ST. LOUIS—Stanton Road Capital, LLC has just acquired through an affiliate 100 S. 4th St., a 249,000 square foot class A office building in the CBD commonly known as the Deloitte Building. It's another sign that the downtown market here has popped up on the radar screens of out-of-town investors as leasing shows signs of improvement and major infrastructure projects approach completion.
The property was sourced on an off-market basis and the sale price was not disclosed. Developed in 1987, the 12-story property was designed by St. Louis-based HOK and originally occupied by MCI WorldCom. The property has since been converted to a multi-tenant building and was 100% leased at the time of acquisition by both national and regional tenants including Deloitte, Polsinelli and BMO Harris Bank.
“Our recent purchase of the Deloitte Building is consistent with our investment strategy to acquire value-add office properties in submarkets with improving leasing fundamentals,” says Tim Ronan, founder and managing partner of the El Segundo, CA-based SRC. “We believe the property will continue to retain and attract high-quality tenants due to its efficient floor plates, unobstructed views and nearby amenities including Busch Stadium, Ballpark Village and the CityArchRiver project.”
The regional office market put up historic numbers in 2014, according to a recent DTZ report, netting 474,000 square feet of positive absorption in the fourth quarter, bringing its year-end total to 680,000 square feet. The second quarter of 2015 also turned out quite robust. And even though much of that was due to demand for suburban office spaces, the downtown class A market also had 67,000 square feet of positive absorption.
And many observers believe that 2015 will be a true turnaround year for the CBD. As reported in GlobeSt.com, a public-private partnership will soon complete a $380 million renovation of downtown's Gateway Arch. The project, called CityArchRiver 2015, will for the first time connect the CBD to the riverfront and the park surrounding the Arch with one continuous greenway.
The St. Louis-based Sansone Group will serve as the leasing agent for Stanton's new acquisition while CBRE will provide property management services for the building.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
