He tells GlobeSt.com that the partnership will build the facility for Express Scripts and lease it back, and doesn't have current plans to sell the property. The partnership sold the 300,000-sf building at 8555 University Pl. to Triple Net Properties LLC this summer. "We hadn't intended on selling the first one, but we'll evaluate those opportunities as they come," Eisenhart says.
This move for Express Scripts will be a second phase of consolidating its workers from around St. Louis, and will place about 900 people, mostly information technology, client services and corporate financial services employees, in the 200,000-sf building. Construction has begun, and should be complete by May 2009. The first building already houses about 1,000 employees.
The Clayco/McEagle partnership is also working on getting tenants into a 150,000-sf speculative office building that it is constructing for about $30 million, as part of the plans for $400 million worth of development for NorthPark. Eisenhart says there's no leases signed yet. "There's tremendous interest, and we're negotiating with a multitude of tenants," he says. Lease rates at the spec building will be $14 per sf or $22.50 per sf to $23.50 per sf, full service. The partnership is also working on a 136-room Hilton Garden Inn for the park.
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