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| Capital Square, 400 Locust Street, Downtown Des Moines, IA |
CHICAGO, IL –
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 St., 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 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.
For a
complete copy of the company’s news release, please contact:
Sarah Lyons, slyons@taylorjohnson.com (312)
267-4520.
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