KBS Sells 580 KSF St. Louis Office Property
- May 28, 2019
KBS has sold a 579,846-square-foot office complex in the St. Louis-area to Lingerfelt CommonWealth Partners for an undisclosed price. Pierre Laclede Center is a two-building, Class A property in Clatyon, Mo., that KBS acquired in 2010.
Lingerfelt CommonWealth will own the tower through Lingerfelt CommonWealth Value Fund II, its discretionary investment vehicle.
Built between 1964 and 1970, the office campus consists of a 16-story building and a 24-story tower situated at 7701 and 7733 Forsyth Blvd., in the heart of the central business district of Clayton. The location offers easy access to major thoroughfares including interstates 170 and 64, as well as the Lambert International Airport and downtown St. Louis. The buildings were completely renovated in 2008 and 2014, according to Yardi Matrix data.
Tenants at the property have access to amenities including an outdoor patio area, conference rooms, fitness centers, a café and deli, on-site concierge and car-washing and a private-dining club located on the top floor of the property.
A strong office market
Last month, The PwC Pennant Building topped out in downtown St. Louis. The Class A office tower is situated within the $260 million expansion of Ballpark Village. As the unemployment rate in Missouri dropped to 3 percent, its lowest level in 50 years, the office vacancy rate in the Clayton area tightened to 3.8 percent in the first quarter of 2019, according to a CBRE report on the St. Louis office market.
An HFF investment advisory team of Jaime Fink, Jeffrey Bramson, Danny Kaufman, Bryan Rosenberg, Patrick Shields and Sam DiFrancesca represented the seller in the transaction.