Friday, December 05, 2008

One City Centre

A little over six months ago, SCR Investments took over ownership of One City Centre after Pyramid Construction started missing its loan payments on the building.

SCR is led by Stacy Hastie, who is also chairman and chief executive of Environmental Operations Inc. Environmental Operations was one of Pyramid's creditors, loaning the developer more than $7 million.

When SCR took ownership of the property, they stated plans to immediately invest an undisclosed amount of money to "update and enhance the facility and attract new tenants." SCR hired Matt O'Leary from Pyramid to handle the development.

Several tenants have left the building in recent months. A-B moved to Sunset Hills and is currently sub-leasing the space it leased there, so their space would be vacant now anyway. Cannon moved its offices to the historic power house it renovated in the Cupples Station area. Losing those tenants brought the building's vacancy rate to 65 percent. Then, Herzog Crebs signed a lease at the Bank of America Tower, bringing the vacancy rate further down.

To my knowledge, no work has been performed on the building, but I hope SCR can get its plans moving forward and attract some new tenants.


Adam Flath said...

It is a great building on the inside. Not sure what they would need to do? It is all about the surrounding area. If I was looking for a new home downtown for my business, I would actually look somewhere more west or south of that location. I would rather wait and go to the 411 over One City Center.

Brian said...

I agree - the 411 will be great space, and the location might be a little better. It's probably better suited for smaller users though. For firms looking to lease, say 20,000+ sf, One City Centre might be a better option. It's just a shame that St. Louis Centre isn't being renovated now - that would improve OCC's marketability considerably.