What's Happening in Kirkwood, MO…

Two office towers in the Clayton area of downtown St. Louis have been sold.

The Pierre Laclede Center, comprising two Class A office towers, were acquired by Lingerfelt CommonWealth Partners, LLC, of Richmond, Virginia. Class A buildings are usually high-quality, well-maintained structures in desirable locations.

The Pierre Laclede Center towers together offer 580,368 square feet of space, with tenant anchors that include the St. Louis Club, Morgan Stanley, and Lathrop Gage, among others. The first tower was built in 1964 and the second in 1970, and both have been extensively renovated since 2010 in order to maintain the Class A designation. The renovations totaled about $19m.

Will Bradford of Lingerfelt said that the company plans to make major improvements during the first year it owns the property. The company's current plans include revitalizing and renovating the common spaces at the property, including bathrooms, common lobbies, the common courtyard, and the amenity center floor. Lingerfelt aims to make the towers attractive to both tenants and members of the community. Major projects like this are often promoted through brochure printing, which can illustrate amenities for prospective tenants.

The Clayton area is a very attractive area for office spaces, and is thought of as the center of the city's metropolitan area. Much of the area's draw is the fact that there is more than one million square feet devoted to retailing.