Thursday, May 13, 2010

Filling Met Square

With Armstrong Teasdale about to abandon its 120,00-sf space in Met Square, the building's leasing agent, Jones Lang LaSalle, certainly has its work cut out for it.  Fortunately, progress is being made on the leasing front at St. Louis' premier office property.

First, in November, law firm Brown & Crouppen announced that it would be relocating its offices to Met Square from the Laclede Gas Tower, signing a 25,000-sf lease.

Then, in April, engineering firm HNTB and law firm Littler Mendleson signed leases for 9,000 sf and 9,300 sf, respectively.  HNTB is moving from 10 S. Broadway while Littler Mendleson is headed downtown from Creve Coeur.

The three leases total 43,300 sf and bring Met Square's occupancy rate to 82 percent.  There's still lots of work to be done.

With these new tenants on board, Jones Lang LaSalle must now focus on filling the Armstrong Teasdale space.  The good news is that, according to Henry Voges of Jones Lang LaSalle, interest in the space has been strong.  Four contiguous floors in a prestigious building like Met Square are surely attractive to a large number of firms looking for high-end, highly visible space that offers a significant cost savings over space in Clayton.

Jones Lang LaSalle is also in talks with a prospective tenant for 45,000 sf elsewhere in the building.

It's unfortunate that Armstrong Teasdale is leaving downtown, right as momentum is at an all-time high - they won't be around to be part of the revival.  Let's hope some other firm(s) out there realize the impact they can have on the region by locating downtown and push Met Square's occupancy rate back over 90 percent.

1 comment:

STLgasm said...

As long as we're just shuffling tenants around from within the metro area, we're just treading water. Luring a law firm from Creve Coeur to downtown is encouraging, but if we are ever to enjoy sustained growth, St. Louis needs to stop competing with the County and start aggressively pursuing NEW companies, NEW firms, and NEW creative enterprises to fill up our half-empty skyscrapers. Simply oving workers from one building to another is merely a wash.