Timberlake Corporate Center is anchored by Centene Corporation, a Fortune 25 healthcare provider.
LOUIS, MO – SEPT. 23, 2021 – Glenfield Capital has 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.
ABOUT GLENFIELD CAPITAL
Glenfield Capital is a private real estate investment firm founded in 2005 by principals with a century of collective experience and more than $1.4 billion in advisory and principal activities. In 2021 the Atlanta-based company launched the Glenfield Stabilized Income Fund, a $150 million equity fund targeting core plus office assets with reliable income streams and outsized risk-adjusted returns. Glenfield’s current portfolio includes assets totaling more than 1.5 million square feet in the Southeast and Midwest. Learn more at www.glenfieldcapital.com.
Mary Jane Credeur of The Credeur Group
404 317 2718
mj [@] credeurgroup.com