Lingerfelt CommonWealth Partners, a commercial real estate investment firm, has acquired St. Louis, Missouri-based Pierre Laclede Center, a pair of office towers. The seller was KBS. No financial terms were disclosed.
RICHMOND, Va., May 23, 2019 /PRNewswire/ — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of the Pierre Laclede Center, a pair of Class A office towers in St. Louis, MO, including a four level, 1,304 stall parking garage. The asset was sold by KBS, a national private equity real estate company and investment advisor headquartered in Newport Beach, CA.
The Pierre Laclede Center towers, located at 7701 and 7733 Forsyth Boulevard, are in the Clayton submarket of St. Louis. The buildings total 580,368 square feet combined and are anchored by tenants including Centene, Lathrop Gage, Morgan Stanley, Dana McKitrick P.C., and the historic St. Louis Club, among others. Pierre Laclede Center I & II were constructed in 1964 and 1970 respectively and have gone through over $19 million in renovations since 2010 to ensure the property’s Class A prominence in the market.
“Within the first year of ownership, Lingerfelt CommonWealth plans to make a significant capital investment towards modernizing the property,” said Will Bradford, Asset Manager with Lingerfelt CommonWealth Partners. “Our plans currently include renovating and revitalizing the property’s common spaces, including the amenity center floor, common courtyard, common lobbies, and bathrooms, which is intended to enhance both the tenant and community experience.”
Clayton is one of the St. Louis region’s most sought-after submarkets for office property and is considered the hub of the St. Louis metropolitan area. Clayton boasts over one million square feet of retail, which contributes to its outstanding quality of life. The Pierre Laclede Center sits in the center of this submarket.
Lingerfelt CommonWealth will own the tower via its discretionary investment vehicle, Lingerfelt Commonwealth Value Fund II. Commonwealth Commercial Partners, the Company’s affiliated commercial real estate operating firm, will handle all aspects of the day-to-day asset and property management for Pierre Laclede Center, in addition to servicing assets for other owners in the St. Louis metro. Cushman & Wakefield will handle the leasing and marketing of the building’s available space.
More on the company can be found on the web at www.LingerfeltCommonWealth.com.
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.