ST. LOUIS-Two local investors, Solon Gershman Inc. executivemanaging director Burt Follman and Chicago-based Alliance EquitiesLLC president Ben Reinberg, have purchased two office buildingshere in the West Port/I-270 submarket. The Park 270 buildings Oneand Two, totaling 275,000 sf, were bought for $32.8 million fromArthur Hill & Co.

Park 270 One is a five-story office building that was built in1984. Park 270 Two is a six-story office building just north ofOne, and was built in 1987. The buildings are 87% occupied, Follmansays. Major tenants include Xtra Lease Inc., JP Morgan, SprintCommunications LP and the Doe Run Resource Co. The asking leaserate is $21 per sf.

Follman tells GlobeSt.com that the properties had been built bya single developer, but then split up in ownership. This splitlasted until the previous owner purchased them, consolidated theportfolio and sold it to Follman and Reinberg. “While they weresplit, building Two was better maintained as a pure class Abuilding, while building One became more of a class B,” he says.“Our intention is to upgrade it back to a class A building.” Hesays the company will enhance some of the amenities on theproperty, add some green building practices, and then plan to sellthe portfolio in the next three-to-five years, “our typical holdperiod.”