Paramount Office Building on the market

CEDAR RAPIDS - DAF Investments, the majority owner of an 88-year-old landmark in downtown Cedar Rapids, is selling its stake in the five-story building.

The Paramount Office Building, 305 Second St. SE, is listed at $1.825 million by Tiffany Earl of Skogman Realty Partners. The structure is adjacent to the Paramount Theatre, which is owned by the City of Cedar Rapids.

Ownership of the 33,169-square-foot office and retail building, constructed in 1927, is structured as a condominium format, with the condo owners sharing the cost of common area maintenance.

The Paramount Office Building was sold in 2013 after it was completely renovated by Steve Emerson, president of Aspect Architecture and Design in Cedar Rapids.

Emerson bought the building in 2005 and gutted it to the concrete and brick shell, adding new doors and an awning to the main entrance, new windows and a second stairway from the lobby.

The renovation project also included a new elevator and handicapped-accessible restrooms on all floors, as well as installation of energy-efficient heating and plumbing systems and other improvements.

'Everything in this building is brand-new,” Earl said. 'The building is fully occupied with tenants that include the corporate headquarters of the Iowa Northern Railroad.

'The majority owner wants to focus on other things. The other owner, Involta, has its corporate headquarters on the top floor of the building.

'There's also a governmental lease as well as several retail tenants on the first floor.”

Earl said there has been considerable interest in the property since it was listed earlier this month.

'This is the type of property that investors look for that is very stable with high quality tenants,” she said. 'We've had a lot of interest and I can't imagine that it will be on the market very long.”