Tuesday, February 19, 2008

Locust Building Sold

The 269,140 sf Locust Building at 1015 Locust was recently purchased by 1015 Associates LLC for $1.6 million ($22.66/psf).

Major tenants include the St. Louis Development Corp. The building currently has a total of 78,547 sf available on various floors (31% vacant), the largest contiguous vacancy being the entire fifth floor at 25,560 sf. Space leases for $11-$14 psf.

An interesting aspect of this building is that its modern facade actually covers a historic brick building. With the availability of tax credits for historic restoration, perhaps the new owners will explore the option of returning the building to its former glory. It would certainly improve its marketability.

The Locust Building in its current state:

And underneath the facade:

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