A 93-year-old commercial building in the heart of downtown Kansas City has been sold to Palace Hotel LLC, a company owned by hotel developer Mark Patel.

The eight-story former Palace Clothing Co. office building at 1150 Grand Blvd. is listed on the National Register of Historic Places. It is considered a prime example of the “Chicago style,” characterized by large windows made possible by iron-beam construction.

The 80,000-square-foot building, designed by Kansas City architect Frederic McIlvain, opened in 1924 to house the Palace Clothing Co., a retailer that remained in the building until 1964. A major redevelopment was undertaken in 1972, stripping away many of the historic interior features as part of the renovation for multi-tenant offices. It is partly occupied now.

Cushman & Wakefield announced the building sale by Kansas City Investments LLC to Palace Hotel LLC. The sale price was not disclosed. Cushman & Wakefield director Gib Kerr said the company was pleased to represent Patel in acquiring “one of the last remaining historic buildings downtown.”

To read more here.