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Hines’ 2555 Grand To Fetch $153 Million-Plus

A subsidiary of Hines Real Estate Investment Trust plans to sell its 2555 Grand office property located in Kansas City, MO for a net contract sale price of $153.5 million, according to a recent SEC filing from the company. The company acquired the property in February 2008 for $155.8 million

The purchaser, Grand Boulevard Acquisition LLC, which is not associated with Hines REIT or its affiliates, funded a deposit of $10 million for the property, the filing says.

Hines REIT expects the closing of the sale to occur during the third quarter of 2015.

The REIT acquired the 24-story Class A building from Crown Center Redevelopment Corporation in 2008. Designed by Zimmer Gunsul Frasca Architects and completed in 2003, the 595,000-square-foot property is located within Crown Center, one of the nation’s first mixed-use developments, according to Hines’ website.

According to a press release at the time of purchase in 2008, Hines’ Charles Hazen noted that 2555 Grand was a “solid investment” due to its “superb location in the Crown Center submarket, combined with the first-class building quality and tenancy.” The building was 100 percent leased to Shook, Hardy & Bacon LLP as its world headquarters through February 2024.