Monday, December 15, 2008

More Musical Chairs


Joe Whittington of the Post-Dispatch is reporting that Lewis Rice may be interested in taking Stifel Nicolaus' space in One Financial Plaza once that firm moves to Ballpark Village in 2011. Lewis Rice signed an 18-month lease extension at 500 N. Broadway, buying the firm extra time to fully consider its options.

Stifel currently leases floors 7, 8 and 9 as well as part of the fifth and first floors.

Such a move would certainly be great for One Financial Plaza, but would create a massive vacancy at 500 N. Broadway, one that would be difficult to fill.

The building is currently 58% occupied, with four full floors currently vacant. LaBarge Pipe & Steel, McGlynn & Luther, Castle Law Office, Daedalus Capital, Beneficial Capital Leasing, Lord & Taylor and 3001 Inc. are among the major tenants at 500 N. Broadway.

500 N. Broadway is currently up for sale, offered at $16,500,000 ($58/psf). Perhaps a new owner could bring an infusion of new tenants to make up for the loss of Lewis Rice. The availability of Lewis Rice's current space, combined with the current vacancies, would offer a great opportunity for a tenant looking for a huge block of space at a low rate.

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