Corporate Woods in Overland Park has been sold to new owners in this year’s largest real estate deal in the Kansas City metro.
Group RMC Corporation, a New York-based real estate co-investment company, announced that it has closed on the transaction this week.
The specific dollar amount has yet to be disclosed, but the Kansas City Business Journal notes past offeres were around the $300 million mark. For perspective, the statement from the buyer said this is the largest real estate deal in the Kansas City metro since the County Club Plaza sold for $660 million in 2016.
According to a statement, Group RMC Corporation mostly focuses on buying office properties in U.S. markets.
This is the second acquisition for Group RMC in Kansas City.
Block Real Estate Service, LLC (BRES) was an advisor in the deal and has been appointed the leasing and management authority for the office park.
Corporate Woods features 29 office buildings that total about 2.2 million square feet of space on the 350-acre property. Some buildings, like the DoubleTree Hotel, are under separate ownership, the release said. Block will oversee 22 of the 29 buildings on the property.
Onsite maintenance and management employees will all keep their positions, the statement said, but will now report to BRES.
Corporate Woods opened in 1973, and its newest construction wrapped up in 2001, but there is space available for expansion if the new owners wish to use it.
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