Key Signs Lease With Sprint Campus

KeyBank Real Estate Capital will relocate to Overland Park, Kansas

Oct 08, 2010, 12:43 ET from KeyCorp

OVERLAND PARK, Kan., Oct. 8 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced that KeyBank has signed a 10-year lease for 66,470 square feet of space on the Sprint campus located in Overland Park, Kan. for its commercial real estate loan servicing group.  The group currently occupies space in Commerce Tower, located in downtown Kansas City, and that lease expires in March 2011.

The new lease commences in April 2011, and Key expects to take possession of the space in October 2010 to outfit the site. Key anticipates it will begin moving staff into the renovated space in second quarter 2011.

"We looked at multiple options in Kansas and Missouri for space that was readily adaptable to accommodate our business and employee needs, and would offer operating efficiencies," said Marty O'Connor, executive vice president and head of KeyBank Real Estate Capital's Loan Servicing Group. "The State of Kansas and the Sprint campus met those needs and, equally important, we're expanding our organization and creating jobs in Kansas. The Kansas City region is a good place for business and that is why KeyBank Real Estate Capital has decided to stay and expand its business in the metro area."

"We're pleased that KeyBank decided to move and expand its operations in Kansas," said Bill Thornton, Secretary of the Kansas Department of Commerce. "This is the latest example of a major, highly valued company recognizing our state for its business assets; particularly our educated workforce, affordable office space and overall quality of life. We are grateful for KeyBank's commitment to our state and the creation of these new jobs."

"We are excited that KeyBank Real Estate Capital has chosen to bring its loan servicing operations to Overland Park," said Mayor Carl Gerlach.  "We appreciate the company's commitment to the region and look forward to a long and productive relationship as it expands its operations."

O'Connor noted that other advantages of the Sprint Campus include a host of amenities such as covered and open free parking, on-site dining options, a state of the art fitness center, a beautiful campus setting with outdoor sports amenities including jogging trails; field house and recreation field; sand volleyball and tennis courts and on-site retailers.  Key confirmed earlier this year it was considering alternative locations for the Kansas City operations.

About KeyBank Real Estate Capital:

KeyBank Real Estate Capital is one of the nation's leading providers of commercial real estate finance.  Its professionals, located in select markets coast-to-coast, provide construction and interim finance, permanent mortgage, project-level mezzanine and equity and commercial real estate loan servicing, as well as investment banking and cash management services for owners and investors of commercial real estate.  As a Fannie Mae Delegated Underwriter and Servicer and Freddie Mac Program Plus Seller/Servicer, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including seniors housing and student housing.  The group also includes one of the country's largest and highest-rated commercial mortgage servicers.

About KeyCorp:

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $94 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit KeyBank is Member FDIC.