A Cedar Rapids property management and development company has purchased the Insurance Exchange Building in downtown Des Moines, a landmark commonly recognized by the large, red Travelers umbrella that dots the skyline.
High Properties, an equity, management and development firm, closed on the sale of the 10-story, 136,000-square-foot building, which was owned by the Graham Group, on Oct. 31. According to online property records, the sale price was $4.3 million.
Darryl High, owner of High Properties, said the company has been looking to create a presence in Des Moines for a while, first exploring the possibility before the COVID-19 pandemic, which slowed the process until recently…