{"id":1004565591,"date":"2022-02-01T04:32:01","date_gmt":"2022-02-01T12:32:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004565591"},"modified":"2022-12-07T13:06:15","modified_gmt":"2022-12-07T21:06:15","slug":"arch-street-orion-announce-single-tenant-office-venture","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arch-street-orion-announce-single-tenant-office-venture\/","title":{"rendered":"Arch Street, Orion Unveil Single-Tenant Office Venture"},"content":{"rendered":"
\"700<\/a>

700 Market Street, St. Louis, Mo. Image courtesy of Arch Street Capital Advisors LLC<\/p><\/div>\n

Arch Street Capital Advisors<\/strong> and Orion Office REIT Inc<\/strong>. have formed a programmatic venture focusing on the acquisition of long-term leased, single-tenant office assets.<\/p>\n

Orion’s interest in the partnership was assumed from VEREIT Inc<\/strong>. (the former American Realty Capital Properties Inc<\/strong>.) as part of Orion\u2019s spin-off transaction following the merger of Realty Income Corp.<\/strong> and VEREIT<\/a>.<\/strong> To date, the partnership has acquired six assets for approximately $227 million.<\/p>\n

The partnership recently acquired 700 Market St. in St. Louis, a 127,468-square-foot office property in the city\u2019s central business district, adjacent to the new $360 million Ballpark Village and just one block from Busch Stadium.<\/p>\n

\n

READ ALSO<\/strong>: Why Debt Funds Should Get a Look for Office Makeovers<\/a><\/p>\n

\n

700 Market St. is occupied under a long-term lease as the corporate headquarters of Spire Inc<\/strong>., a public utility holding company that provides natural gas in Missouri, Alabama and Mississippi. Spire\u2019s predecessor company Laclede Gas Co<\/strong>. was at one time the eighth-oldest listed stock on the New York Stock Exchange and was also one of the original 12 companies in the Dow Jones Industrial Average.<\/p>\n

In a prepared statement, Gary Landriau, chief investment officer and executive vice president at Orion, noted that the previous owners of 700 Market St. had made substantial investments \u201cto transform what was a striking building into a fully functional and modern corporate headquarters that remains on the National Register of Historic Places and that our tenant will occupy for many years.\u201d<\/p>\n

\u201cThe combination of the real estate and the long lease with a credit tenant makes this an attractive asset for the partnership,\u201d he added.<\/p>\n

The venture is actively seeking new single-tenant office investment opportunities in the range of $10 million to $60 million.<\/p>\n

As of press time, Arch Street had not replied to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

Omicron\u2019s obstacle<\/h2>\n

As the St. Louis office market hit year-end, Omicron was postponing many companies\u2019 back-to-office plans, according to a fourth-quarter report from JLL<\/strong>. 2021 nonetheless saw both lease and sale transactions increase, with total vacancy stable at 16 percent.<\/p>\n

In the downtown submarket, annual net absorption of Class A space was 1.9 percent of the 6.5 million square feet of inventory. Total vacancy was 19.9 percent, again according to JLL.<\/p>\n","protected":false},"excerpt":{"rendered":"

To date, the partners have acquired assets valued at more than $200 million.<\/p>\n","protected":false},"author":882,"featured_media":1004565612,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,23891,21742,21747],"tags":[37542,32796,32951],"class_list":["post-1004565591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-national","category-latest","category-office","tag-arch-street-capital-advisors","tag-jll","tag-vereit"],"acf":[],"yoast_head":"\nArch Street, Orion Unveil Single-Tenant Office Venture - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Arch Street Capital Advisors and Orion Office REIT Inc. have formed a programmatic venture focusing on the acquisition of long-term leased, single-tenant office assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/arch-street-orion-announce-single-tenant-office-venture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arch Street, Orion Unveil Single-Tenant Office Venture\" \/>\n<meta property=\"og:description\" content=\"Arch Street Capital Advisors and Orion Office REIT Inc. have formed a programmatic venture focusing on the acquisition of long-term leased, single-tenant office assets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arch-street-orion-announce-single-tenant-office-venture\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-01T12:32:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T21:06:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/700-Market-Street-St.-Louis-Mo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"612\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arch-street-orion-announce-single-tenant-office-venture\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arch-street-orion-announce-single-tenant-office-venture\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Arch Street, Orion Unveil Single-Tenant Office Venture\",\"datePublished\":\"2022-02-01T12:32:01+00:00\",\"dateModified\":\"2022-12-07T21:06:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arch-street-orion-announce-single-tenant-office-venture\\\/\"},\"wordCount\":392,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arch-street-orion-announce-single-tenant-office-venture\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/02\\\/700-Market-Street-St.-Louis-Mo.jpg\",\"keywords\":[\"Arch Street Capital Advisors\",\"JLL\",\"VEREIT\"],\"articleSection\":[\"Featured\",\"Investment\",\"National\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arch-street-orion-announce-single-tenant-office-venture\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arch-street-orion-announce-single-tenant-office-venture\\\/\",\"name\":\"Arch Street, Orion Unveil Single-Tenant Office Venture - 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