NEWPORT BEACH, Calif.–(BUSINESS WIRE)–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.
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.
Contacts
JAIME FINK
HFF Senior Managing Director
(312) 528-3650
[email protected]
JEFFREY BRAMSON
HFF Senior Managing Director
(312)
528-3650
[email protected]
DANNY KAUFMAN
MO Lic. #2012028715
HFF Senior Managing
Director
(312) 528-3650
[email protected]
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713)
852-3403
[email protected]
CHRIS SULLIVAN
MacMillan Communications for KBS
(212)
473-4442
[email protected]
GINNY WALKER
KBS Public Relations Manager
(949) 417-6535
[email protected]
