CLAYTON 鈥 The Hoffmann Family of Cos. said Friday that its real estate arm has the two-building Pierre Laclede Center under contract to buy.
The nearly 600,000-square-foot is a prominent office complex in the heart of downtown Clayton on Forsyth Boulevard, between South Hanley Road and North Bemiston Avenue. The buildings are 16 and 24 stories each with total occupancy at 62%, according to online .
A spokesperson for the Hoffmanns said the deal is expected to close by the end of the year, but declined to comment on how much the firm will pay for the property.
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The Pierre Laclede Center鈥檚 current owner, Virginia-based Lingerfelt, paid $95 million for the complex in 2019.
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鈥淭his acquisition perfectly aligns with our strategic vision, and we鈥檙e thrilled to add such a distinguished property to our growing collection,鈥 Greg Hoffmann, principal and CEO of Hoffmann Commercial Real Estate, said in a statement.
The Hoffmann Family of Cos. owns businesses and real estate across the country. Locally, the firm is aiming to turn Missouri wine country into a national tourist destination, though the family has hit hurdles.
Founder David Hoffmann told the Post-Dispatch last month that his company had put in an offer to buy the prominent office complex, though he offered few details at the time.
If the deal goes through, the Hoffmanns will own about 1 million square feet of space in the Clayton area.
The company now owns an office building at 8000 Maryland Avenue that its lender, Wells Fargo, sought court action to foreclose on it.
The Hoffmanns said they are nearing a deal with the loan servicer that would enable them to keep the building.
鈥淲e would never walk away,鈥 said family company chairman David Hoffmann. 鈥淲e have zero plans to exit Augusta."
Four years since the pandemic upended the St. Louis office market, new data suggests the region has kickstarted a turnaround.
In Defiance, two of the three Hoffmann assets are under new ownership, or will be within months. Only a bar remains on the market.聽