KBS, one of the largest owners of commercial real estate, and
Holliday Fenoglio Fowler, L.P. (HFF) announced today the sale of
the Pierre Laclede Center, an iconic, two-building, Class A office
complex totaling 579,846 square feet in the St. Louis-area city of
Clayton, Missouri. HFF marketed the property on behalf of the
seller, KBS. The property was purchased by Lingerfelt CommonWealth
Partners, a national real estate investment management firm based
in Richmond, Virginia. The Pierre Laclede Center was part of the
KBS Real Estate Investment Trust II portfolio.
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Pierre Laclede (Photo: Business Wire)
Purchased in 2010, the Pierre Laclede Center offers easy access
to both downtown St. Louis and the Lambert International Airport
via nearby Interstates 170 and 64. The Pierre Laclede Center
comprises two high-rise office towers located at 7701 and 7773
Forsyth Boulevard in the heart of Clayton’s central business
district. The property is a long-established business destination
that combines distinctive features, extensive amenities and core
location. Pierre Laclede Center’s unrivaled amenity base includes
an outdoor veranda/patio area, conference rooms, fitness centers,
café, deli, on-site concierge and car washing. Additionally, The
St. Louis Club, a premier private-dining club, occupies the top
floor of the Pierre Laclede Center and offers views of downtown and
the St. Louis arch. The property is within walking distance to
Clayton’s burgeoning restaurant and retail scene as well as public
transportation.
“The Pierre Laclede Center is a dynamic property in the Clayton
office market,” said Dan Park, senior vice president for KBS and
asset manager of the property. “We are excited for the new owners
and hope they carry on the legacy of this iconic asset.”
The Clayton area experienced a tightened vacancy rate for its
Class A properties at 3.8 percent in the first
quarter of 2019 according to CBRE St.
Louis Office Market View Q1 2019. Moreover, the Missouri
unemployment rate hit 3 percent, its lowest in 50 years, which
proved the market’s viability.
“The Pierre Laclede Center is unique to the St. Louis area,
which reflects directly on the continued demand of leasing we’ve
seen at the property,” said Marc DeLuca, regional president,
Eastern United States for KBS. “We anticipate that the new owner
will see the same success that we have had in the area.”
The HFF investment advisory team representing the seller
included senior managing directors Jaime Fink, Jeffrey Bramson and
Danny Kaufman and directors Bryan Rosenberg, Patrick Shields and
Sam DiFrancesca. Lingerfelt CommonWealth will own the tower via its
discretionary investment vehicle, Lingerfelt Commonwealth Value
Fund II. Commonwealth Commercial Partners, an affiliated commercial
real estate operating firm (also based in Richmond, VA), will open
its 14th U.S. office in Clayton and will handle all aspects of the
day-to-day asset and property management for the Pierre Laclede
Center, in addition to servicing assets for other owners in the St.
Louis metro.
“The Pierre Laclede Center presented investors with a unique
opportunity to invest in Clayton, which is the undisputed preferred
choice of office tenants in the St. Louis metropolitan area,” Fink
said. “The core asset offered substantial upside given its highly
sought-after infill location combined with the institutional
quality of the buildings.”
Please find photos of Pierre Laclede Center here.
This release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including statements relating to KBS Real Estate
Investment Trust II’s ability to invest in and manage a diverse
portfolio, and the performance of Pierre Laclede Center and of the
Clayton real estate market. These statements are subject to known
and unknown risks, uncertainties and other factors which may
cause KBS Real Estate Investment Trust II’s and/or Pierre
Laclede Center’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements.
About KBS
KBS is a private equity real estate company and an
SEC-registered investment adviser. Founded in 1992 by Peter Bren
and Chuck Schreiber, it is recognized as one of the largest
commercial office owners globally. Since inception, KBS-affiliated
companies have completed transactional activity of approximately
$40 billion via 16 separate accounts and six commingled funds, for
government and corporate pension funds. Additionally, KBS has
sponsored five sovereign wealth funds and seven SEC-registered,
non-traded REITs. For more information on KBS, its properties and
real estate portfolios, please visit KBS.com. For information about
KBS’ current offerings, please visit KBSDIRECT.com, an online
portal for self-directed accredited investors to participate in
institutional-quality real estate without paying up-front fees or
commissions. Registration as an investment adviser does not imply
any particular level of skill or training.
ABOUT LINGERFELT COMMONWEALTH
PARTNERS
Lingerfelt CommonWealth Partners, headquartered in Richmond, VA,
is a vertically integrated, full service real estate investment
management firm with additional offices Hampton Roads, VA;
Nashville, TN; Jacksonville, FL; Tampa, FL; Greensboro, NC;
Charlotte, NC; Raleigh/Durham, NC; Greenville, SC; Charleston, SC;
Houston, TX; Kansas City, MO; St. Louis, MO; and Reading,
PA. Together with its predecessors in the private sector and
public REIT sector, its partners have built, acquired and managed
nearly 20 million square feet of commercial real estate valued at
approximately $2 billion across the Mid-Atlantic and Southeast.
Learn more at: www.lingerfeltcommonwealth.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005781/en/
JAIME FINKHFF Senior Managing Director(312)
528-3650jfink@hfflp.com
JEFFREY BRAMSONHFF Senior Managing Director(312)
528-3650jbramson@hfflp.com
DANNY KAUFMANMO Lic. #2012028715HFF Senior Managing
Director(312) 528-3650dkaufman@hfflp.com
OLIVIA HENNESSEYHFF Public Relations Specialist(713)
852-3403ohennessey@hfflp.com
CHRIS SULLIVANMacMillan Communications for KBS(212)
473-4442chris@macmillancom.com
GINNY WALKERKBS Public Relations Manager(949)
417-6535gwalker@kbs.com
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