crefeed.com | Lionstone Group buys University Club Tower for $40 million

12/15/2006

Lionstone Group buys University Club Tower for $40 million

University Club Tower

The 280,000 square foot University Club Tower in Richmond Heights Mo., a St. Louis suburb, sold on Dec. 15, for $40 million, or $150 per square foot, which was among the highest prices paid per square foot for office investment property in the St. Louis market in the past year.

Houston-based Lionstone Group purchased the office building from Glenborough Realty Trust who was represented by David Randolph and Tripp Hardin of Trammell Crow Krombach Partners.

Grubb & Ellis represented Lionstone in the purchase.

Rents in the 23-story building, erected in 1975, range between $19.50 and $20.50 per square foot. The University Club Tower was attractive to investors because of its location at the intersection of two main arteries, Interstates 64/40 and 70, and its visibility.

Lionstone was founded in August 2001 by Tom Bacon, Dan Dubrowski, and Glenn Lowenstein. They met and worked together for over 10 years at an international real estate firm.

Address1034 S. Brentwood, Richmond Heights, Mo.

Size280,000 square feet

Built1975

Filed Under: none

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