Home News St. Louis developer Bamboo Equity Partners buys Webster Groves office campus

St. Louis developer Bamboo Equity Partners buys Webster Groves office campus

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The Maryland Heights-based real estate investment firm recently acquired an 11-acre office campus in Webster Grove. It doubled down on a multi-million dollar strategy to transform the office campus from feeling like a windowless basement into a charming hotel.

“To attract people to your office, you have to give them something much better than what they can get at home,” says Dan Dokovic, managing partner of Bamboo Equity Partners.

The company also recently acquired two office complexes in Charlotte, North Carolina. Alice Benner is the managing director of her Bamboo and Gary Parker is a co-founder.

Bamboo Equity Partners aims to make the office right again after the coronavirus pandemic has changed the relationship between Americans and the office. In many ways, Bamboo’s plans are based on the company’s history of buying “value-added buildings.” This is a property that allows owners to improve cash flow through renovations and other modifications.

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Bamboo has grown from a local real estate investor to a local developer in less than a decade. Together with his sister company, Intelica CRE, Bamboo’s workforce has grown from his four to over 100. In 2020, we began investing in real estate outside of St. Louis in cities like Atlanta and Charlotte. And in 2021, Oakline Studio will acquire an architecture firm to streamline operations and accelerate development goals.

The past year saw the completion of Ballpark Heights, a 78-unit apartment development just east of Busch Stadium. The property at 300 South Broadway was once the headquarters of St. Louis Community College.Company also owns Public Relations Building, 1133 Pine Streetit is planned to be transformed into a luxury apartment.

Dokovic explains that the early years of the company were rapid growth. That latest era is one of his in the “digest and sit down and really put it all together” era.

“St. Louis is an old town,” said Dokovic. “How can we rethink this?” That’s how we look at our work. ”

Bamboo Equity Partners Founder and Managing Principal Dan Dkovic (left) poses with Alice Benner, Principal Managing Director of the company, at the Owen Ridge Office Campus in Webster Grove, Friday, September 23, 2022. I’m here. Photo by Christian Gooden, [email protected]

Christian Gooden

Transforming old office campuses is one way property owners have realized that they can gain an edge in an otherwise dead market.

“I am 100% convinced that the office will never go away,” said Dokovic.

Companies such as corporate incentives firm Maritz have refurbished Fenton’s south campus, adding facilities such as fitness and yoga studios and upgrading technology. A new office development under construction, Clayton’s Forsyth Point, will also add a rooftop garden, juice bar and more.

Those efforts areescape to qualitytrend is driving down vacancy rates for Class A (premier) office space in the St. Louis market. According to commercial real estate firm Cushman & Wakefield, Class A occupancy was 86.3%, followed by Class B occupancy at 80.8%.

This shows that Class A space rents increased while Class B office rents fell from $18.78 to $18.53 per square foot in the second quarter of 2022.

Owen Ridge Campus in Webster Grove

Bamboo Equity Partners has acquired Webster Groves’ Owen Ridge Campus. The company plans to add flexible industrial and laboratory space to the 11-acre site.

Bamboo Equity Partners

At Webster Groves, Bamboo acquired an 11-acre site at 345-357 Marshall Avenue — interspersed with office and light industrial space — for $14 million. The property is located just west of the railroad tracks and south of Manchester Avenue. Campus is 97% occupied. Tenants such as Mallinckrodt and Weekends Only reside here.

Bamboo plans to invest approximately $20 million in campus renovations. This includes refurbishing an event space called Edge at Webster, building a pickleball court, and upgrading dining options. Dokovic said he may bring in chefs and food trucks to accommodate employees.

The city of Brentwood is nearby, but having dining options on campus makes the location more convenient, he said.

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