Monday, October 06, 2014
NEW BOSTON FUND SELLS CITYPLACE CAMPUS IN ST. LOUIS
New Boston’s portfolio contains six buildings of office and retail on a 1.2 million square foot campus and is 94% occupied
St Louis, MO. – October 6, 2014 – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has sold CityPlace in Creve Coeur, Missouri to a joint venture of NorthStar Realty Finance and Redico.
“As the premier mixed-use campus in suburban St. Louis, CityPlace has consistently demonstrated an ability to attract world class companies seeking a presence in the market,” said Jon Gillman, Senior Vice President at New Boston Fund. “This is a state-of-the-art master planned campus, developed by our partner, The Koman Group, providing tenants with on-site amenities unparalleled in the suburban St. Louis office market. CityPlace’s combination of elegance and quality truly set it apart as the superior option for both office and retail tenants.”
The CityPlace portfolio consists of 884,000 square feet in six separate building. Key amenities on the campus include a full service fitness center, an auditorium, building conference centers, a corporate cafeteria, a training center, restaurants, structured parking and a three acre lake. CityPlace also offers on-campus shopping options through CityPlace Retail, a mixed-use office and retail strip center catering to the tenants.
Its location in one of St. Louis’ preeminent suburbs offers tenants convenient access to four major roadways (I-70, I-170, I-270 and Highway 40) as well as Lambert-St. Louis International Airport.
New Boston, owner of CityPlace in a joint venture with The Koman Group since 2005, has maintained occupancy levels at the property which have consistently outperformed the market. During New Boston’s period of ownership The Koman Group provided property management and leasing services to the property, and at closing the portfolio was 94 percent leased. As a testament to the quality of the assets and ownership’s commitment to the property, the largest 40% of tenants (by square footage) have averaged over 18 years in occupancy at CityPlace. Notable tenants include Microsoft, Lockton Companies, Daugherty Systems, Arch Coal, Bonneville, New York Life, Monsanto and Marcone Appliance.
New Boston Fund was represented by the Chicago office of HFF in this transaction.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
For all news or media inquiries, please contact:
Solomon McCown & Company