ST. LOUIS—The economy of this region seems to have turned acorner, and as reported in GlobeSt.com, the office and industrial markets, including thesuburbs, have responded by perking up a bit. And KBS RealEstate Investment Trust II has just helped tighten themarket a bit more by completing 41,431-square-feet in leases at itsPierre Laclede Center, a two-building officecomplex in the key suburb of Clayton, just outside the city.
Morgan Stanley Smith Barney signed a new leasefor 30,380-square-feet in the 579,846-square-foot complex locatedat 7701 and 7733 Forsyth Blvd. Mark Palmer andArt Kerckhoff of CBRE representedKBS, a Newport Beach, CA-based public non-traded trust, in thetransaction.
In the first quarter, the most significant lease signed inClayton was by Post Foods for 18,283-square-feetat 1699-1701 S. Hanley Rd., according to Colliers.“Struggling throughout 2013, the Clayton submarket rebounded infirst quarter 2014 with over 19,500-square-feet of positiveabsorption,” the firm noted in its recent quarterly report.“Year-over-year, vacancy rates have remained the same currently at9.9%, down slightly from last quarter's rate of 10%.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
