Description

Jones Lang LaSalle Americas ("JLL") is pleased to present the exclusive opportunity to acquire Plaza Colonnade (the "Building", "Property" or "Asset"), a premier 292,006 square foot ("SF") trophy asset consisting of a 284,154 SF office building and 7,852 SF of boutique jewel-box retail, ideally located in the heart of Kansas City's esteemed Country Club Plaza submarket. The Property is 92% leased across the office and retail components – trending to 94% leased with prospective leasing activity – and a weighted average lease term (“WALT”) of 7.3 years. The anchor tenant, Husch Blackwell, recently executed a 12-year renewal of their headquarters while allocating $15.5M ($164/SF) in out-of-pocket capital towards an extensive renovation of their space and extending the weighted average lease term of the three largest tenants to 9.5 years. Husch Blackwell’s tenant investment complements a comprehensive 2024 repositioning of the Property's common areas, which delivered an exclusive tenant lounge, a state-of-the-art fitness center, and a tech-enabled tenant conference facility.

Plaza Colonnade is one of only four trophy office buildings on the Country Club Plaza, a supply-constrained micro-market where competing assets operate at 98–100% occupancy, positioning the Property to quickly absorb its remaining availability. With below-market in-place rents offering 34–35% mark-to-market upside on its two largest tenants (Husch Blackwell & Five Elms) and new trophy construction requiring rents above $77/SF, the Property is well-positioned to capture sustained rent growth while benefiting from Kansas City's broader economic momentum, including over $5.8 billion in corporate investment since 2020.

Adjacent to the Property, the Kansas City Symphony is developing a $70 million live music venue that will draw touring artists and large-scale performances to the district, reinforcing South Plaza's standing as one of the city's premier mixed-use destinations. Ownership is in active negotiations with the Symphony for a parking rights agreement covering 600–900 spaces at Plaza Colonnade, representing $360K–$540K/year in incremental revenue on top of the added foot traffic and placemaking value the venue brings.

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Attributes

Building area net

292,006 sf

Occupancy

92%

WAULT

7.3 years

Parking spaces

1,270

Media

Investment Highlights

Headquarters-Anchored, Long-Term Cash Flow: Anchored by Husch Blackwell (34% RBA) who recently executed a 12-year renewal through 2037, reaffirming its commitment with a $15.5M ($164/SF) headquarters renovation in 2024 — extending the WALT of the three largest tenants to 9.5 years.

Significant Embedded Mark-to-Market Upside: Largest tenants (Husch Blackwell & Five Elms) sit 34–35% below market, and 64% below the $77/SF rents required to support new trophy construction — creating a durable runway for future rental rate growth.

Newly Repositioned, Best-in-Class Amenities: A comprehensive 2024 repositioning delivered an exclusive tenant lounge, state-of-the-art fitness center, and tech-enabled conference facility, positioning the Property ahead of the Plaza's prominent flight-to-quality trend.

Irreplaceable Trophy Positioning: One of only four premier trophy office buildings on the Country Club Plaza — a supply-constrained micro-market where competing assets are 98–100% occupied, leaving Plaza Colonnade as the only available option for tenants seeking a meaningful Plaza presence.

Market-Leading Parking Advantage: A 3.8/1,000 SF parking ratio (1,270 stalls) via an attached six-story structured garage — a critical differentiator in the parking-constrained Plaza submarket.

Future KC Symphony Venue Driving Plaza Momentum: The adjacent $70M Kansas City Symphony live music venue is expected to boost foot traffic and placemaking, with ownership in active negotiations for a parking rights agreement (600–900 spaces) worth $360K–$540K/year in incremental revenue.

Direct Exposure to KC's Growth Trajectory: Positioned within a metro that has attracted $5.8B+ in corporate investment since 2020 and a Plaza district undergoing a $1.5B master plan redevelopment, alongside transformative infrastructure including the new KCI terminal and KC Streetcar extension.