Mike Nassimi of Millennium Center LLC sold the 20-story Millennium Center office building at 515 Olive St. in St. Louis, MO to developer Brian Hayden of Brandonview LLC for $3.9 million, or approximately $17 per square foot.
The property, totaling 226,218 square feet, was built in 1962 and is one of downtown St. Louis' first glass-walled office buildings. The office building was more than half vacant at the time of the sale. The new owner plans to develop the top 11 floors of the building into 102 one- and two-bedroom luxury apartments. The office tenants will be relocated and consolidated onto the lower nine floors.
The project began last week, and is scheduled to be completed in February of 2014.
David Biales of Jones Lang LaSalle represented the seller. Andrew Scott of Realty Exchange Commercial Group represented the buyer.
Please see CoStar COMPS #2719170 for more information on this transaction.