Tuesday, December 30, 2008

Danna McKitrick Should Have Considered Downtown

Clayton-based Danna McKitrick, the 28th largest law firm in St. Louis, is moving its offices to 23,000 sf in the Pierre Laclede Center. The firm is moving from 17,700 sf at 150 N. Meramec. At the asking rental rate of $24.50 psf at Pierre Laclede, the deal is worth an estimated $5.6 million over the span of the 10-year lease.

Unfortunately for Danna McKitrick, had the firm considered downtown, it could have realized some nice cost savings at any of these Class A buildings that currently have large enough vacancies to accomodate them:

Equitable Building - $21.00 psf
One Financial Plaza - $21.00 psf
One City Centre - $18.50 psf
Bank of America Tower - $18.00 psf
St. Louis Place - $15.00-$16.00 psf

In a B/B+ building like 500 N. Broadway, the cost savings would be even more significant.


Tom Glick said...

Dear Brian,

I served on the Leasing committee for the entire lease search process. During that process we not only considered the finances of several downtown locations but toured them as well. Your list of buildings is a roughly equivalent list of the buildings we considered although not all of that list stayed in long enough to get a visit.

I share your enthusiasm for downtown. I practiced law downtown from 1999-2007 when I joined Danna McKitrick. In addition to low rent I enjoyed more active community offerings, including access to food, fun, shopping, hospitality and sporting events. And I agree that downtown has some tremendous opportunites for regional growth. While our decision included rental rates we also had to include such divergent factors as: location of our client base, attorney and staff needs, practice areas, amenities, proximity to courthouses. Our three person search committee included a proud city resident

Thomas G. Glick
Danna McKitrick, P.C.
Attorneys at Law
Main: 314-726-1000
Fax: 314-725-6592
Direct: 314-889-7177
Web: www.dannamckitrick.com
Email: tglick@dmfirm.com

Brian said...

Thanks so much for your comments, Mr. Glick. I certainly appreciate your giving me a little insight into the selection process!