commerce Tower is for sale
Posted: Tue Apr 04, 2006 12:52 pm
by ComandanteCero
didn't feel like starting a new thread for this, but looks like great news for downtown. A firm consolidating office space from Westport and Overland Park, moving to the Commerce Tower
from Collison's column today:
[quote]The Shaffer Lombardo Shurin law firm is consolidating its offices in Overland Park and Westport and moving downtown, leasing a floor in the Commerce Tower. About 35 employees will occupy the 20th floor of the downtown office tower.
“We really are excited about moving downtown,â€
Re: Commerce Tower is for sale
Posted: Tue Apr 04, 2006 1:20 pm
by voltopt
downtown continues to be the important home of Government, Law, and Finance. Its too bad it has lost its Insurance, Assurance, Corporate, and Retail importance.
Re: Commerce Tower is for sale
Posted: Wed Apr 05, 2006 9:29 pm
by cityrat
If only we had the money!
Commerce Tower Sold
Posted: Tue Apr 25, 2006 11:56 am
by LenexatoKCMO
Collison is reporting that the Commerce Tower has been sold to an outfit out of LA for $21mil.
http://www.kansascity.com/mld/kansascity/14425031.htm
I never would have figured our office downtown office market would support outside interest. Anyone have any idea if this is a good price for the building?
Re: Commerce Tower is for sale
Posted: Tue Apr 25, 2006 12:00 pm
by kard
Sold!
http://www.kansascity.com/mld/kansascity/14425031.htm
Posted on Tue, Apr. 25, 2006
Midday Business Report: Commerce Tower sold for $21 million
By KEVIN COLLISON
The Kansas City Star
The 30-story Commerce Tower has been purchased by a Los Angeles investment firm for $21 million and will continue to be managed by Tower Properties.
Thomas R. “Buzzâ€
Re: Commerce Tower is for sale
Posted: Sat Jan 28, 2012 8:08 am
by FangKC
Commerce Tower owner's default sends building into receivership
http://www.bizjournals.com/kansascity/p ... l?ana=e_ph
Re: Commerce Tower is for sale
Posted: Tue Mar 27, 2012 7:26 pm
by KCLover
Just FYI the Commerce signs are about to come down on top of the building. Nows the time to get pictures while they are still on.
They are currently taking bids on removal of the signs, that's how I know.
Re: Commerce Tower is for sale
Posted: Tue Mar 27, 2012 9:27 pm
by taxi
That would be a cool thing to have. The sign, that is.
Re: Commerce Tower is for sale
Posted: Tue Mar 27, 2012 11:55 pm
by KCLover
Each letter is 20ft tall and the red logos are 40ft tall. Hope you have a big house!
Re: Commerce Tower is for sale
Posted: Wed Mar 28, 2012 12:37 am
by FangKC
Sad day.
Re: Commerce Tower is for sale
Posted: Wed Mar 28, 2012 10:10 am
by moderne
In the sixties every window in the building was outlined in white neon. It was quite brilliant.
Re: Commerce Tower is for sale
Posted: Wed Mar 28, 2012 10:20 am
by smh
moderne wrote:In the sixties every window in the building was outlined in white neon. It was quite brilliant.
Wait, what? Really?
Re: Commerce Tower is for sale
Posted: Wed Mar 28, 2012 10:32 am
by moderne
Really. And in the Xmas season the top and corners were outlined in red.