Exciting News for Kansas City: Plaza Vista Offices Get a Major Financial Boost!

Exciting News for Kansas City: Plaza Vista Offices Get a Major Financial Boost!

Kansas City, brace yourselves! Big things are happening at the Plaza Vista offices, which are home to the renowned law firm Polsinelli PC. This month, the owners of the Plaza Vista, which is found on the bustling west side of the Country Club Plaza, decided to cash in on some real estate magic by refinancing the iconic office building.

A New Loan on the Horizon

Kansas City’s own Platform Ventures LLC and Tulsa’s United States Beef Corp. teamed up to secure a whopping $65 million loan from Bank of America. Quite the financial feat, right? This new loan replaces a previous interest-only loan of $67.6 million that these owners had picked up when they bought Plaza Vista back in May 2019.

Back then, they acquired the property from EverWest Real Estate Investors for a cool $118.25 million. Now, the refinancing will help them manage their finances better, with the new loan set to mature in December 2029. This is a remarkable extension from the original loan, which had a bit of pressure with a maturity date looming in November 2024. Smart move, if you ask us!

Plaza Vista’s Journey

Let’s take a quick stroll down memory lane about Plaza Vista. This gorgeous building officially opened its doors in November 2013, marking a new beginning for Polsinelli, which has proudly held offices on the Plaza since 1972. The site of Plaza Vista itself has quite a captivating backstory; it was bought out of bankruptcy in 2010 by an investor group led by the legendary automobile mogul Cecil Van Tuyl.

The property was once part of the troubled West Edge project, but thanks to Van Tuyl’s vision and partnership with Caymus Real Estate, the once-partially built offices were demolished, paving the way for the spectacular $135 million Plaza Vista project. Now, that’s what we call turning a situation around!

More Than Just Office Space

Covering over 253,720 square feet of prime real estate, Plaza Vista is not just another office; it’s a bustling hub in Kansas City. The law firm Polsinelli occupies a staggering 234,937 square feet of that space, and they are there for the long haul with a 20-year lease that runs through October 2033.

Polsinelli is no small player; they rank No. 2 on the Law Firms List with a robust team of 220 local attorneys. The Plaza Vista also houses a small office for the real estate brokerage Compass and fabulous retail spots for diners, including JJ’s Restaurant, The Monarch Cocktail Bar and Lounge, and the newly opened T’ähä Mexican Kitchen, which took over the former Jax Fish House & Oyster Bar space this spring.

A Bright Future Ahead

But wait, there’s more! Plaza Vista isn’t just a pretty face; it also comes with a top-notch underground garage that accommodates 940 vehicles. Plus, the building enjoys a lovely property tax abatement through a ground lease with the city, lasting until December 2037. Now that’s a sweet deal!

As Plaza Vista advances into this new financial chapter, it will be fascinating to see how this impacts Kansas City’s real estate landscape. Stay tuned for more updates on the exciting developments surrounding this pivotal area!