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CLAYTON, MO-Philadelphia-based BPG Properties, Ltd., the real estate investment manager for Berwind Property Group, Ltd. and other major institutional investors, has dropped $75 million for the 577,818-sf Pierre Laclede Center in this suburb of St. Louis. The seller was BayNorth Capital LLC of Boston.

Joseph I. Neverauskas, senior vice president and head of BPG’s Midwest regional office, says the property is located a “vibrant, flourishing business district.” Located at 7701/7733 Forsyth Blvd., the complex occupies an entire city block at the west corner of Hanley Road, Forsyth Boulevard and Maryland Avenue.

Home of the St. Louis Club, Pierre Laclede Center consists of 16-story PLC I and 24-story PLC II. It is adjacent to the Clayton City Hall, Fire Department and US Post Office and is near the St. Louis County Courthouse and Government Center, several hotels, including the Ritz-Carlton, and more than 50 restaurants and shops. The complex is 90% leased to several tenants including RehabCare Group Inc., which recently signed a 10-year extension of its 71,477-sf lease.

Amenities of the property include Café Laclede; a conference center accommodating up to 100 people; fitness center with lockers and showers; full-service bank; barber, shoe shine and car wash services; and a parking garage with more than 1,300 spaces. BPG plans $5 million in capital improvements, including updated lobbies and common areas, landscaping and streetscape, improved parking and upgraded fitness facilities.

The purchase, BPG’s first commercial investment in the St. Louis market, was made on behalf of BPG Investment Partnership VII, LP, a private equity fund with total equity commitments of $550 million. Last spring, BPG entered the St. Louis market with a multifamily property acquisition in Ballwin.

BPG has retained the property’s existing management and leasing agent, Colliers Turley Martin Tucker. Jay Holland and Piers Pritchard of CTMT will handle the leasing. Paul Hilton, senior vice president, Michael Hanrahan, vice president, and Candice Fredeick, associate broker of Colliers Investment Services represented BayNorth Capital LLC.

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