Financial services company will move to new West Des Moines office building
KENT DARR Feb 24, 2016 | 9:25 pm
1 min read time
355 wordsBusiness Record Insider, Real Estate and DevelopmentFinancial services firm Intl FCStone Inc. will lease a third of the space at a new three-story, 75,000-square-foot office building that R&R Realty is building at 1075 Jordan Creek Parkway in its Country Club Office Plaza.
With the exception of the 25,000-square-foot top floor of the Newport Building that the New York-based firm will occupy, the project amounts to just the second speculative office building built in recent years in West Des Moines.
The other speculative office building is Nelson Construction & Development’s project at 7545 Ashworth Road. Nelson recently announced that it had leased out all 30,000 square feet of the building
R&R Realty has started work on the Newport Building and plans to have it completed by December. The remaining 50,000 square feet has not been leased and is considered speculative office space.
The Iowa Economic Development Authority has approved a $200,000 forgivable loan to Intl FCStone for its move from 2829 Westown Parkway in West Des Moines. According to IEDA, the company expects to add 50 jobs at the Newport Building.
On March 7, the West Des Moines City Council will consider its local contribution that is required as part of the state incentive. That agreement would involve the pass through to Intl FCStone of $141,016 of a total tax increment financing package of $423,049 that would be distributed over five years to R&R Realty, according to IEDA documents.
Naomi Hamlett, a planner for the city of West Des Moines, said the City Council also will be asked to consider an amendment to the Ashworth Corridor Urban Renewal Plan to accommodate the tax increment financing for the Newport Building.
The move into the Newport Building will help Intl FCStone support its growing agricultural client portfolio and additional growth in the Midwest, according to a news release from Chicago-based real estate broker and management company JLL, which assisted Intl FCStone in securing a long-term lease at the new office building. Heath Bullock, who leads JLL’s operation in Iowa, was part of a team that represented Intl FCStone. Brett Bosworth and Kate Byus represented R&R Realty.
JLL also marketed the Ashworth Place office building.
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