Hedgeman Lyle Academy Leases 110,057-SF Office

ST. LOUIS-Omicron Theta Omega Chapter Fund Inc. has signed a lease to fully occupy the 110,057-sf office building at 1881 Pine St. The company operates the Ethel Hedgeman Lyle Academy, and will use the building to open a grade six to 12 college prep school.

The building had been vacant for about a year, after former tenants A.G. Edwards and the Spark Agency left for other buildings, says Wanda Wyatt with Solon Gershman Inc. She represented Omicron in the lease, and Andrew Sheir with Jones Lang LaSalle represented the landlord 1881 Pine Street LLC. Wyatt tells GlobeSt.com that the company signed a 10-year lease, and is paying an average rate of $9 to $10 per sf over the term. “They’re not a typical office tenant, so the lease is structured for this particular tenant to make sure the landlord’s needs are covered. It’s a net lease,” she says.

Sources say the building was purchased for $5.8 million by Brascan Real Estate Opportunity Fund from Developers Diversified in October 2005. The facility is 20 years old, but was renovated in 1999.