Newmark Grubb Knight Frank (NGKF) announces the $11.5 million sale of Epic Center Office Tower, which has been a landmark in Wichita, Kansas for nearly 30 years. At 325 feet, the iconic office building remains the state’s tallest feature since its construction in 1987.
Chris Wilkinson, a director of NGKF’s Miami office, Michael VanBuskirk, SIOR, CCIM, CRE, director of investment services and Chris Robertson, an associate with the investment services group with Newmark Grubb Zimmer in Kansas City, Missouri, represented BACM 2005-3 Woodlawn, LLC, which was managed by LNR Partners, LLC, in the investment sales process. Phil Ruffin of Ruffin Epic, LLC, purchased the 298,154-square-foot building which sits on 3.36 acres in the heart of downtown.
Tenants of Epic Center at 301 N. Main Street include federal offices for the FBI, Secret Service and U.S. Attorney as well as Hinkle Law Firm, accounting advisor AGH and international plumbing and HVAC manufacturer Viega NA Inc.
As the tallest building in Kansas, Epic Center is the most recognized building in Wichita and a fixture in its downtown skyline. Despite some challenges in the local office market, the office tower has a strong track record of maintaining high occupancy with above-market rents.
Following its 2013 foreclosure, Epic Center added $2 million in capital improvements such as a new roof, a lobby renovation and HVAC upgrades. Wilkinson noted, “The seller’s maintenance of the building and NGKF’s marketing efforts helped increase the speed of sale. Epic Center generated multiple offers while on the market for only four months.”
Ruffin adds Epic Center to a portfolio of commercial real estate investments that includes the former Bank of America Center in Wichita and the 750,000-square-foot Kensington Center in Tulsa.
About Newmark Grubb Zimmer
Newmark Grubb Zimmer (www.NGZimmer.com) is a full-service commercial real estate company providing a range of services including sales and leasing, investment sales, property and facilities management, global corporate services, owner’s representative services for public and private development projects, and public-sector consulting. Its staff boasts an array of experience in design, construction, valuation, finance and legal matters.
Regularly recognized as one of the top brokerage firms in the region, Newmark Grubb Zimmer manages more than 7.5 million square feet of office, medical, industrial and retail property, and serves as corporate real estate advisor for an assortment of local, regional, national and international companies.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.