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Archive for Tuesday, November 5, 1991

COMPANY FINALIZES DEAL FOR BUILDINGS

November 5, 1991

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Knight Enterprises Inc. has completed the purchase of two buildings in the Hall-Kimbrell Environmental Services complex at 15th and Wakarusa.

In a transaction that became final late last month, the Knight firm acquired the two buildings at 4840 and 4830 W. 15th, which are connected by an enclosed hallway and contain about 23,500 square feet.

The new owner is transforming a portion of the buildings into the Lawrence Office Center, a series of 19 office suites.

Tom Knight, owner of Knight Enterprises, which provides management services to professional organizations, plans to use 7,000 to 8,000 square feet of the space for his company's offices. The office center will comprise about 12,000 square feet of the remaining space.

The office center also will offer its tenants such services as reception and telephone answering and access to fax and copying machines.

Knight began negotiations to buy the buildings when he decided to move his own company to Lawrence from Lenexa last summer.

The buildings initially were advertised for sale for $1.65 million. The final sale price has not been announced, and Knight could not be reached for comment today.

The buildings' former owner, Professional Services Inc., the Lombard, Ill.-based company that acquired Hall-Kimbrell in January 1990, put the two buildings on the market earlier this year after scaling down its workforce in Lawrence. Prior to PSI's acquisition of Hall-Kimbrell, the company employed as many as 400 people in Lawrence.

However, PSI retained the third building in the original Hall-Kimbrell complex, which is located to the east of the other two. That building, which was the newest of the three, was constructed in 1989 as the Hall-Kimbrell Science and Engineering Center.

Tom Boogher, a PSI spokesman, said this morning that PSI's current Lawrence workforce of about 125 employees is housed in that building, which the company has no plans to sell.

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