Taxpayers guaranteeing developer debt? The argument for Strata just got thinner.
July 5, 2019
Developers of Strata, the speculative office tower proposed for Cordish's P&L district, said downtown lacks "Class A" office space. They got the preliminary nod from Council members McManus, Justus, Barnes and Wagner. The Council members' move would commit taxpayers to guarantee still more bond debt at P&L. But new questions arise as the former DST's "Class A" building is nearly empty and up for lease.
According to KCBJ "The former headquarters building for DST Systems Inc. is available for lease. The five-story building at 333 W. 11th St. in downtown Kansas City is Class A office space with high-end finishes. It has 84,488 leasable square feet on five levels with floor plates ranging from about 15,000 to 19,000 square feet. The building has not been entirely vacated by
DST and its successor company, but the lease offering comes a year after the company announced it was laying off 6% of its global workforce after the Kansas City-based financial tech company sold for $5.4 billion to SS&C Technologies Holdings Inc.
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