Can anyone think of any examples in other cities in which a 1.4 million sf building was completely emptied out like this?
There is going to be significant work required on this building in a number of ways:
1) The entire building was built for one tenant. There is one central checkpoint in the lobby, but once past there you have access to virtually the rest of the building.
The elevator lobby on each floor is just large enough to access the elevators. There is no room for any sort of reception area / lobby which would require using floor space for that function. Most floors do not have any sort of access control (doors, card readers, etc) from the elevator lobby to the floor space.
For the most part, all floors have an open floor plan with one set of restrooms and one kitchen / break room per floor (if I recall correctly) -- which will make it difficult to impossible to lease out less than a full floor at a time.
Several floors are common-use to the entire building. The lobby serves as the main entrance and security checkpoint. Floor 2 has some offices and serves as an elevator lobby (see below). Floor 3 holds the two cafeterias (only one has been in operation since at least the mid-90s -- and we won't even talk about the food quality!). Floors 4 & 5 contain meeting rooms with floor 4 also being the sky bridges to 1010 and the 801 Chestnut Data Center. Floors 1-5 are each connected by escalator as well as elevator.
Finally, the elevator system is a clusterf.... There are three banks of elevators. Each banks services floors 1-5, with one bank each serving 6-18, 18-30 and 30-42. Transiting elevator banks of 18 & 30 require access away from the elevator lobby to the main floor space. While this could be eliminated, that would then make going from -- say floor 29 to 31 -- require a trip down to the lobby. Worst part of the elevator system is that each elevator is double-deck. From the lobby, the cars going up only service odd number floors. To reach even number floors, you must take the escalator from the lobby to Floor 2 to board the elevators. This also results in times where the other half of the elevator stops on a floor to pickup / let off people and you end up just sitting there with the doors closed waiting for that to complete.
2) AT&T has done very little maintenance / on-going up keep since the late 90s when I started there. One cube I worked in for about five years had a giant coffee stain on the carpet when I moved in... it was still there when I left in 2009. The break rooms still had the 1980s era microwave ovens in them when I worked there (we eventually took up a collection on the floor to buy a new one with our own money since the company wasn't going to do it). I realize these are both items which would be redone before a new tenant moved in, but I think speak loudly of the amount of attention paid to the buildings.
Greg
1) The entire building was built for one tenant. There is one central checkpoint in the lobby, but once past there you have access to virtually the rest of the building.
The elevator lobby on each floor is just large enough to access the elevators. There is no room for any sort of reception area / lobby which would require using floor space for that function. Most floors do not have any sort of access control (doors, card readers, etc) from the elevator lobby to the floor space.
For the most part, all floors have an open floor plan with one set of restrooms and one kitchen / break room per floor (if I recall correctly) -- which will make it difficult to impossible to lease out less than a full floor at a time.
Several floors are common-use to the entire building. The lobby serves as the main entrance and security checkpoint. Floor 2 has some offices and serves as an elevator lobby (see below). Floor 3 holds the two cafeterias (only one has been in operation since at least the mid-90s -- and we won't even talk about the food quality!). Floors 4 & 5 contain meeting rooms with floor 4 also being the sky bridges to 1010 and the 801 Chestnut Data Center. Floors 1-5 are each connected by escalator as well as elevator.
Finally, the elevator system is a clusterf.... There are three banks of elevators. Each banks services floors 1-5, with one bank each serving 6-18, 18-30 and 30-42. Transiting elevator banks of 18 & 30 require access away from the elevator lobby to the main floor space. While this could be eliminated, that would then make going from -- say floor 29 to 31 -- require a trip down to the lobby. Worst part of the elevator system is that each elevator is double-deck. From the lobby, the cars going up only service odd number floors. To reach even number floors, you must take the escalator from the lobby to Floor 2 to board the elevators. This also results in times where the other half of the elevator stops on a floor to pickup / let off people and you end up just sitting there with the doors closed waiting for that to complete.
2) AT&T has done very little maintenance / on-going up keep since the late 90s when I started there. One cube I worked in for about five years had a giant coffee stain on the carpet when I moved in... it was still there when I left in 2009. The break rooms still had the 1980s era microwave ovens in them when I worked there (we eventually took up a collection on the floor to buy a new one with our own money since the company wasn't going to do it). I realize these are both items which would be redone before a new tenant moved in, but I think speak loudly of the amount of attention paid to the buildings.
Greg
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This is disturbing. Such a cool looking building. I do think this is prime real estate, and will be snatched up quickly.
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Sounds like there are around 30,000 s.f. of rentable space per floor, with smaller division less feasible. Any multiple of 30,000 easily could be accommodated.
All new finishes would be required, but that happen with any buildout of a 30 year-old class A office. This still sounds manageable to me.
All new finishes would be required, but that happen with any buildout of a 30 year-old class A office. This still sounds manageable to me.
A few things to take in consideration with this entire news.
1) This tower is already less than half full now
2) According to AT&T most of these office workers will just shift to now OPEN /UNUSED space in the SBC AT&T Tower next door.
3) This tower's location and visibility is dynamic.
4) The tower was sold by AT&T in 2009 (Thankfully) to a company that has interests in wooing another company or several tenants to the building.
5) An attractive / fairly new tower downtown that has immediate infrastructure and Class A space has opened for a new tenant to call downtown home that may not have optioned to move downtown before.
As for other office towers in other cities vacant...Well, in reality, the sad thing is, there ARE many towers across this country in cities coast to coast completely empty.
New Orleans 33 story World Trade Center is completely empty downtown.
http://www.vcstar.com/news/2013/apr/19/ ... ty-office/
Civic Center Tower in Downtown Memphis soon to be empty
http://www.wmctv.com/story/23365188/emp ... ad-message
Nine West Office Tower over half empty in Manhattan as the shoe company departs
http://blogs.wsj.com/developments/2010/ ... alf-empty/
In Kansas City - The tallest building there One KC Place is almost half empty and The Commerce Tower is 60% empty
http://www.kansascity.com/2013/06/15/42 ... inues.html
Atlanta's 55 Story (tallest building in ATL) remains 60 percent empty and is a ghost tower to most
http://onlineathens.com/local-news/2013 ... half-empty
3630 Peachtree Office Tower (brand new in Atlanta_ sits 98% empty - only 27 workers in the entire building since built in 2009
http://www.bloomberg.com/news/2010-09-1 ... binge.html
Atlanta's 30 story and 28 story twin Marquis Towers downtown are completely empty and awaiting tenants
http://www.portmanholdings.com/projects ... -two-tower
Downtown LA's massive 72 story US BANK Tower - tallest bldg. west of Mississippi remains at 60% empty
http://www.scpr.org/blogs/economy/2013/ ... -la-offic/
The beautiful Willshire Tower in LA sat for 20 years vacant until recently turned into condos.
http://en.wikipedia.org/wiki/1100_Wilshire
AND IN SAN ANTONIO... AT&T's home - the downtown office vacancy rate is higher that STL and struggling.
http://www.mysanantonio.com/business/ar ... 413709.php
This is just a few I looked up that I knew about. There are sooooo many. It is sickening.
1) This tower is already less than half full now
2) According to AT&T most of these office workers will just shift to now OPEN /UNUSED space in the SBC AT&T Tower next door.
3) This tower's location and visibility is dynamic.
4) The tower was sold by AT&T in 2009 (Thankfully) to a company that has interests in wooing another company or several tenants to the building.
5) An attractive / fairly new tower downtown that has immediate infrastructure and Class A space has opened for a new tenant to call downtown home that may not have optioned to move downtown before.
As for other office towers in other cities vacant...Well, in reality, the sad thing is, there ARE many towers across this country in cities coast to coast completely empty.
New Orleans 33 story World Trade Center is completely empty downtown.
http://www.vcstar.com/news/2013/apr/19/ ... ty-office/
Civic Center Tower in Downtown Memphis soon to be empty
http://www.wmctv.com/story/23365188/emp ... ad-message
Nine West Office Tower over half empty in Manhattan as the shoe company departs
http://blogs.wsj.com/developments/2010/ ... alf-empty/
In Kansas City - The tallest building there One KC Place is almost half empty and The Commerce Tower is 60% empty
http://www.kansascity.com/2013/06/15/42 ... inues.html
Atlanta's 55 Story (tallest building in ATL) remains 60 percent empty and is a ghost tower to most
http://onlineathens.com/local-news/2013 ... half-empty
3630 Peachtree Office Tower (brand new in Atlanta_ sits 98% empty - only 27 workers in the entire building since built in 2009
http://www.bloomberg.com/news/2010-09-1 ... binge.html
Atlanta's 30 story and 28 story twin Marquis Towers downtown are completely empty and awaiting tenants
http://www.portmanholdings.com/projects ... -two-tower
Downtown LA's massive 72 story US BANK Tower - tallest bldg. west of Mississippi remains at 60% empty
http://www.scpr.org/blogs/economy/2013/ ... -la-offic/
The beautiful Willshire Tower in LA sat for 20 years vacant until recently turned into condos.
http://en.wikipedia.org/wiki/1100_Wilshire
AND IN SAN ANTONIO... AT&T's home - the downtown office vacancy rate is higher that STL and struggling.
http://www.mysanantonio.com/business/ar ... 413709.php
This is just a few I looked up that I knew about. There are sooooo many. It is sickening.
Let's just hope it doesn't turn out like Venezuela's Tower of David:
http://www.theverge.com/2013/8/12/46132 ... ocumentary
http://www.theverge.com/2013/8/12/46132 ... ocumentary
wow crazy. Hope Downtown STL doesnt have the same slogan that ended the film, "This is not temporary, this is our life"framer wrote:Let's just hope it doesn't turn out like Venezuela's Tower of David:
http://www.theverge.com/2013/8/12/46132 ... ocumentary
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Oh my God.framer wrote:Let's just hope it doesn't turn out like Venezuela's Tower of David:
http://www.theverge.com/2013/8/12/46132 ... ocumentary
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I really, really hope it is true that point 2 is true and actual downtown job loss is limited. How many white collar jobs are located downtown? If there are even as many as 50,000 a loss of 1,000 would be 2%. I agree with point 3, the setting is dynamic and is only getting better. There is a lot of empty Class A space in downtown, but this does provide an opportunity for some outside tenants to come downtown.... I'm sure the city will hand out the incentives.matguy70 wrote:A few things to take in consideration with this entire news.
1) This tower is already less than half full now
2) According to AT&T most of these office workers will just shift to now OPEN /UNUSED space in the SBC AT&T Tower next door.
3) This tower's location and visibility is dynamic.
4) The tower was sold by AT&T in 2009 (Thankfully) to a company that has interests in wooing another company or several tenants to the building.
5) An attractive / fairly new tower downtown that has immediate infrastructure and Class A space has opened for a new tenant to call downtown home that may not have optioned to move downtown before.
Unfortunately, empty or nearly empty office towers do exist all over the country in every major city. I believe as more and more companies allow their employees to telework (or telecommute), more of these buildings are going to be emptying out.
Also, in Houston Exxon-Mobil is about to vacate a 1.2-million square foot downtown building in 2015. Like AT&T in St. Louis, Exxon-Mobil sold then leased back the building until 2015. Despite Houston's booming downtown and robust economy, the 606-foot, 45-story tower recently sold for less than $50-million dollars. The San Francisco buyer plans to redo the whole single-tenant building for new tenants.
Exxon-Mobil is building a massive campus north of Houston near The Woodlands. The company is consolidating most of its Houston-area offices and is relocating some offices from around the country to the new campus. The $1.2-billion, 385-acre mega campus will have 20 buildings that can accommodate 10,000 workers.
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Also, in Houston Exxon-Mobil is about to vacate a 1.2-million square foot downtown building in 2015. Like AT&T in St. Louis, Exxon-Mobil sold then leased back the building until 2015. Despite Houston's booming downtown and robust economy, the 606-foot, 45-story tower recently sold for less than $50-million dollars. The San Francisco buyer plans to redo the whole single-tenant building for new tenants.
Exxon-Mobil is building a massive campus north of Houston near The Woodlands. The company is consolidating most of its Houston-area offices and is relocating some offices from around the country to the new campus. The $1.2-billion, 385-acre mega campus will have 20 buildings that can accommodate 10,000 workers.
No need to worry about that. St. Louis would tear it down first then put a park, parking lot or garage on the site.........seriously!framer wrote:Let's just hope it doesn't turn out like Venezuela's Tower of David
SO it sounds like the elevator shafts are designed so poorly that it would not work either for condos one day?
Reading over those links MATGUY70 posted were crazy. All those "incentives" our cities are giving and steal one another is just pathetic. I thought we were a capitalist nation?
How about the words largest indoor rock climing gym? 44 stories.
Reading over those links MATGUY70 posted were crazy. All those "incentives" our cities are giving and steal one another is just pathetic. I thought we were a capitalist nation?
How about the words largest indoor rock climing gym? 44 stories.
Psst. Let's not let Larry Rice know this tower's available, mmkay?framer wrote:Let's just hope it doesn't turn out like Venezuela's Tower of David:
http://www.theverge.com/2013/8/12/46132 ... ocumentary
-RBB
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Recently worked on this project in Cleveland... office tower in Cleveland vacant for almost a decade being converted to apartments.
http://www.crainscleveland.com/article/ ... /130919945
http://www.crainscleveland.com/article/ ... /130919945
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Why is Larry Rice even around still, he annoyed me as a kid as it is. I only watched that channel for the cartoons.
More office to apartment conversions is not what downtown needs, only further hollowing out the downtown job base.
Does anyone know how many of thr jobs are going to the County vs. staying at other AT&T locations downtown? I hope the city at least fights to keep as many as possible.
Does anyone know how many of thr jobs are going to the County vs. staying at other AT&T locations downtown? I hope the city at least fights to keep as many as possible.
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I see what you're saying but we have so much excess office space it might not be such a bad idea if more is turned into apartments (like the tower across from Railroad Exchange where the Starbucks is located). While mentioning the potential opening for a firm to sweep into downtown at what will be great rates, this article highlights the woeful downtown vacancy rate:jmedwick wrote:More office to apartment conversions is not what downtown needs, only further hollowing out the downtown job base.
http://www.stltoday.com/business/column ... cca25.html
I didn't know that the AT&T tower currently doesn't count towards occupancy numbers as single tenant buildings are not usually included. Thus, the Class A office vacancy rate is going to soar.
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Why not make half of the tower residential and the other half offices? That’s what they are doing in KC with the old Commerce tower, though it isn’t quite as large as the ATT building, but it is still very sizable. It’s a strong residential market and a weak office market in most downtowns across the nation and many are taking this route. And more residents downtown may lead to more office construction downtown in the long run.
^Just for statistics sake, Skyscraper Page lists the Commerce Tower at 40,698 square meters, while ATT has 130,000.
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Great comment in this article.
“I wish our broader corporate community would weigh more carefully in their decisions the importance of a strong downtown,” he said
http://www.stltoday.com/business/column ... cca25.html
“I wish our broader corporate community would weigh more carefully in their decisions the importance of a strong downtown,” he said
http://www.stltoday.com/business/column ... cca25.html
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it should be redeveloped as apartments + condos. DT's residential population continues to increase --> DT becomes a more desirable location for office space --> we get some new class A towers. AT&T is gorgeous and residential there would sell in a heartbeat.
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Agreeurban_dilettante wrote:it should be redeveloped as apartments + condos. DT's residential population continues to increase --> DT becomes a more desirable location for office space --> we get some new class A towers. AT&T is gorgeous and residential there would sell in a heartbeat.
Agree