505 Washington is an architecturally interesting building in a great location downtown, at the corner of Washington and Broadway. (My only beef with this building is that I wish it was three stories taller, to match the height of the other buildings on the block.)
Greater Missouri Builders purchased the building from the state of Missouri in late 2006 and has been sprucing up the property recently. The exterior has been thoroughly scrubbed and given a fresh coat of paint within the last week, and looks great. Greater Missouri Builders also owns 505's next-door neighbor, 555 Washington, which is home to Zipatoni, Weber Shandwick, and several other firms.
Previously used as office space, the ground floor - consisting of 18,800 rentable square feet - will be marketed to retail tenants. I'm convinced that when the St. Louis Centre skybridge, just a block west of 505 Washington, comes down and construction begins on St. Louis Centre and the Dillard's Building, the retail space in both 505 and 555 will become hot commodities. Their proximity to several large office buildings, hotels, new housing and the convention center will make them very attractive to retailers.
Floors two and three consist of 19,000 apiece and will rent for $9.00 to $12.00 per square foot - a relative bargain.
Nearby parking is plentiful, with the Missouri Athletic Club, Drury Hotel, St. Louis Centre and convention center garages all just a block away and the Hampton Inn garage just on the other side of Fourth Street to the east. There is also limited parking on a small lot directly behind the building.
The space is ready; who's going to step up and lease it?