From Office Tower to Urban Living: Foss & Company Backs Historic Financial Center Transformation

25-story Iowa landmark to deliver 209 market-rate apartments in one of the state's most significant adaptive reuse projects

DES MOINES, Iowa, July 22, 2026 /PRNewswire/ -- Foss & Company, an established tax credit syndicator, today announced the successful closing of financing for the Financial Center, a landmark 25-story office tower located in the heart of downtown Des Moines, IA. Developed by Lawmark Capital, the project will convert the historic building into 209 market-rate apartment units and approximately 152,000 square feet of commercial space, generating approximately $14.6 million in 2026 Federal Historic Tax Credits.

Constructed between 1973 and 1974, the Financial Center was the tallest building in Iowa upon its completion and remains one of the most recognized towers on the Des Moines skyline. The conversion plan will transform a portion of floors one through three and all of floors four through eighteen into residential units, while preserving ground-floor commercial space to support the surrounding neighborhood. Resident amenities will include a golf simulator, state-of-the-art fitness center, rooftop deck with a swimming pool, and direct access to Des Moines' 4.2-mile downtown skywalk system.

"The Financial Center is exactly the type of transformative project that showcases the power of Federal Historic Tax Credits," said John Bowman, Partner, Foss & Company. "We are seeing a meaningful and accelerating shift in the HTC market: office buildings being converted into much-needed housing. We expect to see more of these projects going forward. This closing reflects our commitment to supporting high-quality, community-driven development that preserves historic architecture while delivering real housing supply."

"We are so proud to be creating the next chapter, and a beautiful place for people to live, with this incredible historic building in the heart of Downtown Des Moines," said Mark Buleziuk, CEO of Lawmark Capital. "It will be a crown jewel for Central Iowa, and it would not have been possible without our partnership with Foss & Company in securing Federal Historic Tax Credits."

This investment underscores Foss & Company's continued focus on financing complex historic tax credit transactions and its leadership in the growing office-to-residential conversion sector.

ABOUT FOSS & COMPANY

Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that, since its inception, has deployed over $11 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping its partners navigate the world of tax equity investments. For more information about Foss & Company, please visit www.FossandCo.com.

ABOUT LAWMARK CAPITAL

Lawmark Capital is a commercial real estate firm specializing in the acquisition, management, and redevelopment of properties in downtown Des Moines, Iowa, and other markets. The firm is well-known for operating and revitalizing prominent downtown buildings.

This press release contains forward-looking statements based on current expectations and projections, subject to risks including changes in tax law, construction/completion risks, energy production variability, and market conditions that could cause actual results to differ materially. Foss & Company undertakes no obligation to update these statements.

SOURCE Foss & Company