Waddell & Reed Inks Long-Term Lease for New Downtown Kansas City Headquarters

Waddell  Reedhero

Kansas City, MOFinancial Services Firm to Occupy Entire 260,000-Square-Foot Redevelopment Project Upon Completion

Waddell & Reed Financial Inc. has signed a 15-year lease for its new headquarters in downtown Kansas City, Missouri, which is slated to be completed by the first half of 2022.

The investment and wealth management firm is set to occupy the entire 18-story, 260,000-square-foot office tower that will be developed at 1400 Baltimore Ave. Construction on the build-to-suit downtown office is set to begin sometime this quarter, Waddell & Reed said in a statement.

"Our foremost goal is a location that allows us to build an environment that accommodates the workforce of tomorrow and enables us to attract and retain top talent to accelerate our growth strategy," Waddell & Reed CEO Philip Sanders said in the statement. "This site offers the opportunity to showcase downtown Kansas City to the thousands of visitors to our company, including management teams from major corporations across the country."

Waddell & Reed's headquarters is set to bring 1,000 employees to the area, the firm said in the statement.

The office tower will sit atop a parking garage and feature a rooftop terrace that's set to include a multipurpose training and conference center and a full-service cafe. The firm also said its new tower will be pursuing Leadership in Energy and Environmental Design efficiency standards and Fitwel Health certifications in recognition of the company's sustainability initiatives.

The $140 million downtown headquarters project got the green light this past month from the city council, which approved a multimillon dollar incentive package for Waddell & Reed to relocate from its current headquarters in Overland Park, Kansas. The incentive package includes a 75% tax abatement for the first six years of a 15-year contract and 37.5% for the remainder of the contract, according to local media reports.

For the Record

Burns & McDonnell will be overseeing the exterior design and construction of Waddell & Reed's new headquarters, while HOK will oversee interior design. Bryan Johnson, Sven Sykes and Tom Volini of Colliers International represented Waddell & Reed in the lease deal.

 

Originally written & published by  Makary Zaki, Costar Research

Rendering provided courtesty of Waddell & Reed


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