ST. LOUIS-The Maune Co., formerly known as more of a development firm, is expanding its Brokerage Services division with the recent hires of Lisa Prinster and Jerry Gidlow as vice presidents and Dan Cahill as an associate. The city has stagnant growth, but Peter Krombach, president of the division, tells GlobeSt.com that now is the time to make doubly sure that clients’ needs are met.
Prinster most recently sold more than $51 million of real estate in the office sector at Gatweay Commercial in the region. Gidlow juts came from CB Richard Ellis, though he worked with Krombach at Krombach Partners and CBRE. Cahill was an associate at Cassidy Turley, as a transaction manager in the Corporate Services division.
Maune has been growing since it was founded in 2002. The company’s portfolio includes 68 properties and more than 2.8 million square feet. In 2009, the firm acquired Bell & Associates, and in May of this year Krombach joined the firm to expand the brokerage section. The company represents owners of the nine-story office Equity building in Clayton, MO; Eastpoint Tech Center One in Collinsville, MO and Park 370 in Hazelwood, MO.
He says that no new development in the St. Louis area has tightened office and industrial space, but that tenants are still holding back on expansion, waiting out the economic uncertainty. “Clients are anxious to have people working on their property, but there seems to be a lull, as there’s a lot of blend and extend going on,” Krombach says. “Owners are looking to fill buildings, but the velocity of deals just isn’t what it used to be.”
Total employment in the St. Louis area will expand about 1.9% percent, or by 25,000 workers, in 2011. Employment recovered modestly last year with the addition of 5,700 jobs, following a loss of 82,000 positions in the preceding two years, according to a recent Marcus & Millichap report.
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