TOWN & COUNTRY, MO-Clayco has broken ground on an 80,000-sf, speculative office building here at 825 Maryville, at the southeast corner of S. Outer 40 and Maryville Centre Drive. Local developers Lester Miller and his grandson, David, are behind the $10-million speculative office project going up on seven acres of green space. Miller is the owner of the newly renovated Busch’s Grove and Lester’s Sports Bar and Grill, both in Ladue.

Kevin Lasater, Clayco’s project executive on the construction, tells GlobeSt.com that the building is being constructed to match a new opportunity in the market. “Miller bought the property from Duke Realty about six years ago and land-banked it,” Lasater says. “Now, they’re shutting down Highway 40/64, a major east-west highway, for repairs; it will be shut down from 2008-09. A lot of companies in St. Louis are contemplating putting satellite offices in this area, just west of the construction.” He adds Clayco can have the building completed by July 2008.

The building has attracted a few interested parties, Lasater says. “There was one potential tenant who planned on taking the entire building, but they got bought by another company, and their plans have been put on hold,” he says. “Now, there’s another potential tenant that’s interested in leasing half of the building.” Tripp Hardin with CB Richard Ellis is the leasing agent, and has listed the space at $28.50 per sf.

Lasater says he expects it will cost a few additional million dollars for tenant retrofits in the building. The brick building, with stone accents, will be three-stories tall, but will have one recessed level so that from the south it will look like a two-story building, Lasater says. A garden and patio will be constructed in the sub-level area.

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