des Moines Real Estate: Iowa Firm Acquires Former Wells Fargo Properties in Landmark deal
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Des Moines,Iowa – In a transaction hailed as one of the largest non-industrial property deals in the metropolitan area’s history,DMCRE1,an Iowa-based holding company,has purchased four prominent downtown buildings from Wells Fargo. the deal, finalized late Thursday, encompasses over 1.4 million square feet of real estate and signals a renewed interest in the city’s urban core.
Properties Included in the Sale
The acquisition includes the Skyview building at 800 Walnut Street, the Northstar building at 801 Walnut Street, the Towers building at 206 Eighth Street, and the Founders Building at 207 Ninth Street. Additionally,the deal incorporates the 545,000-square-foot parking garage at 800 Mulberry Street,along with surface parking lots at 80 eighth Street and 900 Vine street.
justin Lossner, senior managing director at JLL, the firm that brokered the deal, emphasized the scale of the transaction. “From a size outlook, this is among the largest we’ve seen in the metro’s history,” he stated.
| Property | Address | Square Footage | Assessed Value (2025) |
|---|---|---|---|
| Skyview Building | 800 walnut St. | 326,495 | $5.75 million |
| Northstar Building | 801 Walnut St. | 298,000 | $36.7 million |
| Towers Building | 206 Eighth St. | 188,000 | $975,000 |
| Founders Building | 207 Ninth St. | 54,000 | $1.1 million |
Wells Fargo’s Downtown Shift and DMCRE1’s vision
Wells fargo initiated the sale following its relocation of a significant portion of its downtown workforce to its Jordan Creek campus in West Des Moines in 2023.This move, coupled with broader trends in hybrid work and economic conditions, created opportunities for redevelopment in the Central Business District. The Brookings Institution notes that the shift towards remote and hybrid work models is reshaping the demand for office space in urban centers.
Gordon Glade, a partner at DMCRE1 headquartered in Grand Island, Nebraska, expressed enthusiasm for Des Moines’ growth potential. “We really like the downtown Des moines area and what’s going on there,” Glade said. “There’s a lot of conversion and people moving in.”
While the exact purchase price remains undisclosed, it will become public record upon county filing. DMCRE2,a collaborative real estate team,is also involved in the transaction.
Did You Know? The Skyview Building features a unique atrium space offering panoramic city views and a dedicated theater.
Redevelopment Plans and Community Impact
Of the four buildings, the nine-story Skyview building is currently the only one slated for immediate resale. Glade indicated it could be leased to a new office tenant or sold outright. He highlighted the building’s modern amenities and potential to attract companies seeking high-quality office space.
Plans for the remaining properties are evolving. the Towers building is being considered for conversion into a hotel with a rooftop restaurant, as indicated by a pre-application document filed with the city of Des Moines. The Founders Building may be transformed into a mixed-use space featuring meeting and office areas, a wellness center, and parking.A data center within the Founders Building could also be recommissioned.
The parking lots are envisioned for future progress, potentially including multifamily housing and mixed-use projects. Glade pointed to ongoing developments near the planned soccer stadium and the riverfront district as catalysts for growth.
Pro Tip: Investing in downtown areas can stimulate economic growth and create vibrant community spaces.
Carrie Kruse, Des Moines’ economic development administrator, confirmed that no additional redevelopment plans have been submitted to the city beyond the initial filings for the Towers and Founders buildings.
Local business owner Chris Diebel, of Bubba restaurant, expressed optimism about the potential impact of the redevelopment. “Anything that will drive daytime and mid-week demand is welcome, especially in western Gateway,” he stated. He believes a mix of residential, commercial, and hospitality spaces is crucial for a thriving downtown ecosystem.
What role do you think redevelopment projects like this play in revitalizing downtown areas?
Glade emphasized DMCRE1’s pragmatic approach to investment. “We’re not grand vision people,” he said.”it’s finding good businesses and investing in them.” He highlighted Des Moines’ favorable growth trends and quality of life as key factors in the company’s decision.
The trend of companies reassessing their office space needs in the wake of the COVID-19 pandemic is reshaping urban landscapes across the united States. The rise of remote and hybrid work models has led to increased vacancy rates in central business districts, creating opportunities for redevelopment and diversification. Prosperous revitalization efforts often involve a mix of residential, commercial, and entertainment spaces to create vibrant, 24/7 communities. Investing in infrastructure and public spaces is also crucial for attracting residents and businesses.
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