(DES MOINES, Iowa) EMC Insurance and Blackbird Investments are swapping some real estate in downtown Des Moines.
EMC has announced it will give up its building at 555 Walnut Street, which is part of the Kaleidoscope at the Hub. EMC will retain ownership of the Hub Tower at 699 Walnut Street and the west block of the Kaleidoscope at the Hub at 655 Walnut. Blackbird's trading land at 701 Walnut, the eastern portion of the former site of the Younker's Department store building, which was destroyed by fire in 2014.
Blackbird had planned to build a high rise building on the site.
The agreements are subject to due diligence and other contingencies. Neither EMC nor Blackbird are commenting about further plans until the deal is finalized.