A joint venture between G REIT Inc. and tenant-in-common investors has sold a 12-story office building in St. Louis, Mo., for $47 million.

G REIT, which owned a 77.63 percent interest in the property, and the TIC investors, which owned the remaining 22.37 percent, sold One Financial Plaza to Parmenter Realty Fund III Inc.

The class A property, constructed in 1985, comprises approximately 434,000 square feet of gross leasable area. At the time of sale, the building was 85 percent occupied by tenants that included Jacobs Engineering Group and Stifel Financial Corp.

Originally purchased in August 2004 for $37 million, the property netted G REIT approximately $11.5 million in cash proceeds after payment of a related mortgage loan, closing costs and other transaction expenses, and the return of lender-required reserves.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Leaders from across the industry answered our call to come to Inman Connect and share essential advice for leveling up your 2021.SEE THE SPEAKERS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription