Triple Net Buys 315,000-SF Office Facility

ST. LOUIS-Triple Net Properties LLC has purchased the new Express Scripts corporate headquarters, a 315,000-sf office building at 8555 University Place, on behalf of tenant-in-common investors. Though the company is currently engaged in a mega-merger with Grubb & Ellis, Triple Net is still acquiring properties, say company officials.

The three-story building is fully occupied by a manager of pharmacy benefit plans. The build-to-suit facility was constructed for $50 million by a venture of Clayco and Paric on the University of Missouri-St. Louis, on property adjacent to the 550-acre corporate NorthPark development, another joint venture between Clayco and McEagle Properties. The new building is on a 16-acre annex site to the $400-million NorthPark, a redevelopment of a former residential community near Lambert International Airport.