Friday, November 30, 2007

Laclede Gas Building Sold

According to the Business Journal, The Hertz Investment Group has purchased the Laclede Gas Building for $10.5 million, adding to its St. Louis portfolio, which also includes the Bank of America Tower and the Equitable Building.

The Laclede Gas Building is 78 percent occupied with major tenants Laclede Gas occupying 107,978 square feet and law firm Blackwell Sanders occupying 66,491 square feet. Blackwell, however, is only signed to a short-term lease and is reportedly in merger talks with Husch & Eppenberger, which may impact the firm's location in the future.

The entire 30,000 sf second floor is available, and "a number of prospects" including architectural firm Arcturis are reported to be considering leasing the space. Arcturis is currently based downtown at 1910 Olive.

Asking rents at the building range between $15.50 and $17.50 per square foot.

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