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New Boston Fund Buys 80% Stake in Koman Group's CityPlace Project

CREVE COEUR, MO-The deal includes seven office buildings in a campus setting totaling 875,000 sf along with an option to acquire two additional office buildings totaling 300,000 sf that are under construction.

By Brian K. Miller | Updated on January 27, 2006

CREVE COEUR, MO-Koman Group, a locally based developer, has sold an 80% stake in its CityPlace class A office park near here to New Boston Fund, a Boston-based real estate firm. The deal includes seven office buildings totaling 875,000 sf and an option to acquire another 300,000 sf in two office buildings that are under construction.

Koman, the developer of the 30-acre park, is retaining a 20% stake in the project as well as the ongoing development, management and leasing assignments. Financial terms were not disclosed and were not otherwise immediately available.

Located on Olive Boulevard about one mile east of Interstate 270, the CityPlace buildings range from two to 10 stories and are 93% leased. Office tenants include the corporate headquarters for Arch Coal Inc. and Daugherty Business Solutions; the regional headquarters for insurance brokerage firm Lockton Companies; and office sites for Microsoft Corp. and Sprint Nextel among others. The retail buildings include the gourmet grocery store Provisions, Cafe Bellagio, Creve Coeur Camera and others. Amenities include wireless access, fitness centers, conference areas, structured parking and a lake.

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