The companies bought the 12-story building at the beginning ofthis year for $6.1 million when it was 60% leased, says JohnWarren, an associate with CB Richard Ellis, which handles theleasing for the building. The property is now 67 leased, with thelargest tenants being the public-private St. Louis DevelopmentCorp. and the city's Planning Department. The asking rates arebetween $11.75 and $15, Warren says.

Now, the venture plans to touch up all aspects of the building.Transformations will be made in the lobby, which will include theaddition of a restaurant and retail space, as well as updatedelevators, a new exterior and improved offices. "Individual officespaces can and will be tailored to meet tenants' needs," Warrensays. This includes at least one floor down to the bare bones ofhow the building originally looked. "It was built in the 1920s as awarehouse, and rehabbed into offices in the 1950s," Warren says."On one whole floor, we'll be recreating the loft-style by exposingthe columns and the concrete ceilings."

He tells GlobeSt.com that though the Downtown market is theweakest in terms of pricing, these blocks are seeing a lot ofactivity from tenants who would enjoy the loft-style office. "Inthe past few months we've had news about two creative firms,Adamson Advertising and Osborn and Barr Advertising, moving intothe area.