Monday, April 20, 2009

A New Employer/Class A Office Building for Downtown

At the end of the Business Journal's recent rundown of downtown developments is this interesting tidbit:
The city is working to identify sites for the construction of a new Class A office building. One site that has been identified is vacant ground north of Market Street at Pine near Union Station. Geisman said St. Louis is a finalist in an unidentified, out-of-town corporation’s search to relocate with 400 employees.
Fingers and toes crossed...


Anonymous said...

I'm all for a new office building.

But just curious that a couple blocks north at Olive at 20th is that giant, modern-looking building that says "for sale" on it. You would think they would take over that. I don't know, though. It might not be class A or it might be too big.

This is the building I'm referring to:

I'm not trying to nitpick. I welcome any new business to Downtown. I just find it strange that they plan to build an office building in Downtown when one is available a block away.

This one is listed at $10.5 million. 1915 Olive. The ad lists it as: 7-story, Class A downtown office building. Includes 278-car covered garage. Completely renovated in 1999. Plug and Play Opportunity!Hwy. 40/64 to 20th Street exit - Left at 20th Street - 2 blocks to building.

143,024 sf, built 1990.

But 400 employees may not need that much space. Still, I hope this building gets reused some day.

Brian said...

Yeah, I had the exact same thought when I heard about the location. That's the Sherwood Medical Building, which I've blogged about a few times here. It's a great building, and the built-in parking makes it really attractive. I'm surprised that it's been empty as long as it has. Right now it has a huge impact on downtown's Class A vacancy rate.

On the other hand, if a new building were constructed in the area, maybe it would bring a new focus to other downtown west office buildings like this one and make it more attractive to future tenants.

Anonymous said...

is that not where wellpoint is moving?

Brian said...

It's my understanding that the Wellpoint employees from Creve Coeur will be moving to Wellpoint's existing space.