A notable medical office lease signed by a dental practice has helped to validate an urban revitalization and adaptive reuse of a downtown Des Moines, Iowa, warehouse.
When the city’s Urban Development Design Board approved the project’s preliminary designs in 2022, board staff noted that the project could spur additional interest in the redevelopment of other underutilized properties and surface parking lots in this historically industrial area.
The project team led by local developer and real estate broker Tim Rypma of Rypma Properties successfully adapted the space for healthcare while meeting strict historic preservation requirements to integrate many of the building's original architectural elements, including exposed brick and wood beams, with modern, energy-efficient systems and wellness-focused design.
This collaborative effort, which also involved Cushman & Wakefield brokers Brandon Fitz, Jordan Bouslog and Mark Timmins, helped the adaptive reuse project a success and made the dental practice a vital anchor for the neighborhood. By balancing preservation with progress, this lease set a benchmark in the market for blending history and functionality.
For its role in demonstrating the viability of converting one of the few remaining classic brick warehouse buildings in downtown Des Moines and helping to energize the area by attracting complementary businesses, the collaborative adaptive-use project was selected for a 2025 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: The four-story, 46,816-square-foot building, constructed in 1917, was commonly known as the Carpenter Paper warehouse. Established in 1890, the Carpenter Paper Co. was Omaha’s first paper company. In 1961 it was acquired by a larger paper company, which used the downtown Des Moines building until 1987 for offices and warehouse space. It was then bought by Employers Mutual Casualty Co., which used the building for document storage. EMC sold the property, as well as the adjacent Lortex building, in 2022.
The development team secured a complex financing package to complete the $21.9 million renovation, which included tax increment financing, as well as federal and state historic tax credits. Rypma has said he plans to convert the Lortex building at 113 S.W. Eighth St. into space for a restaurant, tavern or other entertainment uses.
What the judges said: "The repurposing and reuse of the property and materials given the age of the building is visionary and impressive," said Maria Davis, vice president with R&R Realty Group.
"This is an excellent example of adaptive reuse that overcame historic preservation challenges while blending with modern features," said Angie Glick-Martin, principal and broker associate at GLD Commercial.
They made it happen: Tim Rypma, president of Rypma Properties, is known for his historic preservation work throughout Iowa. In addition to being a real estate developer, he is also a broker with Buyers Realty. Other key players in the project included Senior Associate Brandon Fitz and associates Jordan Bouslog and Mark Timmins with Cushman & Wakefield Iowa Commercial.
CoStar Market Manager Alyssa Ricca contributed to this report.