ST LOUIS, MO – SEPT. 23, 2021 – Glenfield Capital purchased Timberlake Corporate Center at Chesterfield in St. Louis for $67 million as part of the launch of a new equity fund targeting highly leased Class A office buildings in the Southeast and Midwest.
Timberlake Corporate Center is a 3-building campus with a total of 351,532 square feet that is 100% leased, and it is located in the desirable neighborhood known as the “wealth corridor” of St. Louis that offers executive housing, good schools, high-end retail and restaurants. Centene Corporation is the anchor tenant, and the publicly traded multi-national affordable healthcare provider has investment grade credit and ranks among the 25 largest companies in America.
The seller was Franklin Street Properties Corp., and the purchase included financing by Synovus. Cushman & Wakefield will lease and manage the asset. The Timberlake campus marks Glenfield’s first purchase in the Midwest as it looks beyond the Southeastern United States for attractive assets that meet its investment profile.
“Timberlake Corporate Center was a compelling purchase because it meets the Glenfield Stabilized Income Fund’s narrowly focused criteria of well-leased Class A office assets in appealing markets where people want to be,” said Andrew O’Brien, Principal and Head of Investments at Glenfield Capital. “It’s challenging to get such extraordinary value while also buying at less than 50% of replacement cost.”
The Glenfield Stabilized Income Fund is a $150 million equity fund launched in September 2021 with Timberlake Corporate Center; One Federal Place in Birmingham, Alabama; and the conveyance of previously acquired Gramercy Woods in Jacksonville, Florida. The fund is over 50% invested and Glenfield Capital is actively considering additional assets for purchase.