Wednesday, February 06, 2008

Stifel Nicolaus to Expand in One Financial Plaza?

Rumor has it that Stifel Nicolaus is looking into expanding its headquarters space by leasing the entire fifth floor (35,000 sf) at One Financial Plaza, where it currently occupies floors 7-9 and part of the ground floor. The firm has freed up a little space for other uses, however, with the recent closing of its downtown brokerage office. All of its downtown brokers have moved to a new office in Frontenac.


JMedwick said...

It is a real shame that Pyramid and Stifel couldn't get together on expanding downtown, keeping the brokers from moving out to Frontenac. Given the proximity between one Financial Plaza and One City Center, the two buildings together seem like a ready made office complex.

Brian said...

Yeah, but at the same time, they really didn't have many brokers working out of the downtown office, and several of the downtown brokers were near retirement. Their other brokerage offices in the St. Louis area are a lot bigger, and this was more of an overreaction to the Highway 40 closing than anything else.

Still, it would be great to have the brokers downtown. I was also bummed out when Smith Moore moved out of the Security Building a few years ago to consolidate their office in Clayton.

JMedwick said...

What's really sad is that downtown already has a great growing company in Stifel, but I guess doesn't open up the incentives bin unless you are an outside company moving in or a downtown firm threatening to leave.

Why not take a proactive step and try to sign a deal with Stifel where the more they grown downtown, the more incentives the City is willing to throw at them, be it tax abatements, building improvements, building more parking or a whole new building. No growth and the City offers no incentives.

You and I are regularly reading articles in the Business Journal about Stifel's growth, be it hiring more brokers or creating and growing a banking division. With AG Edwards being bought out, Stifel is clearly trying to take their mantel. Downtown St. Louis should be doing all it can to get in on the ground floor.

BTW, the City long ago should have had a similar deal with AB. Maybe Sunset Hills wouldn't be the location it is today with such a deal in place.