The 16-story tower at 190 Carondelet Plaza was completed in 2001 and is currently 98% leased. Tenants include law firm Husch & Eppenberger, LLC; accounting firm Ernst & Young; MetLife, a provider of insurance and other financial services; and Northern Trust, a private banking, asset management and asset servicing firm.
The Plaza in Clayton has access to Interstates 64 and 170. With the recent expansion of St. Louis' light-rail MetroLink, a new station will be one block from the building at the intersection of Forsyth Boulevard and Forest Park Parkway. This station will also provide access to both Downtown St. Louis and the St. Louis International Airport.
The purchase marks the third overall asset and the second real estate asset for KBS REIT, which was formed in March by KBS Realty Advisors as a non-traded REIT. In July, the entity entered the Tampa, FL market with the $24.25-million acquisition of the four-story Sabal Pavilion office building at 3620 Queen Palm Dr.
The REIT intends allocate approximately 70% of invested capital to traditional core real estate while the remaining 30% may be allocated to value-added properties and potentially higher yielding structured debt products such as mezzanine loans.
Brian Nagle of Cushman & Wakefield of Chicago along with Chris Fox of Cushman's St. Louis-based affiliate Gateway Commercial represented the seller in the transaction.
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