Henrico County-based Lingerfelt CommonWealth Partners LLC acquired two high-rise office towers in a St. Louis suburb.
The company bought the Pierre Laclede Center buildings, which combined have a total of 580,368 square feet, in Clayton, Mo., located about 10 minutes from downtown St. Louis.
Terms of the deal, announced late Thursday, were not disclosed.
Lingerfelt CommonWealth Partners, the investment management affiliate of commercial real estate firm Commonwealth Commercial Partners, bought the property from KBS, a California-based private equity real estate company.
KBS acquired Pierre Laclede Center I and II in 2010 and has spent more than $19 million in renovations on the Class A office towers since then.
One of the towers, constructed in 1964, is 16 stories, and the other was built in 1970 with 23 floors. The buildings have a four-level, 1,304-vehicle parking garage.
“Within the first year of ownership, Lingerfelt CommonWealth plans to make a significant capital investment towards modernizing the property,” said Will Bradford, asset manager with Lingerfelt CommonWealth Partners.
Plans call for renovating the property’s common spaces, including the courtyard and lobbies.
The buildings’ tenants include the St. Louis Club, which was started in 1964 and takes up the three upper floors in the older of the two buildings.
Lingerfelt CommonWealth will own the office buildings through its Lingerfelt Commonwealth Value Fund II.
Commonwealth Commercial Partners will handle the property management of the Pierre Laclede Center.
Lingerfelt CommonWealth owns nearly 20 million square feet of commercial real estate valued at about $2 billion across the Mid-Atlantic and Southeast. Its portfolio in the Richmond region includes more than 1 million square feet of office space in the Innsbrook Corporate Center and some suburban medical office buildings and shopping centers.