Commentary and Analysis on Businesses and Commercial Real Estate In and Around Downtown St. Louis.
Friday, May 30, 2008
Big Tenants Looking for Space...But Not Downtown
According to the Post-Dispatch, three major office tenants are scouting out new space in the 100,000- to 150,000 sf range in St. Louis County.
Fireman’s Fund currently operates its national catastrophe response operations out of Earth City and has expanded in recent years to approximately 370 employees. It’s looking to lease 130,000 sf in 2009. Cigna is based in Clayton and Verizon is based in Chesterfield.
None of these tenants is apparently interested in downtown? Why?
Imagine if all THREE were to lease space downtown. Suddenly, the recent hits that downtown has taken (Macy's, loss of Centene, etc.) don't seem so bad.
Any one of them could serve as the anchor tenant for a new office tower and actually help with the revitalization of downtown, be it in Ballpark Village or elsewhere. The Sherwood Medical Building at 1915 Olive also has more than 140,000 sf available at $18.50 psf with 278 indoor parking spaces.