A substantial renovation will be coming to City Center Square after Somera Road Inc. bought the building in mid-January for an undisclosed amount.
Dallas-based Holliday Fenoglio Fowler LP said in a release Tuesday that the company secured $60.2 million in acquisition bridge financing on behalf of Somera Road.
According to the release, Somera will use proceeds from the loan “to renovate, rebrand and reposition the property as the premier downtown office tower in Kansas City.”
Located at 11th and Main streets, the 30-story, 657,070 square-foot building is home to the Kansas City Business Journal, Pinsight Media + and Alight Analytics. Its market value last year was $17.37 million, according to Jackson County property records. The building’s occupancy rate is 50 percent.
The renovation will include a “state-of-the-art fitness center and tenant lounge, numerous in-house dining options, a fully-activated lobby, a hospitality center, a conferencing center and a revival of the property’s iconic lightwell,” the HFF release said. “Furthermore, Somera Road intends to activate the exterior with retail terraces and public seating.”
HFF Director Leon McBroom and Senior Managing Director Mark Katz represented the borrower.
Representatives from HFF and Somera Road could not be reached for comment before publication.
By Miranda Davis – Staff Writer, Kansas City Business Journal