5
O F F E R I N G S U M M A R Y REO ASSET
O F F E R I N G S U M M A R Y
REO ASSET
� 2
Holliday Fenoglio Fowler, L.P. (“HFF”), acting as exclusive advisor for the Seller, is pleased to present the opportunity to acquire the leased
fee interest in The Curlee Building (“Curlee Building”, “1001 Washington”, “Building”), a 69,218 square foot office building and the 0.38 acre
surface level Convention Lot, (“Parking Lot”, “Parking Field”), (collectively the “Property” or “Project”). The 69,218 SF creative office building
in the heart of downtown St. Louis is located at 1001 Washington Avenue. The included Convention Lot is located at 713 N 11th Street,
approximately 1 block from the Building. The Curlee Building is a multi-tenant asset that is currently 93.10% leased to a diversified tenant mix
of 13 tenants ranging in size from 408 SF to 17,081 SF.
The Curlee building offers an above average parking ratio of 1.01 / 1,000 SF through the included Convention Lot that offers 76 surface
parking spaces to tenants and also provides additional income through a currently contracted parking management company. A Non-
Exclusive Access Easement and Maintenance Agreement with the adjacent parcel owners to 1001 Washington provides for additional parking
spaces in the Curlee Building Garage as well as on the Dorsa surface parking lot to the north of the Property, both of which are shared with
the connecting properties. The in-place lease agreements at the Curlee Building currently grant specific tenants exclusive parking totaling
6 spaces in the Curlee Garage and 24 spaces in the Dorsa lot. The Property is listed under the City of St. Louis “CBD” Zoning code, which
does not require any minimum parking ratios for office properties, so the relatively ample parking available to tenants provides the Property
a competitive advantage.
The Building is located at the northeast corner of Washington Avenue and N 11th Street, strategically situated in the vibrant Washington
Avenue Loft District at the edge of the Central Business District, which is a historic corridor along Washington Avenue, bounded by Delmar
Boulevard to the north, Locust Street to the south, 8th street to the east, and 18th street to the west.
Property The Curlee Building
Address 1001 Washington Avenue
City, State, Zip Code St. Louis, MO 63103
Type Creative Office
Occupancy 93.1%
Square Feet 69,218 SF
Site Area 0.68
Number of Buildings 1 + Parking Lot
Number of Stories 7
Year Built / Renovated 1899 / 2008
Parking Ratio 1.01 / 1,000SF
�roperty �escr iption
� 3
� nvestment �ighlightsOUTSTANDING LOCATION
Boasting an extraordinary walk score of 98, The Curlee Building allows tenants to
conveniently work and play within the heart of an energized Downtown St. Louis.
Tenants work steps away from over 400,000 square feet of newly opened restaurants
(including ground floor tenant, Mango Peruvian Restaurant), bars, coffee shops, and
cultural venues. Culinaria, a hybrid urban market, sits only three blocks away from the
Building and presents an inimitable inner-city shopping experience. The City’s major
employment center, sports and entertainment venues, public transportation hubs, and
the Gateway Arch are all a short walk away from 1001 Washington’s front door.
ATTRACTIVE BUSINESS ENVIRONMENT
Since 2000, over $5 billion of investment capital has flooded into Downtown St.
Louis. Institutions and residents alike are relocating to St. Louis’ CBD and developers
have followed in earnest. The Heart of the Midwest beats strong as projects like the
Arcade Building’s $100+ million restoration and the $380 million Gateway Arch facelift
demonstrate Downtown St. Louis’ recent evolution and revitalization. Such recent spur
in investments has created an attractive business environment, which has benefited the
local economy to the point that unemployment rate has fallen 140 basis points since the
beginning of 2015 to 4.6% as of October 2015, the lowest level since 2006.
CONVENIENT ACCESS
1001 Washington is centrally located with incredible access to the entire Metro St. Louis
region. The asset is situated on Washington Avenue, which is the primary corridor for
the MetroBus line with stops on every other block along the avenue. The asset is also
situated three blocks to the west from the Convention Center MetroLink light rail station.
For tenants electing to drive to work, 1001 Washington’s location offers commuters
quick and convenient access to the property off of I-44 from the east side, which is only
a 2 minute drive off the highway.
� 4
� nvestment �ighlightsSTRONG MILLENNIAL PRESENCE
The immediate area surrounding the Curlee Building boasts some of the most prominent
demographics in the downtown St. Louis area. The population within a one mile radius has
increased by 73.2% in the past 15 years and is expected to grow by another 7.8% in the next five
years, compared to a US average of 13.2% and 3.5%, respectively. The strong growth is mostly
attributed to the growing millennial population in the Washington Lofts District, In the immediate
area of the Curlee Building the average age is 33 years and 39% of the residents have attained
a Bachelor’s degree or higher, compared to the US average of 29%, laying the groundwork for
a motivated and educated employment pool for current tenants, as well as creating a unique
opportunity for new leases within a population of potential entrepreneurs.
The young entrepreneurial presence in the immediate area is further supported by the recent
relocation of the Technology Entrepreneur Center (T-REX) to the Lammert Building, which is directly
across the street from the Curlee Building to the east. T-Rex is a world renowned technology
incubator that offers 160,000 SF of creative workspace to 110 highly decorated startup companies.
SIGNIFICANT UPSIDE POTENTIAL
The Curlee Building provides an exceptional opportunity to add value through income growth. At
93.1% leased, the asset offers excellent upside by increasing occupancy and rolling the in-place
tenancy to market rents as 9.7% of the tenants will roll in 2016, including two tenants with month-
to-month leases. The in-place weighted average rents are approximately 24.9% below average
CBD rents and 6.2% below Class B market rents.
The included Convention lot is a unique component to the asset that can add significant additional
value to investors. The city of St. Louis does not require a minimum parking ratio for the properties
in the Warehouse District, nor does the District have any height restrictions. Therefore, an investor
can choose to keep the current cash flow from the Convention Lot until such a time when a
favorable real estate environment exists to further develop the land or sell the lot as a separate
asset.
Gateway Arch· World’s tallest arch· 4 million visitors annually· $380 million “CityArchRiver” redevelopment underway
State Capitol
Merchandise Mart Apartments· Prime 1000 Steakhouse· Charles P. Stanley Cigar Co.
Copia Wine BarBobby’s Place Bar
Lucas Lofts· Flamingo Bowl· 314 the City Bar· Blades on Washington
Washington Avenue Loft DistrictWashington Avenue Loft District
This Offering Memorandum has been prepared by HFF for use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by HFF, and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by HFF or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, HFF, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.
The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the Property will be made available upon written request by interested and qualified prospective investors.
Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until such offer is approved by Owner, a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.
This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or HFF and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or HFF If you have no interest in the Property, please return the Offering Memorandum forthwith.
1125 17th StreetSuite 2540
Denver, Colorado 80202
Once marketing has commenced, HFF will notify qualified investors of the definitive date
for offers to be submitted. Such offers should, at a minimum, include:
» Purchase price and structure
» The sources of capital for the transaction
» The amount of earnest money deposit
» A detailed schedule of the due diligence and requisite approval process
and time frames
All inquiries should be directed to the following HFF professionals:
Presented By Debt Financing
Jules SherwoodManaging Director
Missouri License #2013041998
Kristian LichtenfelsAssociate Director
