New Boston Fund, a private equity real estate investment, development and management firm, has sold the office buildings at CityPlace in Creve Coeur, Missouri to a joint venture of NorthStar Realty Finance and Southfield, Michigan-based real estate investment firm Redico. The complex went on the market in May.
The CityPlace office portfolio consists of 884,000 square feet in six separate building ranging in height from 4 to 11 stories. Key amenities on the campus include a full service fitness center, an auditorium, building conference centers, a corporate cafeteria, a training center, restaurants, structured parking and a three acre lake. CityPlace also offers on-campus shopping options through CityPlace Retail, a mixed-use office and retail strip center catering to the tenants.
“As the premier mixed-use campus in suburban St. Louis, CityPlace has consistently demonstrated an ability to attract world class companies seeking a presence in the market,” said Jon Gillman, Senior Vice President at New Boston Fund, in a statement. “This is a state-of-the-art master planned campus, developed by our partner, The Koman Group, providing tenants with on-site amenities unparalleled in the suburban St. Louis office market. CityPlace’s combination of elegance and quality truly set it apart as the superior option for both office and retail tenants.”
Its location in one of St. Louis’ preeminent suburbs offers tenants convenient access to four major roadways (I-70, I-170, I-270 and Highway 40) as well as Lambert-St. Louis International Airport.
New Boston, owner of CityPlace in a joint venture with The Koman Group since 2005, has maintained occupancy levels at the property which have consistently outperformed the market. During New Boston’s period of ownership The Koman Group provided property management and leasing services to the property, and at closing the portfolio was 94 percent leased. The largest 40% of tenants (by square footage) have averaged over 18 years in occupancy at CityPlace. Notable tenants include Microsoft, Lockton Companies, Daugherty Systems, Arch Coal, Bonneville, New York Life, Monsanto and Marcone Appliance.
New Boston Fund was represented by the Chicago office of HFF in this transaction. Terms of the deal were not disclosed.