University City Lions

The U City Lions asset is an asset VRE purchased in 1999. The asset is located in St. Louis, in The Loop in University City and totals approximately 70,000 square feet. The property consists of two three-story buildings with ground floor retail and 2nd and 3rd floor office space. The buildings are connected via a skyway on the second and third floors. This particular asset had performed well until 2007 when a major tenant, an advertising firm that had occupied the top two floors of both buildings for years, decided to relocate because they needed more space. Unfortunately there was no more office space available and the company had to move. Due to their departure, the occupancy of the property dropped below 40% by the end of 2007, and as a result revenue dropped significantly. In 2008 VRE made the decision to re-tenant the property and complete substantial work on the property. The exterior of the property was painted and significant upgrades to the buildings were completed, including new roofing, renovated and updated restrooms, updated fire safety systems, updated common areas, as well as updated electrical and HVAC systems. The second and third floors were deconstructed, meaning all interior finishes from the former Momentum space were removed and the floors opened to the supporting columns to allow prospective tenants an ability to design their own space and see the potential of the building. As a result of the substantial remodel efforts by VRE, the property occupancy began to improve and by 2012 the property reached 100% occupancy and maintains that occupancy level today.