Two prominent and historic office tower properties in the Quad Cities have been acquired by a national real estate investment firm, marking a significant transaction in the regional commercial market, according to a news release on Tuesday, April 21.
The two former Northwest Bank towers were sold to the Avalair Group, a privately-held real estate company. New Jersery-based Avalair Group owns and manages a portfolio of over 5 million square feet of commercial real estate spanning nine states across the U.S. The sale was announced by NAI Ruhl Commercial Company.
Terms of the two-building deal have not been disclosed.
The properties, formerly owned by the Slavens family and the longtime home of their former Northwest Bank & Trust (now Time Bank), include:
- The Davenport office tower, located at 100 E. Kimberly Road, is a nine-story building totaling 67,839 square feet.
- The Bettendorf office tower, located at 2550 Middle Road, is a six-story building totaling 45,588 square feet.
The buildings collectively house about 60 business tenants, who represent a diverse mix of business uses including banking, legal services, accounting, medical practices, and counseling services.
Both properties are considered regional landmarks and offer tenants strong visibility and accessibility, NAI Ruhl said. The buildings have historically served as key business hubs in the region.
“This marks our second major acquisition in the Quad Cities,” Martin Zaks of Avalair Group said in the release. “Following our successful purchase in 2022 of 5000 Business Park at 5000 Tremont Avenue in Davenport, a 120,500-square-foot corporate business park. We have been very pleased with our investments in Davenport and are excited to expand our presence in the market.”
Avalair Group maintains strategic partnerships with leading national property management firms, including CBRE, Newmark, JLL, Cushman & Wakefield, and NAI, ensuring best-in-class service and expertise across its portfolio.
Avalair Group was represented in the acquisition by commercial real estate agents Charlie Armstrong and Alex Kelly, both of NAI Ruhl Commercial Company.
“These are significant, iconic trophy assets within the Quad Cities and we were proud to represent Avalair Group in the acquisition of these outstanding properties,” Mr. Armstrong said in the release.
Joe Slavens, president of Northwest Investment Corp., reflected on the legacy of the towers, stating, “Our family developed the towers as symbols of, and contributions to, the foundational strength and long-term potential of the Quad Cities region. We could not be prouder of what they represent.”
The seller, River Cities Development, LLC, is a subsidiary of Northwest Investment Corp. The company was represented by Bobbie Slavens of Hawkeye Commercial Real Estate. Tower Trust & Investment Company and Centennial Tax & Accounting, also subsidiaries of Northwest Investment Corp., will both continue as full-floor tenants of the NorthPark Tower.
In July of 2024, Northwest Investment Corp. revealed that it was selling Northwest Bank to Time Bank of Park Ridge, Illinois. Under the agreement, Time Bank — owned by the Carter family and led by President, CEO and Chairman Tom Carter Sr. — purchased the approximately $225 million in total assets and liabilities of Northwest Bank. Details of the transaction were not disclosed. Time Bank closed on the acquisition Dec. 31, 2024.
The deal was first announced July 24, 2024 by the two family-owned community banks. It includes Northwest Bank’s two bank locations in Davenport and one in Bettendorf. The bank tower buildings were not part of the sale. Time Bank, which has since branded the towers under their name, retain Northwest Bank’s three banking locations. It also purchased the Locust Street branch as part of the agreement.
Now under new owners, leasing for both properties will be handled by Mr. Armstrong and Mr. Kelly. Property management services will be provided by NAI Ruhl Commercial Company’s property management division.
NAI Ruhl Commercial Company is the Quad Cities region’s leading commercial real estate firm specializing in commercial real estate brokerage, consulting, corporate services, property management, development, and maintenance services, serving Eastern Iowa, Western Illinois, and Southwest Wisconsin. The company reaches markets worldwide with their partnership with NAI Global, the world’s only managed network of commercial real estate firms. For more information and property listings, visit ruhlcommercial.com.
