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JV Picks Up Five Suburban Office Buildings

CREVE COEUR, MO-New owners see opportunity in the 346,000-sf office portfolio, which is currently 68% occupied.

By Danielle Anderson | Updated on December 15, 2006

CREVE COEUR, MO –Golub & Co. has found itself back in very familiar territory in this western suburb of St. Louis. In a joint venture with Newport Beach, CA-based Buchanan Street Partners, the Chicago-based company has purchased a five-building, 346,000-sf portfolio that it owned about a decade ago.

The five buildings, which Golub officials call the Creve Coeur Portfolio, are currently about 68% occupied. John Ferguson, a senior vice president of leasing and marketing, tells GlobeSt.com that the company sees the acquisition as an opportunity to “ride the crest of a market that is improving.”

It’s also a market that Golub is familiar with, company officials say. In 2004, Golub became a co-owner of West Port Plaza, a 42-acre mixed-use property that’s just three miles north of the Creve Coeur Portfolio. At the time of that acquisition, the 700,000-sf property was 68% to 71% occupied, Ferguson says. Today, he says, it is around 94% occupied by a variety of tenants, including Wolters Kluwer, Northrop Grumman, Metal Exchange, Westport Investment Group, and Travelers. West Port Plaza, which was built between 1973 and 1984, is also leased and managed by Golub.

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