The Greater Des Moines Partnership has renewed its lease at 700 Locust St. for five years.

Keith Olson, the Ruhl & Ruhl Commercial Co. associate who brokered the deal, said the building’s owner, Oklahoma City-based MidFirst Bank, made a number of tenant concessions, including new paint and carpeting, in order to close the transaction.

Kurt Mumm, president of Ruhl & Ruhl’s Des Moines office, had been the appointed receiver on the property, which was previously owned by DBSI Inc., an Idaho-based real estate investment company that filed for bankruptcy protection in November 2008.

That receivership ended, Olson confirmed, shortly after the new owner, MidFirst Bank’s CSA11-700 Locust LLC, took possession of the title on Oct. 6, 2009.

The Partnership’s new lease, with an option to renew, took effect on Dec. 1. The 19,161-square-foot space is located on the first and second floors of the building.

Olson said “uncertainty of what was going to happen with the property” led to a nearly 14-month process of closing the deal.