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St. Louis Business & Technology News
www.slfp.com/SLFPBIZp.htm "When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com 
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New Boston Fund Buys Majority Stake in CityPlace ST. LOUIS, (BUSINESS WIRE) January 29, 2006 - New Boston Fund, a Boston-based real estate investment, development and management firm active along the East Coast and in the Midwest, has announced its entry into the St. Louis market, purchasing an 80 percent stake in seven Class A office and retail buildings in the prosperous suburb of Creve Coeur, Mo. New Boston Fund bought its share of the buildings in CityPlace, a well known, mixed-use park about 10 miles west of the city, from the park's developer, The Koman Group, of Creve Coeur. The Koman Group, a premier St. Louis area development firm founded by Bill Koman, retains a 20 percent interest in the seven buildings totaling 875,000 square feet. The deal also gives New Boston Fund an option to purchase equal shares in two additional buildings, totaling about 300,000 square feet, that Koman currently has under construction in the same park. New Boston Fund may also participate in current projects that are currently in zoning in the CityPlace marketplace. "We see this as a golden opportunity to partner with an outstanding developer in one of the primary Midwestern markets on one of the region's premier suburban parks," said James Kelleher, senior vice president of acquisitions for New Boston Fund. "The Koman Group has outperformed the market for many years, and we look forward to working with the company on future purchases and developments that will generate positive returns for New Boston Fund's institutional and high-net-worth investors." "From our side, this deal gives us a chance to work with an entrepreneurial capital source that can help us grow," added Bill Koman, president of The Koman Group. "New Boston Fund knows how to make joint ventures work, and we know the St. Louis market as well, if not better, than anybody. This is shaping up as a very successful strategic venture for both sides." The Creve Coeur buildings are 93 percent leased. Office tenants include the corporate headquarters for Arch Coal Inc. and Daugherty Business Solutions; the regional headquarters for insurance brokerage firm Lockton Companies; and office sites for Microsoft Corp., Sprint Nextel and a host of other companies. The retail buildings include Provisions, a gourmet grocery store; Cafe Bellagio, a high-end restaurant; Creve Coeur Camera, a top area camera chain; and The Sound Room, a well-known area stereo shop. CityPlace consists of a variety of buildings, ranging from two to 10 stories in height, all designed with timeless architecture and constructed with high-quality materials. The 30-acre plus park features ample green space, Wi-Fi access, fitness centers, conference areas, structured parking and a scenic lake. The park is located minutes from major transportation routes - I-64, I-70, I-170 and I-270 - in a community with 6 million square feet of space, 45,000 employees and high concentrations of companies in life sciences, information technology and health care. The Koman Group developed CityPlace in stages, starting in the late 1980s, with the bulk of the construction taking place during the past five years. Bill Koman founded the family firm in 1991. Over the past 16 years, The Koman Group has developed more than $500 million worth of new projects in the St. Louis area, including regional headquarters for Zurich America, Kroger, Peabody Energy and the Casino Queen Development.  
The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. Text or graphics may not be copied, rewritten or distributed in any manner whatsoever without written permission. For more information, contact editor@slfp.com All rights reserved world wide © 1996 - 2008 Moore Design Group . |
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