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CHESTERFIELD, MO-AEP Memco LLC, a subsidiary of American Electric Power, is leasing 42,000 sf in the five-story, 100,600-sf Central Park Square Office I, now under development by Sachs Properties. The $25-million building is one of two office facilities being built by Sachs, and is part of a phase of development in Downtown Chesterfield that will also include 26,000 sf of retail, and residential homes.

Downtown Chesterfield is in the Sachs-developed Chesterfield Village, a 1,500-acre project that includes 20 office buildings, two retail centers and eight restaurants, all maintained, managed and leased by the company. Kathy Higgins, president of Sachs, says the new phase is being built on about 350 acres of undeveloped land. “Half of it will be residential, and half will be commercial, including the Central Park office buildings,” she says. The other office building is expected to be about 150,000 sf, she says. The residential portion will include a 191-acre subdivision on 45 acres.

Memco is moving out of the Roosevelt building, one of the 20 office buildings, and doubling its space into the Office I facility, Higgins says. “They’re going to move over in March. We have a lease out for another floor and a half in that building, but we don’t have a signed lease back, it should be back this week,” she tells GlobeSt.com. She did not say the lease rate for Memco’s deal, but the average office lease rate in Chesterfield is $19.50 per sf for class A office space, according to a Grubb & Ellis first quarter market report.

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