CLAYTON, MO-Maune Development Co. is investing $11.5 million in the acquisition and renovation of the nine-story Windsor building here into an office condominium complex. The name of the 83,000-sf building at 7711 Bonhomme Ave. will change, to the Equity building, should be finished and space ready for purchase by next year.

Ramsey Maune tells GlobeSt.com that he believes law firms, service companies and nonprofits will pay up to $240 per sf for spaces and even full floors, up to 18,000 sf. “This is the first office condo we’ve done, and the first in Clayton, and from the research we’ve done on them throughout the country, it’s the location that makes a successful office condo,” Maune says. “This is arguably the best location in St. Louis. It’s adjacent to the highest-end residential areas, and in the Clayton submarket it’s been very difficult to find small buildings for small professional firms to purchase.”

The Windsor building is now 65% leased by various tenants, Maune says. All of the building space is now platted into separate condo units. The current tenants can stay through their leases, he says, though their space may be purchased by investors. “We’ve got two spaces under contract right now, about 11,000 sf,” Maune says. “That includes one full floor, with some existing leases in place.”

His company bought the building for $8.5 million in June, and will spend $3 million in renovating the facility. Rehab plans are set for the lobby, common areas and entrance. “We’re taking a class B building and adding class A amenities, including meeting rooms and a conference room,” Maune says. “It’s a great benefit to owning your own space, you receive the tax benefits. You lease and at the end of 10 years, you have nothing, but here you own for 10 years and you have a nice little nest egg, plus you’re not subject to rent increases.”

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