Here’s how much MidAmerican Energy paid for Dotdash Meredith’s property
Kathy A. Bolten Mar 15, 2023 | 9:35 am
<1 min read time
0 wordsAll Latest News, Real Estate and DevelopmentMidAmerican Energy Co. has completed its purchase of Dotdash Meredith property along Grand and Locust avenues in downtown Des Moines, Polk County real estate records show.
MidAmerican Energy, headquartered in Des Moines, paid Meredith Operations Corp. $29 million for property at 1615 Locust St., records show.
The purchase also includes the acquisition of 1.6 acres known locally as the Better Homes and Gardens test garden. The property is directly east of 1615 Locust St. An agreement filed with the Polk County recorder allows Dotdash Meredith to lease the garden area for 30 years.
Dotdash Meredith is retaining its brick building at 1716 Locust St. The building is being renovated and employees who worked at 1615 Locust St. will be relocated to the historic structure by April 1, the companies said in a joint announcement in December.
MidAmercan Energy’s purchase of the Dotdash Meredith property means the energy company will vacate the four floors it occupies in the Ruan Center at 666 Grand Ave. The company has leased space in the office tower since 1975.
The three parcels MidAmercian Energy acquired have a combined value of $20.5 million. The four-story, 180,222-square-foot building at 1615 Locust St. was constructed in 1998.
The transaction was recorded March 8.
Editor’s note: This article was updated at 5 p.m. May 2, 2023 to include the correct information about the parcels purchased by MidAmerican Energy Co.
Kathy A. Bolten
Kathy A. Bolten is a senior staff writer at Business Record. She covers real estate and development, workforce development, education, banking and finance, and housing.