Tuesday, April 29, 2008

One City Centre Under New Ownership

As reported by the Post-Dispatch, SCR Investments LLC has taken ownership of One City Centre after Pyramid Construction defaulted on a $7 million loan from SCR. SCR is led by Stacy Hastie, chairman and CEO of Environmental Operations Inc., who plans to redevelop the building by forming a partnership with Spinnaker, Pyramid’s former development partner on the Mercantile Exchange.

According to Hastie, SCR plans to invest an undisclosed amount of money in One City Centre to "update and enhance the facility and attract new tenants" immediately, and none too soon - The 25-story office building is currently just 35% occupied. The firm will take will take responsibility for any debt associated with One City Centre, including the repayment of a $14.5 million city tax increment financing bond.

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