ST. LOUIS-The one-million-square-foot, class A building is now 85% occupied.
By Katie Hinderer|April 19, 2010 at 09:58 PM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
ST. LOUIS-Jones Lang LaSalle has filled 43,300 square feet at One Metropolitan Square. Brown & Crouppen, a law firm, has taken 25,000 square feet; Littler Mendelson, a labor and employment company, leased 9,300 square feet; HNTB, a civil engineering company, has taken 9,000 square feet.
“Brown & Crouppen has been considerably expanding over the last several years and wanted space that would accommodate this growth within new, upgraded offices. They also wanted to establish a presence within a high-profile, Class-A building such as Metropolitan Square,” Henry Voges, SVP at JLL’s St. Louis office, tells GlobeSt.com.
Voges could not disclose the leasing details. He did, however, say the leases were long-term and the average asking rate is $20 to $22 per square foot, full service. With these three leases, One Metropolitan Square is 85% occupied.
“Metropolitan Square has always been a premiere property within the St. Louis CBD and has historically attracted firms that look for exceptional visibility, strategic locations, and high-end amenities,” says Carrie Herrmann, VP at JLL. “Even despite a downturn that has left the downtown market with an overall vacancy rate of 18.6 percent in the first quarter of 2010, well-managed and maintained properties continue to attract credit-worthy tenants.”
The class A facility is the tallest building in St. Louis, totaling 1.04 million square feet of office and retail space. Other tenants include architecture firm Hellmuth, Obata and Kassabaum; the Bryan Cave law firm; the RCGA and the Sonnenschein law firm.
JLL sees the new leases as proof that companies are again beginning to consider the downtown area.
“We’re starting to see a rebound in leasing activity, and many prominent downtown buildings, such as Metropolitan Square, will see a significant number of new leases before the end of the year,” Voges says. “Many companies are actively exploring leasing options and taking advantage of the opportunities today’s market is providing them.”
Herrmann represented the building’s owner, Gotham Realty. David Bialas of Grubb & Ellis
Want to continue reading? Become a Free ALM Digital Reader.
Once you are an ALM digital member, you’ll receive:
Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
3 free articles* across the ALM subscription network every 30 days
Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In Now
CRE professionals are relying more on data and analytics to drive decision making. Discover how alternative data sets provide a competitive edge on everything from choosing the best location for your next development opportunity to optimizing existing real estate footprints.
Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!
Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.