Bamboo Equity Partners Acquires Parkway Tower Office Building in Clayton, MO
Bamboo Equity Partners, a leading real estate manager and investor in office and industrial properties, acquires a 120,702 square-foot office building in Clayton, MO. Parkway Tower at 225-235 S. Meramec becomes the third asset within the firm’s Bamboo Micro Opportunity Fund I, L.P., which focuses on income-generating real estate investments in Midwest growth markets.
Located at the corner of South Meramec and Shaw Park Drive in downtown Clayton, Parkway Tower offers over 70 unique office suites with current occupancy rates near 80%. Anchor tenants include: The Clayton Chamber of Commerce, Bruntrager & Billings, P.C., Law Offices of Susan Ward and Small Patent Law Group. Bamboo plans to increase occupancy rates through strategic enhancements including elevators, lobby aesthetics and building efficiencies via HVAC and LED lighting.
“Clayton rents exceed the metro average office rents by around 30% and the submarket vacancy is at an all-time low at 4.9%. This makes Parkway Tower an exciting opportunity for the Bamboo Micro Opportunity Fund”, says Dan Dokovic, Managing Principal of Bamboo Equity Partners. Dokovic adds that with planned improvements to the buildings Bamboo will create a premier office environment for today’s progressive workforce.
According to Bamboo Managing Director Alice Benner, the firm is excited about the property’s potential as it relates to location, given its close proximity to the newly renovated St. Louis County Courthouse, Two Twelve Clayton luxury apartment development, and surrounding businesses. “Clayton is a strong office market and Bamboo was looking for the right acquisition in the area. Given Parkway Tower’s location near Shaw Park and major thoroughfares, we believe this prominent building will continue to attract notable companies.”
Bamboo Equity Partners is a team of real estate professionals positioned to acquire under-valued properties with high growth potential. The micro-fund intends to invest $55-60 million by acquiring multi-tenant office and industrial buildings throughout the St. Louis Metro area. “If you invest with us, and we invest in St. Louis, we can increase the value of St. Louis as a place to live and work,” said Dokovic.“We want to see that ripple effect.”