Currently, Bush Creative Services is leasing 57% of the building at $15.25 per sf. The company's lease expires in January, at which time the property will become vacant. Andrew Sheir, senior vice president with Jones Lang LaSalle and local marketing agent for the property, says the building is well-suited for a company's headquarters. The marketing team, which also includes Guy Ponticello, managing director, and Chad Tepley, associate, expects to attract a broad range of investors as well as users.
"This building is just one of a few in the St. Louis market that is available and ready to accommodate a large user," Sheir tells GlobeSt.com. "We think it's positioned pretty well now."
Although Sheir declined comment regarding the company's expected return on the property, he compared the property to a recent sale in which a building sold for $60 per sf. "But what's really going to determine the price is what the use will be," Sheir says. "Potentially, they could tear down building; it just depends on how investor wants to proceed."
The office property, together with the two parcels of land total 2.24 acres and has been zoned for 1-Central Business District, which permits single and multifamily units, retail, professional and general offices, wholesale businesses, restaurants, hotels and motels and parking structures.
"St. Louis is undergoing a tremendous renaissance fuelled by the city's focus on revitalizing its downtown core, bringing together mixed-use residential and hotel-business developments, the arts community, sports venues and renovated historical sites," adds Ponticello.
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