8/20/2007

Kansas City office tower sells for $75 million

by

2345 Grand St.

Hines Interests LP and GE Real Estate sold a 554,524 square foot Kansas City office tower at 2345 Grand St. for $75 million to Wakefield, Mass.-based Franklin Street Properties on August 20.

Russell Ingrum, Gary Carr, Daniel Carr and Richard Baier of CB Richard Ellis represented the sellers while Jeffrey Carter represented Franklin Street.

Hines Interests and GE Real Estate bought the 28-story structure and a connected four-story building to the south on Pershing Rd. for $45 million in April 2004.

The buildings were 89 percent leased at the time of sale.

CB Richard Ellis is a Los Angeles-based commercial real estate services firm.

GE Real Estate is one of the world's largest real estate investment firms.

Houston-based Hines Interests is a privately owned, international real estate firm.

Addresss: 2345 Grand St., Kansas City, Mo.

Size: 554,524 square feet

Built: 1977

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Filed Under: Office

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