Bryan Cave Renews 225,000-SF HQ Lease

ST. LOUIS-The business law firm Bryan Cave LLC has renewed and expanded its world headquarters lease for the upper floors of Metropolitan Square, the 42-story Downtown office building where it has been located for 15 years and currently employs about 650. The new agreement between the one of the nation’s largest law firms and building owner Trizec Properties replaces a 188,000-sf lease that would have expired in 2007 with a 225,000-sf commitment that extends out 17 years to 2022. The deal also includes a tenant improvement allowance, options to take two additional floors in the building to accommodate further growth and options to extend the overall lease to 2032. In renewing with Trizec, Bryan Cave passed on the opportunity to build itself a new office building near the new Busch Stadium. As an incentive to build anew, the law firm was reportedly offered some $25 million in local, state and federal incentives. “I think they really wanted to stay put to begin with,” a source at Trizec tells GlobeSt.com. Despite that, the source adds that having room for the firm to grow contiguously and having a swing floor for them to use during renovations “was absolutely critical in keeping them in the building.” Also key to closing the deal was Trizec’s willingness to let the law firm out of the last two years of its previous lease agreement, the rental rate for which had escalated well above market.The current asking rate for smaller spaces in the building is $22 per sf per year, full service. Bryan Cave’s negotiated lease rate was not released by the parties involved and not otherwise available. If the average rate over the life of the lease is $20 to $22 per sf per year over the life of the lease, then the deal value would be between $76 million to $84 million. Trizec leases floors 32 through 39 in the 42-story building. Trizec will use the vacant 56,000-sf sixth floor to house Bryan Cave employees as their floors are renovated between summer 2005 and winter 2006. One of the firm’s options for additional space in the building is for the 40th floor, which currently houses the Noon Day Club. The 41st floor is a mechanical floor and the top floor is a banquet facility. Metropolitan Square is located on Broadway between Olive and Pine. The law firm’s renewal keeps occupancy in the one-million-sf building at around 90%, which is well above market. In addition to the sixth floor, available space in the building includes the 26,000-sf 14th floor.