Iconic Gold’s Building Purchased by Nebraska Natives
The iconic Gold’s Building located at the center of downtown Lincoln at 1033 O Street was sold on December 20, 2019 to Nebraska and Florida-based Keating Resources by Los Angeles-based Colony Capital for $2.3 million. The 322,536 square foot structure covering nearly a full city block is the largest privately-owned office building in Lincoln.
Keating Resources CEO Gerard Keating announced the interior of the 96-year-old six-story tower totaling 115,000 square feet which fronts O Street will be gutted to the original concrete shell and the interior will be rebuilt for a new 110 room extended stay hotel. The remaining 207,000 square feet (totaling four-stories and connected to the six-story structure) will be upgraded to serve existing office tenants including the State of Nebraska and others. The four-story structure fronts N Street between 10th and 11th Streets. Keating said the firm is considering all options for a hotel brand with a decision by March 1.
Keating Resources has hired Lincoln-based NAI FMA Realty to manage the building, who currently manages over one million square feet of office space in downtown. With the help of NAI FMA’s property management team, Keating Resources is eager to resolve tenant concerns and begin new capital improvements. The seller (Colony Capital) had recently invested over $1,000,000 to install a new air condition and fire monitoring system. All systems now meet city, county, and state code.
Keating said that the family company is excited to own the iconic building and they look forward to repositioning the property. He said upgrades for the State of Nebraska started at closing and will be completed in 2020.
Keating Resources has a history of buying and repositioning properties with challenges. The company bought the mostly vacant five-building 850,000 square foot Gateway Computer Campus in North Sioux City, SD in 2018 which led the redevelopment of the campus, which is now 80% occupied and home to ten companies employing over 500 people after over $15 million in investment. The company also bought ten vacant buildings totaling 700,000 square feet in Tampa, Florida and 136,000 square feet in Dallas, Texas in the last 48 months. The company has brought all buildings to 100% occupancy.
Tom Chvala, Vice President of Operations and Development for Keating Resources, said the redevelopment plan will take advantage of the building’s strategic location, which is in the center of the University of Nebraska-Lincoln’s city campus to the north, the Nebraska State Capitol to the south, the Telegraph District to the east, and the Haymarket District to the west. He said the location combined with the city of Lincoln’s support for the rehabilitation, the seller’s recent $1 million building infrastructure investment, and the multi-million-dollar renovation of the adjacent Southeast Community College made the decision to purchase the building much easier.
“The location of the Gold’s Building naturally bridges a gap in Lincoln’s downtown revitalization that was spurred by the creativity of local public and private leaders,” Chvala said. “The building’s layout, size, and location create a variety of options for redevelopment, and we look forward to sharing our vision for the building in the coming months.”
ABOUT KEATING RESOURCES
Keating Resources invests in value-add real estate and agriculture. To learn more about Keating Resources visit www.keatingresources.com and/or call CEO Gerard Keating at 402-925-5113 or email email@example.com.