Bruce Development Company Jumps into Clayton Office Market with $35 Million Purchase of Old Town Office Portfolio

Bruce Development Company Jumps into Clayton Office Market with $35 Million Purchase of Old Town Office Portfolio

Bruce Development Company, a St. Louis-based development, investment and management company has purchased the 185,000 square foot Old Town Executive Center, a three building office complex located at 150,165 and 168 N. Meramec . The Seller was TA Associates, a Boston-based private equity investment firm with several holdings in the St. Louis area. The three buildings are 100% leased and major tenants include Enterprise Bank, NISA Investment Advisors and Stinson Morrison Hecker.

The acquisition is Bruce Development's first in the Clayton market. "We are primarily a multi-family developer, owner and manager however the purchase of these buildings provided a great opportunity to diversify our long term holdings", said Brian L. Bruce President of Bruce Development. "We are very bullish on the Clayton office market and are confident that rates will continue to rise as a result of the limited amount of available Class A space... The buildings are very unique in the sense that they are not high rises and offer tenants a quieter private atmosphere with all of the amenities, advantages and location of Clayton."

Bruce Development Company currently owns and manages over 3,000 apartment units and approximately 250,000 square feet of commercial of space in the metropolitan area. Over the last several years they have primarily concentrated on historic mixed use redevelopments in the City, including the recently completed Washington Avenue Apartments, a 95 unit redevelopment of the former Days Inn building at Washington & Tucker, the 220,000 square foot West End Lofts condo conversion in the Central West End, and the 264 unit University Heights Loft Apartments. Jay Holland & Piers Pritchard of Colliers Turley Martin represented the purchasers and Kevin Bittmann of CB Richard Ellis represented the Seller.

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