Avison Young negotiates sale of 181,631-sf office building in St. Louis18 Aug 2021
Class A Corporate Hill IV building in strong Manchester/I-270 submarketChicago, IL– Avison Young today announced that it has negotiated a sale of a 181,631 square-foot (sf) class A office building at 12800 Corporate Hill Dr. in St. Louis, MO.
The undisclosed seller, a regional institutional asset manager, was represented by Avison Young Principals Erik Foster and Mike Wilson, who are based in the firm’s Chicago office and members of Avison Young’s national industrial capital markets group. The buyer was Sovereign Capital.
“In today’s office environment, investors are focusing on assets with strong tenancy that provide the potential for long-term rental rate growth,” said Foster. “This is a mission critical building for the tenant, which translates to tremendous stability for the new owner.”
The six-story building is 100% occupied on a long-term basis by a national corporate office user. It is located directly off I-270 in one of St. Louis’ strongest office markets. St. Louis County is the largest county in Missouri and has the highest per-capita income in the state.
The Manchester/I-270 office submarket features more than 3 million square feet of office space spread over 70 buildings. The 12800 Corporate Hill Dr. building features 30,000-sf floor plates and three-story parking that can accommodate nearly 1,000 automobiles.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada' s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for ten consecutive years.
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