 |
| Pierre Laclede Center, an iconic, two building, Class A office complex totaling 579,846 SF in Clayton, MO |
NEWPORT BEACH, CA (May 23, 2019) – 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.
 |
| Pieree Laclede exterior |
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.
 |
| Pierre Laclede interior |
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.”
 |
| Pierre Laclede interior |
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.
 |
| Daniel Park |
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.”
 |
| Marc DeLuca |
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.
 |
| Jaime Fink |
“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.”
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.
 |
| Jeff Bramson |
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
 |
| Peter Bren |
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
 |
| Charles 'Chuck' Schreiber |
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).
 |
| Bryan Rosenberg |
 |
| Daniel Kaufman |
For more
information, please visit
hfflp.com or follow HFF on Twitter @HFF.
CONTACTS:
DANNY KAUFMAN MO Lic. #2012028715 HFF Senior Managing
Director (312) 528-3650
dkaufman@hfflp.com
OLIVIA HENNESSEY HFF Public Relations Specialist
CHRIS SULLIVAN MacMillan Communications for KBS
