2707 N 118th St
Omaha, NE 68164
Office For Sale · Office Property For Sale · 49,101 SF

North Park is a mixed-use development consisting of eight office buildings comprising approximately 690,000 square feet and five retail buildings comprising approximately 90,000 square feet. The North Park campus is located in the heart of Omaha, Nebraska. It has quick access to Interstate 680 and excellent demographics. The North Park development occupies a unique niche in Omaha. It targets “back office” operations such as order processing, billing and customer service. Omaha enjoys a significant demand for this type of space due to its highly educated workforce, low occupancy cost, flat Midwestern accents and central time zone. The development was designed to accommodate these uses by offering large, open floor plates and a high parking ratio. The site is highly accessible and located on public transportation routes. The Office Park has an excellent mix of services located on site, including a hotel, fitness facility and ten restaurants. In 2007, North Park office buildings 1-6 were purchased by a tenant in common syndicator. The syndicator failed during the 2008 recession, leaving the properties without cash available for capital improvements, tenant improvements or leasing commissions. As a result, property owners were unable to finance new leases and vacancy in the Office Park increased substantially. Prior to the syndicator’s 2007 purchase, North Park had a 10-year occupancy history of 98%, including lease-up time for new buildings as they were constructed. In late 2015 the buildings with vacancy were acquired by new owners, renovated and recapitalized. Occupancy rose sharply to the
current level of 99%, which is in line with the Office Park’s long-term average.