KBS REIT II purchased the 579,846-square-foot Pierre Laclede Center. The dual office tower property is more than 94% occupied. Mike Hanrahan and Paul Hilton of Colliers Turley Martin Tucker represented the seller. KBS Capital Advisors represented KBS REIT II. The buildings were built in 1964 and 1970 and then underwent an extensive renovation project in 2006.

Even through the downturn, the Clayton submarket has continued to attract new tenants. Bill Rogalla, SVP with KBS Realty Advisors, tells GlobeSt.com Clayton is "a perennially strong submarket."

"The Clayton submarket remains popular because of its county government operations, diverse housing stock and strong school districts," Bill Rogalla, SVP with KBS Realty Advisors, tells GlobeSt.com. "It's also supported by premier hotels, restaurants, retail and other services important to tenants, especially those wanting a prestigious address."

KBS, according to Rogalla, is "always looking for properties that combine a prime location, amenity mix and other attributes, especially in the proven Clayton market." Although he declined to say if there are any specific buildings of interest.

Nearly simultaneously, a Los Angeles-based investor purchased the Bank of America Plaza, a 30-story, 749,857-square-foot building located in the heart of the city. The class A trophy building is 90% occupied with tenants such as Bank of America, Price Waterhouse Coopers, and Ralcorp Holdings. Geoff Tranchina and Scott Tiano of Wilson Commercial Real Estate's investment sales group represented the unnamed buyer in the transaction.

The downtown office market was heavily hit in 2008 and 2009 when a number of established companies announced plans to move their operations to the suburbs instead. The Bank of America Plaza, for example, had been on the market earlier in 2009 but failed to sell. Then the investor came in with an interest in the "long-term commitment from the current tenancy and a revitalization of the Downtown market," a Wilson Commercial executive tells GlobeSt.com. This interest led to an unsolicited offer which the seller, Gramercy Capital Corp., took advantage of.

"In this environment, the most difficult aspect of getting an investment deal done is confidence with both parties," Tranchina says. "Buyers are concerned that the asset will be worth less in a week, and sellers are concerned that the property is being sold for too little."

This deal, while significant for the market, is not likely to be a sign of things to come in 2010.

"I'm not sure that this deal is indicative of a broader market recovery in the St. Louis market, but it certainly gives local investors a good sales comparable," Tranchina says.