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.

3 comments:

Anonymous said...

city earnings tax - thats all it is
As soon as we get rid if that, St. Louis will gain some economic clout and significant population growth.

Anonymous said...

So what is the City doing to entice these companies to move downtown? This is a great opportunity. Who in the City is going to seize upon it?

Working downtown is outstanding and a superior experience to working on a soul-less corporate campus. Working downtown enables workers to walk around parks at lunch, go shopping, and take in being a part of an energetic, vibrant city life. These companies need incentives, but they also need to hear from others how they are better off downtown.

Brian said...

^
I agree completely. Having worked in downtown, Clayton, and elsewhere in the County, downtown by far offers the best experience - I absolutely love it.

I wish I knew what, if anything, the City is doing to lure companies like this. It's time to get aggressive.