Let's take a look back at Stinson Morrison Hecker's decision to leave downtown St. Louis for Clayton. The firm was in the market for 60,000 sf of space, but unfortunately, their options downtown were fairly limited. A quick check of downtown office space revealed the following results:
Met Square would have come close to meeting Stinson's requirements, with 57,951 sf available on the 6th floor at $22.00 psf.
10th Floor - Full floor - 17,896 sf
11th Floor - Full floor - 17,896 sf
12th Floor - Full floor - 17,896 sf
13th Floor - 10,379 sf
That makes over 64,000 sf on four contiguous floors at just $16.50 psf.
500 N. Broadway:
8th Floor - Full floor - 18,920 sf
9th Floor - 18,844 sf
10th Floor - Full floor - 18,920 sf
11th Floor - Full floor - 18,920 sf
That's a total of 75,604 sf of contiguous space on nearly four full floors at the bargain-basement price of $14.50 psf. Not considered class A space.
A few other options include Pyramid's One City Centre (scheduled for renovation), Kevin McGowan's Ballpark Lofts at Cupples Station, although it could be a while before any of those three buildings are renovated, and the Sherwood Medical Building at 1915 Olive (143,024 sf available at $18.50 psf), but that building may be too far from the heart of the CBD for most law firms' tastes.
Could this be a sign that downtown could be ready for a new speculative office building?