Regional FBI Office in St. Louis Trades
Developed as a build-to-suit in 1998, the 89,564 square-foot property changed hands for $21 million. The current lease expires in nine years.
2222 Market St.
Marcus & Millichap has completed the sale of the Federal Bureau of Investigation regional office in St. Louis. According to Yardi Matrix data, Tibeiar sold the asset to Gardner Tanenbaum for $21 million, part of the purchasing price being covered via a loan from Centennial Bank.
The 89,564 square-foot, two-story property is located at 2222 Market St., in a designated opportunity zone. Completed in 1998 as a build-to-suit for the FBI, it was expanded by approximately 15,000 square feet 10 years later. It also includes approximately 8,600 square feet of industrial space.
“This sale represents the rising demand we are witnessing for properties leased by the General Services Administration,” said Geoff Ficke, first vice president of investments, in prepared remarks.
Ficke represented the buyer in the deal, which marks the 17th government real estate transaction closed this year by his team. Gardner Tanenbaum plans to retain ownership of the property for the next nine years, which coincides with the remainder of the lease.
Image courtesy of Yardi Matrix
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