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Monday, August 14, 2017

Group RMC Acquires Corporate Woods

Group RMC Acquires Corporate Woods
Block Real Estate Services Named Exclusive Leasing Agent and Property Manager

Group RMC Corporation (RMC) announced on Wednesday that it has closed on the acquisition of Corporate Woods in Overland Park, Kan. Block Real Estate Services, LLC (BRES) acted as an advisor in the transaction. Corporate Woods becomes the largest commercial real estate transaction in the Kansas City metro since the sale of the Country Club Plaza in 2016. BRES has been appointed by RMC as the exclusive leasing and management agent for the office park. The agreement became  effective Wednesday, August 9, 2017.

Corporate Woods, Kansas City’s premier office park, is bordered by I-435 and 69 Highways, College Boulevard and Antioch Road. It features 29 office buildings totaling approximately 2.2 million square feet on 300-acres with a 50-acre recreational area. BRES will take over as the exclusive leasing and property manager of 22 of these office buildings, including the retail shops on College Boulevard. Seven buildings, including the Doubletree Hotel, are under separate ownership.

“As the largest commercial property manager in the Kansas City area, Block Real Estate Services is proud to provide our signature level of tenant service at Corporate Woods, while upholding the outstanding reputation the property has established through the years,” said Kenneth G. Block, Managing Principal of BRES.

Tenants will be pleased to know the entire onsite maintenance and management team will remain in place and become BRES employees. 

“These individuals have done a tremendous job of servicing the tenants and maintaining the property,” said Harry Drake, Executive Vice President and COO of BRES.  “We are extremely pleased to have them join the BRES team.” In addition to the onsite staff, Brent Roberts of BRES will lead the marketing and leasing effort for the park.

This represents the second acquisition in the Kansas City area for Group RMC. 

"We are very proud to own Corporate Woods and we look forward to continue growing our suburban office portfolio" said a representative of Group RMC in New York.

Construction started on Corporate Woods in 1973 and officially opened in 1975 with buildings 20, 21, 22, 23 and 24. Building 82 finished the last round of new construction on the property in 2001, but there is an ability to expand with additional spaces currently available.

About Group RMC:
Group RMC Corporation is a real estate Co-investment group based in New York and Montreal. Group RMC invests in, sponsors, and is the General Partner in undervalued income producing Office properties in secondary and tertiary U.S. markets. Group RMC currently oversees in the U.S., principally in the Midwest, over 9,000,000 SF representing approximately $1 Billion in asset value.

About Block Real Estate Services:
Block Real Estate Services, LLC (BRES) is a full-service commercial real estate company managing over 38 million square feet of retail, office, and industrial property, and over 7,000 units of multifamily property for equity partnerships and third party owners. BRES’s portfolio of services continues its role as the most comprehensive commercial real estate firm in Kansas City by providing and specializing in: real estate brokerage services, tenant representation, investment services, asset and property management, economic incentives consultation, financial services, construction and development services, and the Block Funds.

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