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Virginia Business // May 24, 2019//
Lingerfelt CommonWealth Partners LLC announced on Thursday it had acquired two office towers in St. Louis along with a four-level parking garage. Terms of the deal were not disclosed.
Lingerfelt CommonWealth Partners is a commercial real estate investment firm based in Richmond.
The seller in the deal was KBS, a private equity real estate company and investment adviser based in California.
The towers, dubbed Pierre Laclede Center, sit at 7701 and 7733 Forsyth Boulevard in the Clayton submarket of St. Louis. The buildings, which total 580,368 square feet, were built in 1964 and 1970. They have undergone $19 million in renovations since 2010. Pierre Laclede Center is anchored by tenants such as Centene, Lathrop Gage, Morgan Stanley, Dana McKitrick PC and the St. Louis Club.
Lingerfelt CommonWealth will own the towers through a discretionary investment vehicle called Lingerfelt Commonwealth Value Fund II. Lingerfelt’s affiliated commercial real estate operating firm will manage the property.
Cushman & Wakefield is handling leasing and marketing of the property.
