“Townsend has, from the beginning, worked closely with the City of Lee’s Summit and the State of Missouri to bring this asset back to life. The positive economic impact their involvement has produced with their unique approach and positioning, is a return to work for 4,600 individuals.”

Summit Technology Center; Lee’s Summit, Missouri

Project Description:

• A 1,350,000 square foot manufacturing plant (largest building in greater Kansas City marketplace) consisting of two single story, 500,000 square foot buildings connected by a three story, 350,000 square foot administrative building. At acquisition, project generated an operating deficit of over $12,000,000 per year.

Project Challenge:

• In addition to overcoming the image and stigma of a manufacturing plant, the project required the leasing over 1,000,000 square feet of essentially a single story building in a market with average lease size of 6,000 square feet and in a secondary suburban market within Kansas City.

New Perspective Solution:

• Demolish the 350,000 square foot administrative building and central power house to create two stand-alone buildings in a campus setting.
• Negotiate long-term tax abatements and reduced utility agreements to provide significantly below-market operating costs to tenants.
• Invest in state-of-the-art HVAC and energy management systems along with a modern curtain wall window system.
• Create in-house marketing campaign focusing on strengths of property—significant power, efficient floor plates, abundant parking, strong labor market—to distinguish property to densely populated and large power users.
• “Long-term approach” to re-development by enticing early users with significant reductions in rental rates to create momentum and build roster of national credit-worthy tenants.

Today:

• Two 500,000 square foot office and data center buildings with 90%+ occupancy to credit tenants and over $10,000,000 in net operating income.