9/27/2006

KBS REIT pays record sq. foot price for The Plaza in Clayton, Mo.

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KBS REIT acquired The Plaza in Clayton, Mo., for a record $290 a square foot, the highest price ever paid for office investment property in the region.

The seller, THF Realty unloaded the building, which has 307,000 square feet of office space and 13,754 square feet of retail space located at 190 Carondelet for $93.28 million. The sale closed on Sept. 27.

The 16 story building is fully leased to tenants like, Metropolitan Life, Olin Corp., the Roach Law Firm, Ernst & Young, and Mindseye Group.

Chris Fox, Dennis DeSantis and Joe McGauley of St. Louis-based Gateway Commercial and Brian Nagel of Cushman & Wakefield Inc. represented THF. CB Richard Ellis will manage the property for KBS.

THF retains ownership of the adjacent Plaza in Clayton Condominiums, a 30-story, 82-unit luxury residential tower, which is virtually sold out.

Founded in 1991 by St. Louis Rams co-owner Stan Kroenke, THF has amassed a portfolio valued in excess of $2 billion, including 24 million square feet of commercial space in 20 states.

KBS Capital Advisors invests in commercial real estate assets for institutional, corporate and private investors and owns more than 60 million square feet of real estate in the United States. The Plaza in Clayton is its first acquisition in St. Louis.

Address190 Carondelet, Clayton, Mo.

Size325,172 square feet

Built2001

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