Office investment sales continued at a new normal pace in the second quarter of 2012, with three deals for $39.7 million at a mean price of $44 psf, according to Reis Transaction Analytics.* The 2.3 million square feet changing hands over the past four quarters is 5.0% of the total inventory according to Reis, implying an average 20-year hold, a more normal reading than in many markets where sales are scarce. Bolstering the four-quarter total was the largest sale of that period and the second quarter. In June, Intercontinental Real Estate Corp sold the 722,000-square-foot 55 Westport Plaza Building in St. Louis to Lodging Hospitality Management Inc. for $33 million ($46 psf). The rolling 12 month cap rate ended the quarter at 8.9%.