One of the largest buildings in downtown Wichita has a new owner.
Landmark Commercial Real Estate announced Friday afternoon that 125 LLC, managed by Larry Cook, has purchased the 19-story 125 N. Market building from Salt Lake City-based Security National Life Insurance Co.
Financial terms of the deal were not disclosed.
In an interview with the WBJ, Cook, owner of Larry Cook Companies, said the deal came together quickly and that plans have not been formulated on what to do with the property, which was built in the 1960s.
“I was thinking this is a really great opportunity,” said Cook, a lifelong Wichita resident. “It’s an iconic building. The views there are absolutely incredible.”
Landmark’s Scott Harper represented 125 LLC on the deal, while Landmark’s Craig Simon repped Security National.
Tenants in the 478,403-square-foot space include UMB Bank’s Wichita Private Wealth Management Center, Oxford Senior Living, Darrah Oil and New York Life, whose name is prominently featured near the top of the building.
Cook said he plans to meet with tenants soon as part of gathering perspectives about what the future of the building can look like.
“It’s got a lot of opportunity,” Cook said.
Security National had owned the building since 2013.
The sale marks the latest turn for a property that has seen redevelopment plans in previous years not come to fruition.
In 2020, the WBJ reported on the vision of Will Harmon and Sean Crawford to redevelop the building, but a deal was not closed.
While Cook’s plans need time to form, the acquisition could mark the beginning of the next in a growing line of longtime downtown properties getting new owners — and new life.
Those projects include plans to remake the old Sterling building into a multi-use space with apartments, office and retail; Keycentrix working to turn the old Legacy Antique Mall into its new headquarters; and Main Street Living LLC’s aim to renovate the former Commerce Bank building into luxury apartments and a co-working space.