Tuesday, November 17, 2009
GenAm Building Back on the Sale Block
The General American Building at 700 Market Street is now being offered for sale, with an asking price of $9.8 million.
This could be good news for downtown, as the building's current owners, Centaur Properties, has owned it for four years now and has been unable to find a tenant. They really dropped the ball by not closing a deal to sell it to DHR International, who had explored purchasing the building for its headquarters. DHR instead chose to locate in Clayton.
Kevin McLaughlin and Pam Hinds of Balke Brown are the listing agents. The building is available for sale for $9.8 million (Centaur bought it for $6.1 million in 2005), and for lease for $21.00 psf.
The design of the 128,250-square-foot property really only allows for it to be occupied by a single tenant, but it does make for a highly visible, architecturally significant headquarters building.
The building has only a handful of internal parking spots (2, IIRC), but the Stadium West garage is located catty-corner from it. The building's listing claims 205 available parking spots, although I'm not sure where they are.
If the building is purchased or leased by a large user, the impact on downtown's Class A vacancy rate would be substantial. There's got to be someone out there willing to move to this great building.