McMorgan Ends 12-Year Hold of 99,570-SF Office

PHOENIX-A San Francisco company’s 12-year hold of Missouri Commons has ended, with the 99,570-sf, class B office complex passing to the Koll Co. and Ohio Public Employees Retirement System. The 97%-leased building has brought $15.6 million.

The buyer of record, Koll/PER LLC, has picked up three buildings, built in 1984 on five acres at 1420-1440 E. Missouri Ave., from pension fund adviser McMorgan & Co. LLC. Melinda Korth, executive vice president in Phoenix for CB Richard Ellis, says McMorgan represents a rare seller–a pension fund with long-term ownership of real estate.

“I think the seller realized it was probably time to go ahead and turn the asset as it had met the ownership goals,” Korth says. The CBRE investment sales team included executive vice president Barry Gabel and senior associate investment specialist Mark Dancer.