Century buildings show double-digit gains in occupancy

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

The Century I and II office buildings in West Des Moines increased occupancy by 15 percentage points in one year, bringing them to 80 percent, a solid gain considering the sluggish office market.

Debra Kastantin, director of research at Mid-America Commercial Real Estate said the one-year gain was good news. “This is excellent in our current market,” she said.

All of the buildings in the Westown Parkway office park corridor, which includes Regency West, Three Fountains, West Ridge I and II and the two Century buildings, are at or above 80 percent occupancy.

“I think this is an indication that the Des Moines market will remain strong and stable even in challenging economic times,” said Heath Bullock, vice president at CB Richard Ellis/Hubbell Commercial.

The two buildings hovered at 65 percent occupancy for two years until Hubbell Realty Company purchased the buildings last August. According to the Polk County assessor, Century I and II, at 28th Street and Westown Parkway, were purchased for $11.8 million.

In 12 months, Bullock was able to draw six new clients, including AIG Domestic Claims, to the buildings, leasing 32,500 square feet of the vacant space.

Bullock, who brokered the deals, is representing the landlord.

Hubbell Realty Co. President and CEO Rick Tollakson said the installation of new roofing, upgrading the heating and cooling system, resurfacing the parking lots and other general cosmetic improvements were all factors in the quick turnaround of the two buildings.

All of the new tenants signed five-year minimum leases with CB Richard Ellis/Hubbell Commercial.

The two buildings have 189,000 square feet of combined office space.