Ramsey Maune tells GlobeSt.com that he believes law firms,service companies and nonprofits will pay up to $240 per sf forspaces and even full floors, up to 18,000 sf. "This is the firstoffice condo we've done, and the first in Clayton, and from theresearch we've done on them throughout the country, it's thelocation that makes a successful office condo," Maune says. "Thisis arguably the best location in St. Louis. It's adjacent to thehighest-end residential areas, and in the Clayton submarket it'sbeen very difficult to find small buildings for small professionalfirms to purchase."

The Windsor building is now 65% leased by various tenants, Maunesays. All of the building space is now platted into separate condounits. The current tenants can stay through their leases, he says,though their space may be purchased by investors. "We've got twospaces under contract right now, about 11,000 sf," Maune says."That includes one full floor, with some existing leases inplace."

His company bought the building for $8.5 million in June, andwill spend $3 million in renovating the facility. Rehab plans areset for the lobby, common areas and entrance. "We're taking a classB building and adding class A amenities, including meeting roomsand a conference room," Maune says. "It's a great benefit to owningyour own space, you receive the tax benefits. You lease and at theend of 10 years, you have nothing, but here you own for 10 yearsand you have a nice little nest egg, plus you're not subject torent increases."