Springfield, Missouri's largest privately held office building has changed hands in one of the biggest sales in the area recently.
CoxHealth, a regional healthcare system, scooped up The Chase Operations Center and retained JPMorgan Chase as a tenant in 208,000 square feet of the space. CoxHealth occupies the remaining 60,000 square feet of space.
"The opportunity to add this much capacity, in this location, comes at a great time for CoxHealth. This expansion positions us well to continue meeting our community's needs," said Max Buetow, president and CEO of CoxHealth.
The deal has earned a 2025 CoStar Impact Award for sale/acquisition of the year for Springfield, as judged by real estate professionals familiar with the market.
As the only true institutional campus-style office complex in the city, it represents the largest building footprint of any privately held office there. For reference, the average building size within the city limits is less than 8,000 square feet.
The seller, Sentinel Net Lease, generated an IRR of over 45% and 1.9 times return on invested capital over a two-year hold period. The terms of the deal were not disclosed. CoStar data shows that Sentinel acquired the property in 2022 for $22.9 million.
About the project: The Chase Operations Center is a 268,000-square-foot, three-story office building located at 303 E. Republic Road. Its amenities include a full-service employee cafeteria for 1,200 employees, auditoriums, recreation rooms, training rooms, interior full-service security, employee walking/bike trails and volleyball courts.
What the judges said: Gerald Zamora, senior adviser at Zamora Real Estate, cited the deal size, property type and economic impact on the community as reasons behind the award.
"It is one of the largest office buildings in town and allowed expansion of a large employer," said Eric Roberts, owner of Roberts Industrial Properties.
"The sale has helped preserve existing jobs and created new employment opportunities, contributing to the growth and stability of our community," said Tyler Ray, commercial real estate adviser at Moreno Group Commercial Realty.
They made it happen: Ross Murray, president, R.B. Murray Co.; Laura Nguyen, director of investor relations and marketing, Sentinel Net Lease; Rod Schaffer and Mark Frees of CoxHealth Network.