46 Penn Centre adds Ocean Prime Restaurant to menu

Country Club Plaza’s recently completed 14-story corporate office building, 46 Penn Centre, is adding acclaimed restaurant Ocean Prime Restaurant + Prime Social Rooftop to its amenities menu.

Pinnacle Construction Group will begin construction on the steak and seafood restaurant in the next 60 days, with an anticipated fall 2021 opening date, according to a release.

Kansas City is the newest location - and the first in Missouri - for Ocean Prime’s award-winning Cameron Mitchell Restaurants (CMR). The management investment partnership became a reality between the restaurant group and investors associated with Block Real Estate Services principals.

“At the outset of our plans for the building, we set our sights on landing a world class restaurant for 46 Penn Centre,” said Ken Block, managing principal of Block Real Estate Services.

With 8,500 SF of space, including three private dining rooms and a peninsula bar, Prime Social will be the only rooftop venue with expansive views of the Plaza and surrounding area.

“Ocean Prime is one of the finest restaurants in the U.S. and is the perfect partner to provide that elevated guest experience. It gives our tenants even more amenities at their fingertips, as they will soon have an in-house restaurant and rooftop lounge to entertain their clients and employees,” said Cameron Mitchell, founder and CEO of CMR.

This will be the 17th Ocean Prime restaurant since the 2008 launch of the concept in Columbus, Ohio.

“We are excited to expand the Ocean Prime concept, bringing both classic and modern fare,” said Mitch Miller, vice president of Ocean Prime.

“Our restaurant is known for its vibrant energy, made-from-scratch menu offerings, seasonal ingredients and an extensive menu to suit every palate- including prime steaks, chops, chicken and seafood. Our signature cocktails, from classics to original creations, and extensive wine list are a highlight of our guests’ experience. Prime Social will be a cool rooftop oasis and an ideal spot for guests to sip, savor and surround themselves within the cityscape,” Miller said.

46 Penn Centre opened in the fall of 2020. The Class A office building features 220,000 +/- RSF of office space, approximately 11,000 +/- RSF of retail space and secure, covered parking. Located north of 47th Street and east of Pennsylvania Avenue, it features private balconies on each floor and has been constructed with only four columns per floor for maximum space-plan efficiency.

Biopharma tenant completes occupancy at Summit Technology Campus

CBRE and US Asset Services have secured the last remaining office lease in the Summit Technology Campus building at 800 Chipman Road in Lee’s Summit, Mo.

Viracor Eurofins, a clinical diagnostic and biopharma company, plans to utilize the 17,129-SF space as an expansion of their clinical research and development lab-testing facility. The lease brings the 500,000-SF building to full occupancy.

Travis Gage, senior associate at CBRE, and Michael Lanning, senior managing principal at US Asset Services, are the exclusive marketing agents working on behalf of the property’s owner, KC Summit Technology LLC.

“Office leasing activity during the third quarter of 2020 was dominated by renewal activity in the Kansas City market. Tenants are drawn to the property’s proximity to main thoroughfares, private entrances, large efficient floor plates, on-site management as well as security and signage opportunities,” said Gage.

Other leases and existing tenancies that contributed to the building's full occupancy include Bluebird Communications, CVS/Caremark, Quest Diagnostics, St. Luke’s and GSA, who executed a 20-year lease extension of 316,318 SF of office space in the building - the largest office lease completed in the Kansas City market in 2020. The GSA office houses the U.S. government agency of citizenship and immigration services.

The 500,000-SF campus provides ample parking with immediate highway access to I-470 and Hwy 50. The property is conveniently located near Summit Fair and Summit Woods retail centers and over 60 restaurants.

CBRE's Colleen McPherson Roble shares state of 2021 healthcare market

Colleen McPherson Roble is a senior associate at CBRE and has over 20 years of experience in sales and leasing in the healthcare industry. More recently, she has focused on meeting the real estate needs of physician groups and investors. Colleen’s connections span nationwide and the relationships she has forged with physician tenants/building owners, investors and healthcare colleagues has led to marked increases in profitability and overall return on investments. Her leads originate from physician practices that lease or own their medical office space. She can be reached at colleen.mcpherson@cbre.com. Let’s get to know Colleen:

RT: What asset class in CRE do you focus on and why?

I have dedicated 20 years to the healthcare leasing and capital markets niche. I started in Phoenix in 2000 as the “office condo queen” and most of my clients were physician owners. As healthcare systems changed, many physician groups became employed by the hospitals. Hospital systems began monetizing medical office buildings to REITs and I adapted by working on sale/leasebacks and leasing for REIT landlords and medical practice tenants.

RT: What are market trends you are experiencing with your clients currently?

COVID-19 has impacted practices bottom line with lower patient visit volumes due to risk/reward concerns for elective procedures and routine appointments. Tele-health has increased tremendously this year, office waiting areas are spread out, patient testing prior to office visits has been implemented and numbers of visitors allowed with patients has been dialed back. I am pleased physicians will all be vaccinated first, as they must be commended for serving patients without skipping a beat even when there was the unknown risk of the COVID-19 virus.

RT: What do you see the local and national CRE rebound including?

We are currently offering a Pandemic Relief Solution for medical practices at the Welltower (real estate investment trust) portfolio of rent abatement for several months in 2021, as this will be with us awhile. With the low interest rates, a new party in the White House and other changes in healthcare we are seeing with reimbursements, I believe we are cycling back toward more physician groups working independently and considering purchasing their outpatient office spaces again.

RT: What have you done to adapt to the changes in CRE?

In order to succeed in healthcare real estate, you must be nimble because outpatient medical office situations are impacted by not only patient demand; but by hospital system strategic plans and capitalization and government. In the end, a medical tenant building is the most solid form of real estate investment, medical practices are stable and always going to be a demand service. From a marketing perspective, the current trend is toward virtual tours with tools such as Matterport and Zoom that are efficient, safer and easier for busy physicians to tour space.

RT: What challenges and opportunities are your main asset classes facing now?

COVOD-19 has posed the biggest challenge this year causing financial strain on medical practices not experienced leading to unheard of requests for rent abatement and reduction of suite size. On a positive note, the pandemic has brought about changes from air quality improvement in the office, to increased tele-health and technology implementation, to improved sanitary protection procedures making a medical office a safer place going forward.

Are you optimistic about the state of the market in Kansas City?

I am optimistic about the healthcare niche in Kansas City as the hospital systems are strong, people are staying in town, as work from home is a more acceptable practice. People are moving to Kansas City due to the better cost of living, again positively impacting patient volume. Once the country has been vaccinated in 2021, there will also be a pent-up demand for elective procedures and in person visits, which will also be positive for outpatient medical office buildings.

RT: Can you share any other current and future projections?

Lease rates will stay solid as they are tied to higher tenant improvement allowances required for medical office than regular office. Shorter term lease commitments may loom, as practices want to stay as nimble as possible as telehealth grows in popularity. Overall, I expect the outpatient medical office market to stabilize in 2021.