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Lincoln Property Company Recapitalizes, Refinances MO Office Building
Lincoln Property Company has recapitalized and refinanced The Sevens, a 197,311-square-foot Class A office located in Clayton, Missouri. Lincoln recapitalized the building with investment from a new joint venture partner, IMC Management, and also refinanced the property. Lincoln originally bought the building located at 7777 Bonhomme Avenue in 2015 through a joint venture with Stockbridge.
Riot Games, a video game developer, recently renewed one of its two full floors in the building. Lincoln backfilled a former Riot Games floor with NUSO, a communications-focused software provider. The building is approximately 73% leased. Constructed in 1971 and extensively renovated in 2017, The Sevens features best-in-class amenities. Lincoln will continue to manage the building, and Cushman & Wakefield will handle leasing.
“Our plan is to build and deliver a series of speculative market-ready suites along with the continuation of common area improvements to capture pent-up demand in one of the Midwest’s hottest submarkets,” said Peter Kelly, Executive Vice President, Lincoln Property Company.