Monday, April 20, 2009

A New Employer/Class A Office Building for Downtown

At the end of the Business Journal's recent rundown of downtown developments is this interesting tidbit:
The city is working to identify sites for the construction of a new Class A office building. One site that has been identified is vacant ground north of Market Street at Pine near Union Station. Geisman said St. Louis is a finalist in an unidentified, out-of-town corporation’s search to relocate with 400 employees.
Fingers and toes crossed...

4 comments:

Anonymous said...

I'm all for a new office building.

But just curious that a couple blocks north at Olive at 20th is that giant, modern-looking building that says "for sale" on it. You would think they would take over that. I don't know, though. It might not be class A or it might be too big.

This is the building I'm referring to:
http://www.cityfeet.com/CommercialRealEstateForSale/DetailedListing.aspx?PartnerPath=&UserListingId=14714350&source=LN&level=0&LID=0

I'm not trying to nitpick. I welcome any new business to Downtown. I just find it strange that they plan to build an office building in Downtown when one is available a block away.

This one is listed at $10.5 million. 1915 Olive. The ad lists it as: 7-story, Class A downtown office building. Includes 278-car covered garage. Completely renovated in 1999. Plug and Play Opportunity!Hwy. 40/64 to 20th Street exit - Left at 20th Street - 2 blocks to building.

143,024 sf, built 1990.

But 400 employees may not need that much space. Still, I hope this building gets reused some day.

Brian said...

Yeah, I had the exact same thought when I heard about the location. That's the Sherwood Medical Building, which I've blogged about a few times here. It's a great building, and the built-in parking makes it really attractive. I'm surprised that it's been empty as long as it has. Right now it has a huge impact on downtown's Class A vacancy rate.

On the other hand, if a new building were constructed in the area, maybe it would bring a new focus to other downtown west office buildings like this one and make it more attractive to future tenants.

Anonymous said...

is that not where wellpoint is moving?

Brian said...

^
It's my understanding that the Wellpoint employees from Creve Coeur will be moving to Wellpoint's existing space.