Morton Salt, a popular brand of salt products based in Chicago, established a new office in Kansas City last December by leasing 46,556 square feet at 40 Corporate Woods in Overland Park, Kansas, owned by Group RMC, a New York-based investment manager.
This lease term exceeding 10 years came at a crucial time for 40 Corporate Woods, a 300,632-square-foot office building that faced a substantial vacancy increase following Aetna Healthcare's downsizing. At the end of 2023, Aetna Healthcare reduced its occupancy from 90,000 square feet to 10,000, resulting in a 27% increase in vacancy.
The Morton Salt deal not only filled a substantial portion of the vacant space but also represented 100% positive absorption, meaning the jobs created are entirely new to the Kansas City/Overland Park area. This influx of new employment is expected to stimulate further growth and diversification within the economy.
The negotiation process was highly competitive, with Morton Salt exploring options in multiple cities and submarkets. Landlords across the region vied for the opportunity to secure this major tenant. The highly competitive nature of the deal meant that when it seemed to be finalized, other landlords would try to make last-minute offers, restarting the negotiations.
The successful completion of this lease was a testament to the resilience and adaptability of the Overland Park commercial real estate market. It signifies a significant step toward revitalizing 40 Corporate Woods and attracting new businesses to the area.
The deal earned a 2025 CoStar Impact Award for commercial lease of the year in Kansas City as judged by real estate professionals familiar with the market.
About the project: The unique architectural features of 40 Corporate Woods presented challenges and opportunities. The 16th floor, accessible only via a private elevator from the 15th, had previously proven difficult to lease independently. Morton Salt's willingness to occupy both the 15th and 16th floors, along with the entire 12th floor and a portion of the fourth, resolved this issue. Morton Salt plans to install a salt museum on the 15th floor, creating a distinctive and engaging space.
What the judges said: “The office market has been the worst sector in commercial real estate for a few years now. A large company willingness to lease a large office footprint on a long-term lease shows deals can be done. The deal helped tamper vacancy rates in the Overland Park area,” said Josh Haith, managing principal of Haith & Co.
They made it happen: Brent Roberts, president of landlord representative Lee & Associates of Kansas City.