ST. LOUIS—Trigild, a San Diego-based real estate firm, has been chosen as the court-appointed receiver for One Chesterfield Place, a five-story, 143,473-square-foot class A office building at 14755 North Outer Forty Dr. in suburban Chesterfield, just outside St. Louis.
As the court-appointed receiver, Trigild will operate and protect the high-profile structure, built in 2002. Currently 90% occupied, Lowe's Home Centers, Principal Life Insurance, Midwest Employers Casualty, Ameriprise and Protective Life Insurance, Co. anchor the building.
According to Brian Morelan, chief operating officer for Trigild, One Chesterfield Place was acquired through a tenants-in-common investment structure. Morelan added that Trigild has extensive experience working with the TIC ownership structure, including projects such as the $1.6 billion SCI Entities portfolio and Saturn Business Park in Orange County.
“Trigild staff has the ability to provide both fiduciary and real estate services, allowing us to quickly understand the complicated TIC structure, as well as the asset's financial health and the underlying performance,” he said. “Our knowledge of and experience with this complex ownership structure will allow us to provide all 32 stakeholders the transparency necessary to make the best decisions for the project.”
Furthermore, the receivership will not impact the building's tenants in any way, Morelan said. “Our role is to ensure that day-to-day operations run smoothly and efficiently. We are also assisting in the leasing as well as increasing the value of the asset to position the property for sale.”
Last traded in 2006 for $26 million, the office building features covered parking, a computerized access system, state-of-the-art electronic access and a two-story lobby, with close access to I-64/Highway 40 and nearby amenities.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
