One Kansas City Place has a new investor from California

03/06/2014 5:37 PM

03/06/2014 6:56 PM

Downtown’s tallest skyscraper, the 42-story One Kansas City Place, has a new financial partner from California.

Gaw Capital Partners USA of Los Angeles has partnered with Leawood-based Executive Hills Management in conjunction with the refinancing of the skyscraper at 12th and Main streets. Its major tenants include Kansas City Power & Light, Bank of America and the Bryan Cave law firm.

Larry J. Bridges, managing partner of Executive Hills, announced what he described as the recapitalization of the office building Thursday.

Bridges also said Jones Lang LaSalle has been hired as the exclusive leasing agent for the building. Like many downtown office buildings, One Kansas City Place has struggled to find tenants in recent years.

Last summer, when Lehman Brothers Holdings decided to sell its $86.7 million mortgage secured by the office tower, One Kansas City Place was 40 percent vacant.

Ashish Gupta, senior vice president at Gaw Capital, said his real estate management firm is confident about the building’s future.

“The property’s prominence in the Kansas City skyline and its desirable location in a downtown that is in the midst of a transformation into a vibrant and energizing live-work-play environment generate an attractive investment opportunity for Gaw Capital,” he said in a statement.

The financial details of the deal were not disclosed.

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