The building, at 120 S. Central, is 95% occupied by tenants suchas National City Bank, AIG, the law firm Carmody McDonald and theSansone Group. The three-year loan includes $2.5 million for futurecapital expenditures and tenant improvements, says BrandonLoveridge, a director with GE. Asking rates at the building are $25per sf, he says.


He tells that the building is located at "Main andMain" in the popular Clayton submarket. "It's really a prime spot,right across from the courthouse and other government buildings,"Loveridge says. "Clayton is just very walkable. Downtown St. Louisis a larger market, but you can get on the MetroBus or MetroLinkRail from Clayton and get Downtown easily."


Since National City had a public financial crisis, and possiblesale talk, during the negotiations, Loveridge says the fact thatthe building is the regional headquarters for the Cleveland-basedfirm made this deal somewhat shaky. "Throughout the closing processwe didn't know what would happen, so we structured around thepotential that the company, which is the largest tenant, would getbought," he says. The bank ended up raising $7 billion in equity,and had a $1 billion infusion of cash by New York City-basedCorsair Capital LLC.

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