Lincoln JV Lands Refi for St. Louis Office Tower

Old National Bank provided the note, which is due to mature in 2027.

Property at 7777 Bonhomme Ave., St. Louis
Lincoln renovated the 1971-built tower in 2017. Image courtesy of CommercialEdge

A joint venture between Lincoln Property Co. and IMC Management has secured a refinancing loan for The Sevens, a 197,311-square-foot Class A office building in Clayton, Mo. Additionally, Lincoln recapitalized the asset, adding IMC to the venture.

Old National Bank provided the $19.4 million note with a maturity date set in May 2027, St. Louis County records show. Previous financing included a $19.6 million bridge loan also originated by Old National Bank in 2022, according to CommercialEdge information.

Lincoln purchased the metro St. Louis asset in a joint venture with Stockbridge in 2015. EQ Office sold it for $10.7 million, CommercialEdge also shows.

Completed in 1971 and renovated in 2000 and 2017, the vintage office building rises 24 stories and includes eight levels of parking with 888 spaces. The tower features 18,186-square-foot floorplates, an on-site café, conference center and gym, among others.

The property is 73 percent leased. Riot Games, the League of Legends video game’s developer, recently renewed the lease on one of the two floors it occupies the building. NUSO, a communications-focused software-as-a-service provider, also signed a full-floor commitment with limited downtime.

St. Louis’ office vacancy rate stabilizes

Located at 7777 Bonhomme Ave., The Sevens is nestled inside the city’s central business district, while downtown St. Louis is some 10 miles east. Clayton received federal grants for the CBD’s Resurfacing Project, which started this March and aims to mill and overlay the streets.

Several upscale dining facilities, transit stops and a 47-acre park are within walking distance of the property. Roughly 10 miles away, a joint venture of Good Developments Group, Vault Partners and Millstone Co. is planning a $1.2 billion mixed-use development spanning 100 acres. CBRE was selected to provide brokerage services for up to 500,000 square feet of Class A office space.

The office vacancy rate in metro St. Louis stood at 14.6 percent at the end of 2024’s first quarter, according to a Newmark report. The figure marked a 50-basis-point decrease year-over-year, but a 10-basis-point increase quarter-over-quarter.