Wichita’s Occidental Management has completed its purchase of the sprawling Sprint corporate campus in Overland Park.
The firm announced the close of the transaction Tuesday. Details of the sale were not disclosed.
Sprint’s headquarters will stay put on the 20-building campus. As part of its agreement with Occidental, the wireless company will lease back several buildings for its long-term needs, primarily on the southern portion of the campus.
“The Sprint campus has been one of our ideal acquisition targets in the Kansas City market, and we’re excited to start work to enhance the already amenity-rich campus,” Gary Oborny, CEO and Chairman of Occidental, said in a news release.
The news release said Occidental would “re-invigorate” the 20-year-old campus and create an environment that helps employers recruit top talent. Oborny said the firm would detail its plans for the 190-acre campus at a later time, but said Sprint “has solidified its long-standing commitment to Kansas City.”
Sprint chief executive Michel Combes sent a note to employees in March announcing plans to sell the campus to Occidental and lease back some office space.
“Even though we will no longer own the buildings, our campus operations and processes will continue to function as they do today,” Combes said in the March note.
The campus is appraised at more than $342 million, according to the Johnson County Appraiser.
The real estate transaction comes as Sprint looks to merge with T-Mobile. If the $26 billion deal closes, T-Mobile has committed to maintaining a second headquarters in Overland Park for the merged company.
The merger is awaiting regulatory approval, but may have been delayed by recent litigation from several states seeking to block the union.
While Sprint originally built its headquarters as a cohesive campus, it has freed up space over the years as staffing levels declined.
That trend will likely continue.
In June, Sprint leaders unveiled a floor-to-ceiling redesign of the primary headquarters building that consolidated larger numbers of employees under one roof.
The mahogany paneled walls and stuffy carpets that once defined the building were replaced with modern, oversized sofas, phone booths and open-air conference tables. And a design team from WeWork, the company known for creating hip coworking spaces for freelancers and entrepreneurs, added new amenities like kombucha stations and fruit water dispensers.
“The energy and the vibe here now does feel like a totally different company,” Deeanne King, Sprint’s chief human resources officer, said at the time, “which is what we wanted.”