One of the most recognizable peaks of the Kansas City skyline is for sale.
Institutional Property Advisors, a division of Marcus & Millichap, is listing 909 Walnut. The 34-story Art Deco, Gothic Revival-style building is certainly a familiar sight to Kansas City visitors.
The asking price for this downtown landmark made up of residential units and lower-floor office space? $49 million.
Daniel Burkons, senior managing director with Institutional Property Advisors, says that the building retains its old charm while also benefitting from a 2005 restoration project.
“The owner restored the property to its former glory and converted the first four floors into single-tenant Class-A office space and the top 30 floors to luxury condominium-style residences with the largest floorplans in the downtown submarket.”
The building was built in 1931 to serve as the headquarters of Fidelity National Bank. It now ranks as the tallest residential building in the Midwest outside of Chicago.
Burkons, Michael Barron, Joshua Wintermute and Max Hegelson are representing the seller, a private investor based in Dallas.
909 Walnut features 152 luxury apartments, 55,238 square feet of office space and a 310-space automated parking facility. The office space is completely leased to EPR Properties, a publicly traded real estate investment trust, and serves as the company’s world headquarters.
The building has 11 years remaining on a 25-year full tax abatement. Seven years remain on a tax-increment financing agreement.
