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ST. LOUIS-A joint venture between Los Angeles-based ICO Development and New York City-based Sovereign Partners hope to bring the 250,000-sf 1015 Locust office building back to life with a new capital plan. The JV is spending $3.5 million to renovate the property, located on the corner of 11th and Locust in the Downtown.

The companies bought the 12-story building at the beginning of this year for $6.1 million when it was 60% leased, says John Warren, an associate with CB Richard Ellis, which handles the leasing for the building. The property is now 67 leased, with the largest tenants being the public-private St. Louis Development Corp. and the city’s Planning Department. The asking rates are between $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 the addition of a restaurant and retail space, as well as updated elevators, a new exterior and improved offices. “Individual office spaces can and will be tailored to meet tenants’ needs,” Warren says. This includes at least one floor down to the bare bones of how the building originally looked. “It was built in the 1920s as a warehouse, and rehabbed into offices in the 1950s,” Warren says. “On one whole floor, we’ll be recreating the loft-style by exposing the columns and the concrete ceilings.”

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

There has been movement in other product, such as growth in residential and retail Downtown, he says, “Office is always the last to follow growth,” Warren says. “While the office demand hasn’t slowed, it hasn’t really grown, but at least the hemorrhaging of Downtown businesses moving out to Clayton has stopped.”

ST. LOUIS-A joint venture between Los Angeles-based ICO Development and New York City-based Sovereign Partners hope to bring the 250,000-sf 1015 Locust office building back to life with a new capital plan. The JV is spending $3.5 million to renovate the property, located on the corner of 11th and Locust in the Downtown.

The companies bought the 12-story building at the beginning of this year for $6.1 million when it was 60% leased, says John Warren, an associate with CB Richard Ellis, which handles the leasing for the building. The property is now 67 leased, with the largest tenants being the public-private St. Louis Development Corp. and the city’s Planning Department. The asking rates are between $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 the addition of a restaurant and retail space, as well as updated elevators, a new exterior and improved offices. “Individual office spaces can and will be tailored to meet tenants’ needs,” Warren says. This includes at least one floor down to the bare bones of how the building originally looked. “It was built in the 1920s as a warehouse, and rehabbed into offices in the 1950s,” Warren says. “On one whole floor, we’ll be recreating the loft-style by exposing the columns and the concrete ceilings.”

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

There has been movement in other product, such as growth in residential and retail Downtown, he says, “Office is always the last to follow growth,” Warren says. “While the office demand hasn’t slowed, it hasn’t really grown, but at least the hemorrhaging of Downtown businesses moving out to Clayton has stopped.”

The venture also owns the 680,000-sf Plaza Square building Downtown, at 1717 Olive St. Also, Sovereign has experience with rehabbing Downtown, having renovated and leased up the 218,000-sf Gateway Tower office building at One Memorial Dr.

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