Business Briefs: Black & Veatch Buys Building
Black & Veatch recently announced one of the largest real-estate transactions in the Kansas City region with an agreement to purchase the 11401 Lamar Avenue building in Overland Park, the world headquarters for the area’s largest engineering, consulting and construction company.
Black & Veatch’s announcement comes as a strong boost to the local economy during a time of increased uncertainty. The company’s site development, enhancement and expansion plans provide an opportunity to stimulate the region’s economy.
Black & Veatch agreed to purchase the building for $60 million, and the company plans to secure financing through local banks to help facilitate the building purchase. The transaction will be finalized in mid-2009.
Black & Veatch has been the sole occupant of the building since its original construction in 1976. The building was expanded to 600,000 sq ft in 1996 and is the largest office building in Kansas. With a potential total of 850,000 sq ft in the campus, the site could ultimately accommodate a total workforce of more than 3,400. The existing facility currently houses more than 2,300 of the company’s 3,800 workforce in the Kansas City area.
