The Outsource Group recently signed a 10-year lease for 40,000 square feet, the full second floor, in the Corporate Woods II building at 111 Corporate Office Drive in Earth City, Mo.
The building, which had gone into foreclosure, is coming to the market soon for sale. This 10-year commitment adds value to the building. The company plans to move in on Jan. 1, 2012.
“It’s really unheard of to have a 40,000-square-foot lease transaction completed in two months. All parties really focused in over a couple of critical weeks to make this deal come together so rapidly,” said Mike Carlson,director of office services with St. Louis-based Sansone Group, who represented the landlord, Berkadia.
According to Carlson, the company had pursued another building in the Riverport submarket that fell through in the 11th hour. The Outsource Group toured Corporate Woods II for the first time in early August and ultimately signed a lease in early October. The company is consolidating three locations to the Earth City site.
Doug Howard of Howard Commercial represented the tenant. Kevin Bittmann of CBRE will be handling the sale.