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.”
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.