Quad Cities developer bets on Iowa City with planned revamp of former Pearson campus

The former Pearson campus on North Dodge Street is getting a makeover and a second chance.

A commercial real estate development company from Bettendorf, Geifman Group, bought the 40-acre property at 2510 N. Dodge St. for $4.2 million in May, $5.7 million below its assessed value.

The vegetative overgrowth and cracks spiderwebbing across the cement sidewalks and parking lots was not a deterrent to the company, which saw tremendous potential underneath the facade.

“It (was) hard not to feel the vision when we walked on this campus…we knew we were going to make something out of this,” said Ed O’Conner, vice president of operations at Geifman Group.

The visibility from Interstate 80 and Dodge Street, together with its square footage, made it an attractive investment.

“This is the premier office space in Iowa City, from exterior to interior,” Mr. O’Connor said.

“We want this to be a bright spot for Iowa City coming off the interstate. We want to have better signage, just visibility. And then, of course, the aesthetics for (the) facade,” Mr. O’Connor added.

The buildings have been empty since Pearson closed their Iowa City office in 2022, leaving plenty of time for nature to attempt a reclamation. Inside the building, however, is a sleek, modernized office space, still stocked with furniture.

“We walked in, (and) I was like, ‘did we just come into the right building?’” Mr. O’Connor joked. “This is class A office space,” he said, adding that Pearson “did not spare any expense” when it came to outfitting the interior.

Open for retail

The property currently houses a 37,500-square-foot warehouse, two office buildings totaling 255,000 square feet and a 20,550-square-foot data center. Iowa City assessor records indicate the property’s value at $9.9 million, nearly half its 2020 assessed value.

A flexible space sits adjacent to the warehouse, creating the possibility for expansion, and a bonus room in the corner of the warehouse served as a recording studio at some point.

Another feature the company found attractive were the dual entrances to the campus, opening up the possibility for industrial traffic to be relegated to one area and commercial or retail the other. Prior to Pearson's closing, Iowa City Transit had a bus route that included a routine stop at the campus, suggesting a ready-made transit link for the property's future workforce.

While Geifman Group is in the preliminary stages of planning, it envisions a mixed-use, multi-tenant space that could support hospitality and retail, in addition to office space.

“We envision this being completely full – 400,000 square feet, give or take with amenities on the campus,” said Mr. O’Connor. “It could be retailers or a restaurant or something of that nature, just a thriving campus that is a mixed-use of office and other businesses…if you will, commercial business campus.”

The company has engaged the architectural and engineering firm Shive-Hattery to draw up plans, envisioning contemporary architectural upgrades, enhanced landscaping, updated facades and improved lighting.

“Structurally, we're probably going to maintain it just because it is a precast exterior, and those are good bones, but we might have some components that are added on to it,” Mr. O’Connor said.

“We like to fix things and bring things back to life,” he continued. “We're good at just getting really creative and seeing the vision, maybe, that people don't see.”

He estimates that work on the exterior facade will begin in earnest by early fall. Noting that the renovations will be completed in phases, he says both the interior and exterior will be finished by summer 2026, with the possibility of adding on later.

“We have some plans for some new buildings on the campus one day,” Mr. O’Connor said.

Emphasis on tenant relationships

Geifman has secured two tenants already, one taking possession of the data center and the other laying claim to office space, but declined to identify them. One of the tenants will be moving in immediately, Mr. O’Connor said.

This is Geifman Group’s first foray into the Iowa City market; until now, its primary market thus far has been confined to the Quad Cities. The company was alerted to the Dodge Street property by current Quad City tenants who saw the listing and thought it might be a good opportunity.

“They called us and said, ‘Hey, have you thought about Iowa City? Have you looked out here?’” Mr. O’Connor said, and emphasized the importance Geifman Group places on its relationships with its tenants.

“We're one of the best landlords, because we treat (properties) like it's our home,” Mr. O’Connor stated, highlighting the company’s quick response time. “Tenants love us because we want them to have a great experience. We want them to be with us long term,” adding that tenants are viewed as a “partnership.”

“Our business model, and really Geifman’s business model for decades, has been to listen to the tenant and then find the building, find the opportunity,” he added. “We almost have zero vacancy, and we have quite a bit of property,” Mr. O’Connor said. “And it goes back to our approach, (which) is – we're not chasing the almighty dollar. We're chasing just to do something that betters the community.”

The company’s next step is to work with the city to pursue rezoning the property.