Press Releases


<i>- Landmark office property sells for $74,250,000 - </i> <p><b>PHILADELPHIA, PA. – (February 4, 2010) – </b>BPG Properties, Ltd., one of the nation’s leading private equity real estate fund managers, announced today the sale of Pierre Laclede, a 580,000 square foot landmark office complex located in the St. Louis suburb of Clayton, Missouri, to KBS Realty Advisors for $74,250,000. The seller was represented in the transaction by Michael Hanrahan and Paul Hilton of Colliers Turley Martin and Tucker.</p> <p>BPG acquired the office complex for $75,000,000 in September, 2006 on behalf of BPG Investment Partnership VII, L.P., one of the firm’s discretionary private equity funds. BPG made numerous capital improvements to Pierre Laclede over its holding period which enabled the firm to increase occupancy from the 91% level at acquisition to 96% today.</p> <p>“We had completed our investment plan in increasing net operating income and it was time for us to sell and deploy the sale proceeds for other purposes in our portfolio” reported Joseph I. Neverauskas, senior vice president of BPG who oversaw both the acquisition and sale of the complex. “It is a testament of the quality of both the Pierre Laclede office complex and the Clayton submarket that even in this currently difficult capital market environment we were able to successfully sell the property. We wish KBS well with this very good investment property.”</p> <p>Located at 7701/7733 Forsyth Boulevard, Pierre Laclede occupies nearly an entire city block at the west corner of Hanley Road, Forsyth Boulevard and Maryland Avenue. The property is directly accessible from U.S. Highways 40 and 64, convenient to MetroLink light rail, and 10 minutes from Lambert International Airport. It is within walking distance of both the St. Louis County Courthouse and Government Center, several hotels, including the Ritz-Carlton, and more than 50 restaurants and shops.</p> <p>Pierre Laclede consists of a 16-story office building, a 23-story office building and below grade structured parking for more than 1,300 cars. On-site amenities include a café and catering service, an on-site concierge and retail operators. The property also is home to the city’s foremost private dining offering, the St. Louis Club.</p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 20 million square feet of office, retail, student housing, and industrial properties and more than 24,000 apartment units in more than 100 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at <p> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Holly Reynolds, Vice President, 215-575-2363