Chicago-based Draper and Kramer 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.