ST. LOUIS — A downtown St. Louis office building has sold for $7 million less than what it last traded for nearly five years ago, a transaction that comes amid continued use of remote work and a gradual increase in central business district office vacancy.
The St. Louis Place building at 200 N. Broadway sold Sept. 1 for $12 million, according to city records. The buyer, St. Louis Place Investor LLC, is affiliated with Atlanta-based Beacon Capital Investments and registered in Georgia to James McCurdy Rubright.
The seller was New York-based Franklin BSP Realty Trust (NYSE: FBRT-E), which purchased the 304,490-square-foot building in 2018 for $19 million, according to city records.
New owner Beacon Capital intends to undertake some infrastructure improvements to the building by revamping the lobby and some entryway spaces, said the leasing broker for the building, John Warren of Cushman & Wakefield.
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