Last Best Partners Leads Transformation of Historic Des Moines Courthouse

At Last Best Partners, we are proud to share a major milestone within our portfolio.

We acquired the former U.S. federal courthouse in downtown Des Moines for $2.6 million dollars.

The 96-year-old property is located at 123 East Walnut Street, totaling 97,470 square feet on 1.63 acres overlooking the Des Moines River. Its proximity to the East Village, with restaurants, retail, and entertainment, adds significant value.

A Landmark Property with Strong Potential

We secured the property at a price below what we initially expected. After visiting the site and studying the surrounding area, we saw even greater long-term potential than our initial underwriting suggested.

The courthouse was vacated after the U.S. District and bankruptcy courts for the Southern District of Iowa relocated to a new courthouse across the river. This move is part of a broader transition of government offices from the east bank of downtown.

Residential Redevelopment as the Leading Plan

We are exploring multiple reuse strategies, with upscale residential apartments as our leading concept. The architecture, building condition, and location make it an ideal candidate for high-quality residential redevelopment.

The property’s skyline views, river frontage, and walkable access to East Village amenities strengthen its appeal. These factors reinforced our decision to pursue this investment.

Preserving Historic Character

The courthouse is listed on the National Register of Historic Places. Preserving its historic character is central to our approach.

We have prior experience with historic properties through other Last Best Partners projects, including the redevelopment of the 1915 Enterprise Building in downtown Elkhart, Indiana.

Planning and Approval Process

We are in the conceptual planning phase and are developing detailed redevelopment plans. Because of the building’s historic designation, all modifications must go through the State Historic Preservation Office for approval. This multi-step process determines what alterations are permitted while protecting the building’s historic features.

Physical construction is projected to begin no sooner than one year from now, ensuring the project is done correctly and preserves the property’s unique character.

This is What We Do at Last Best Partners

At Last Best Partners, our strategy is to identify unique, undervalued, or historic assets where capital, data, and operational expertise can unlock long-term value. Projects like the Des Moines courthouse exemplify our approach: we combine investment, analytics, and preservation-focused redevelopment to revitalize communities.

Know a Property Like This?

If you know of any historic or unique properties that could benefit from redevelopment, we’d love to hear from you.

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