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Downtown | AREA Real Estate Advisors - Part 5

02.20 2019

AREA Takes on Leasing of 3Y Office Building

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AREA has taken on the office leasing of 3Y (300 Wyandotte), a 94,846 square foot office building located in the historic River Market, at the north end of the Central Business District. The building’s unique location provides stunning views of both downtown as well as the Missouri River. The building is visible to over 178,000 cars per day from both the Broadway Bridge as well as the downtown expressway. It was originally built by OPUS for Populous Architecture in 2005.

Building features include attached covered parking, floor to ceiling glass, column-free floor plates with exposed ceilings, and roof top patio with expansive views. There is a bike share station on-site, with over 3,060 apartments within walking or biking distance. The Streetcar conveniently stops 1 block away from 3Y, creating an easy connection to the entire downtown, running south to Union Station. The building is also dog friendly.

With suites ranging from 5,000 to 24,000 square feet, the building offers a one-of-a- kind location for Kansas City’s fastest growing companies. The building is owned by New York based real estate private equity firm, Somera Road. Somera recently doubled down on its investments in Kansas City with the acquisition of the 657,000 square foot Lightwell Office building located in the heart of downtown Kansas City.

Click here to download marketing package

FOR MORE INFORMATION:
Tim Schaffer – 816.876.2535
Sean Craven – 816.777.2838
Hank Simpson– 816.777.2859

03.14 2018

Kansas City’s Thriving Downtown

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Midwest downtowns are a big attraction for the modern employee. Companies are moving their headquarters to downtown office towers and often times opening satellite offices. The attraction? Employees wanting to be able to walk to work, restaurants, grocery stores, entertainment and public transportation.  “We are still very much in the middle of a growth cycle in downtown Kansas City. There are project cranes in just about every pocket of the urban core, and the skyline is changing as a result.  Most of the construction activity today, whether ground-up or adaptive reuse, is being driven by multi-family and hotel development,” said AREA’s Sean Craven.

Apartment rates are the highest in the city, and the overall downtown population bump will end up being 30-35%.  Downtown has become a preferred place to live for young professionals and empty nesters.  The effect on the office market will be the second half of the renaissance story. Almost 2,000,000 SF of obsolete office space has been repurposed, which is one contributing factor in the vacancy rate dropping below 10% for the first time in decades.  That’s a positive indicator, but the more important piece has been interest generated by companies seeking office environments that meet the expectations of the modern employee, enhancing their ability to recruit and retain top talent.  Like most cities, we are experiencing a shift back to the walkable, 24-hour neighborhood. “A growing and concentrated labor pool downtown should only continue to increase pressure on the office market, resulting in rising lease rates and new construction,” said Craven.

AREA’s Tim Schaffer also believes the secret to Kansas City’s thriving downtown is people wanting to live in the city’s urban environment. See what else he has to say in the Midwest Real Estate News March 12th article.

08.02 2016

Brown & Loe Restaurant Opens in City Market

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The newest addition to the City Market restaurant family, Brown & Loe, opens its doors today at 429 Walnut Street. The establishment is Harry Murphy’s second bar and restaurant concept in the River Market. Murphy, one of Kansas City’s most reputable bartenders and restaurant owners, is best known for stocking the most extensive selection of wine and spirits in the city. His first concept, Harry’s Country Club, succeeded in taking bar food to an entirely new level. Brown & Loe has maintained the casual atmosphere with a hint of added sophistication. The new concept serves a true bistro menu that is masterfully executed at a superior level of quality. Brown & Loe hosted a soft opening Sunday night, attended by a supportive crowd that flooded into the space. The culinary experience was flawless, serving local farm to market choices as well as an outstanding seafood selection.

Brown & Loe takes its name from the Brown & Loe produce brokers that occupied the second floor of the building in the 1920’s. The restaurant is in the former Merchants Bank space that operated as the market’s main bank as far back as the 1920’s. The comfortable environment gives a strong nod back to the space’s rich history; the design gives off the impression that the restaurant may have been open for the past 75 years. John O’Brien of Hammer Out Design, who had previously fashioned the appearance of Harry’s Country Club, is responsible for Brown & Loe’s unique design that references the famous Odeon in New York City. Hammer Out Design is also credited with the interior for other restaurant concepts including Rye, The Stockyards, Room 39, the Boulevard Tasting room and the former R Bar, now known as Voltair.

AREA Real Estate Advisors represented Harry Murphy in the transaction; the city of Kansas City, Missouri acted as landlord.

Check out Brown & Loe’s Facebook page: https://www.facebook.com/Brownandloe/.