Acquired by Bamboo Equity Partners in September 2018, 425 N. New Ballas Road, known as Ballas Place has undergone extensive renovations. Purchased for $5.5 million, the property was transformed from an outdated, stale office space into a modern, next-gen building that includes a new shared, collaborative space atrium.
The 78,252-square-foot building, constructed in 1980, was at 74% occupancy at acquisition. Bamboo engaged Intelica CRE for the leasing and management of the property and has increased the occupancy to 85% after adding 5 new tenants in the past year.
During the renovation process, Bamboo documented the transformation and developed a time-lapse video, linked below:
Building upgrades included:
- Lobby redesign
- Monument and directional signage
- New roof
- New energy management system
- Landscaping redesign
- Building painted and recladded
- New artwork throughout the building by Jennifer Hayes
In addition to the above, Bamboo Equity Partners also commissioned artist Grace McCammond to design and paint a mural on a retaining wall of the property, which was donated to the City of Creve Coeur and highlights different aspects of the city, such as sustainability, the healthcare and ag industries and the arts.
"This process is a typical business model for us - purchasing tired, undervalued assets in great locations and investing strategic capital in both mechanical systems and cosmetics to create vibrant communities," explains Alice Benner, Principal and Managing Director.