I guess nothing?
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The problem right now is financing. The main creditor they were counting on jumped ship because that creditor supposedly doesn't believe in Downtown, so now that is leaving the team to look elsewhere. Until they find the financing, there isn't much to say.dbehrens011 wrote:I guess nothing?
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Lame. Their loss in the end, I think.chriss752 wrote: .... that creditor supposedly doesn't believe in Downtown,
Skratch my head with GSA looking for new digs to place/keep 1500 or so Federal employees in the city makes 909 Chestnut a front runner and worthy asset to get into an investment portfolio in my opinion. Of course, I'm a novice and haven't won neither the Power Ball or Mega Millions yet (will settle for a California super lotto win to pay off the mortgage, car loan and do some home improvement projects)
The same GSA thats located at Tucker and Spruce?dredger wrote:Skratch my head with GSA looking for new digs to place/keep 1500 or so Federal employees in the city makes 909 Chestnut a front runner and worthy asset to get into an investment portfolio in my opinion. Of course, I'm a novice and haven't won neither the Power Ball or Mega Millions yet (will settle for a California super lotto win to pay off the mortgage, car loan and do some home improvement projects)
Thanks Chaifetz for clarifying. Exactly what I meant.chaifetz10 wrote:No, the Goodfellow Federal Center chatter.
A renovated 909 Chestnut seems like the perfect Class A space to relocate the federal employees from Goodfellow Federal Center while at same time bringing much needed occupancy back to downtown.
A blast from the past!
I did a lot of art handling all throughout that building many years ago. The executive levels (where these guys are exploring) look exactly the same as they did 20 or 30 years ago (minus a bunch of very expensive artwork, of course).
I did a lot of art handling all throughout that building many years ago. The executive levels (where these guys are exploring) look exactly the same as they did 20 or 30 years ago (minus a bunch of very expensive artwork, of course).
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Ok, which one of you is this? There's less than a 1% chance that this individual isn't part of the UrbanSTL community.
^^ Wasn't me, though I did something very, very, very similar in the Macy's HQ after that closed.
Express Scripts has already lost much of its stock and net worth. The all-new HQ campus-now like 10 years on University Blvd. UMSL and the land was a co-development and partnership. I don't see them breaking off that deal. The AT&T is my favorite DTSTL tower. I sure wish Jack Dorsey's Twitter, who is now the only giant tech company to break from the Trump and GOP lovin Silicon Valley cats. Twitter in the middle of the US! and a liberal city with open arms.! Jack Dorsey is a native St. Louisan too.sc4mayor wrote: ↑Mar 23, 2019This is actually pretty great lol. Or you could call it the Fortune Center and a bunch of St. Louis' 16 F1000 headquarters has to take up a few floors each.STLrainbow wrote: ↑Mar 23, 2019As for Enterprise, let's make it a One Rediscovering Downtown Center; 20 county-based companies taking up 2 floors each and you got some solid occupancy! don't have to relocate hq; just get with the 21c. a bit.
^ Regarding converting the building, this is what I've heard as well. Turning it into a mixed use or even just multi-tenant building would be very expensive. But if they can't find a large enough single tenant, they don't have much of a choice.
I've always thought a good tenant would be Express Scripts. They type of work they do in St. Louis is perfect for that building, they employ over 26,000 people with close to 6,000 in St. Louis. They appear to be poised to keep growing and there doesn't seem to be a whole lot of overlap with Cigna so I wouldn't expect those numbers to change much. Cigna's chief had even talked about adding jobs in St. Louis, but that was most likely lip service during the acquisition. Both locations are also very close to MetroLink. Some significant work would have to be done to connect the North County campus, but a pedestrian bridge from North Hanley into their campus isn't totally out of the question. It's about 600 feet from the edge of the last bus bay at North Hanley to the edge of the campus and about 900 or so feet if you wanted to get a bit closer to an entrance. And there is a subway station damn near underneath AT&T Center (I think it's actually under the shorter tower). Could be a pretty good fit.
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A familiar story, with not only this building, but several other key buildings around downtown.
from the bottom half of the article:
...
The Post-Dispatch in May quoted Larry Chapman of CRG, the real estate development arm of Chicago-based Clayco, as saying his firm had won the auction, but was unclear as to whether he and CRG CEO Bob Clark would reach a deal with bondholders.
Public records indicate another firm, New York commercial real estate investment firm Somera Road, was also involved. State records show a Somera executive as the signatory on incorporation documents for a company called 909 Chestnut Street Propco LLC.
In an email Friday, Ian Ross, co-founder and managing partner of Somera, confirmed a deal to acquire the building was not proceeding. He declined to comment further.
A CRG document obtained by the Business Journal indicates the development firm had planned for a "re-imagining" of the building and intended to work with the city and adjacent land owners to "revitalize a larger development area" around the high-rise.
A statement from CEO Bob Clark on Friday said CRG and Clayco "remain intrigued and motivated on behalf of St. Louis by the opportunity." He declined to comment further.
...
The Post-Dispatch in May quoted Larry Chapman of CRG, the real estate development arm of Chicago-based Clayco, as saying his firm had won the auction, but was unclear as to whether he and CRG CEO Bob Clark would reach a deal with bondholders.
Public records indicate another firm, New York commercial real estate investment firm Somera Road, was also involved. State records show a Somera executive as the signatory on incorporation documents for a company called 909 Chestnut Street Propco LLC.
In an email Friday, Ian Ross, co-founder and managing partner of Somera, confirmed a deal to acquire the building was not proceeding. He declined to comment further.
A CRG document obtained by the Business Journal indicates the development firm had planned for a "re-imagining" of the building and intended to work with the city and adjacent land owners to "revitalize a larger development area" around the high-rise.
A statement from CEO Bob Clark on Friday said CRG and Clayco "remain intrigued and motivated on behalf of St. Louis by the opportunity." He declined to comment further.
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Here's some hope... I heard a couple weeks back of a company not HQ'ed in STL that is considering relocating a large amount of their employee base from their current HQ city to a new city. They're currently spending too much to have everyone work at the same place. For this, a STL delegation has apparently approached this company and is pitching them on locating these employees here. Part of their pitch apparently is to offer this company 909 Chestnut, whether as just office space at a sweetheart deal or maybe to acquire the whole damn thing. This prospective company has the cash and financial wherewithal to properly invest in commercial real estate, so if they choose STL over other prospective candidate sites (including TX, OH, and DE), maybe they'd just buy it and throw their name on the roof. This information came from an interview made in public media, but I'm apprehensive to say what company this would be; after all, this is speculative and dependent on things that have yet to happen, and I don't want to spread anything that could be considered a rumor. That all said, getting this company to locate in STL would be farking huge, a game changer, and maybe is the reason for this building's acquisition to be stretching on.
Could this target company be JP Morgan?gone corporate wrote: ↑Nov 15, 2019Here's some hope... I heard a couple weeks back of a company not HQ'ed in STL that is considering relocating a large amount of their employee base from their current HQ city to a new city. They're currently spending too much to have everyone work at the same place. For this, a STL delegation has apparently approached this company and is pitching them on locating these employees here. Part of their pitch apparently is to offer this company 909 Chestnut, whether as just office space at a sweetheart deal or maybe to acquire the whole damn thing. This prospective company has the cash and financial wherewithal to properly invest in commercial real estate, so if they choose STL over other prospective candidate sites (including TX, OH, and DE), maybe they'd just buy it and throw their name on the roof. This information came from an interview made in public media, but I'm apprehensive to say what company this would be; after all, this is speculative and dependent on things that have yet to happen, and I don't want to spread anything that could be considered a rumor. That all said, getting this company to locate in STL would be farking huge, a game changer, and maybe is the reason for this building's acquisition to be stretching on.
https://www.bloomberg.com/news/articles ... -york-area
From Bloomberg:
Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, Texas; Columbus, Ohio; and Wilmington, Delaware
Would be interesting to know if JP Morgan is the company being talked about.
I know Jamie Dimon has been in town a bit recently for quiet meetings with people, but it could really be for anything. Chase Bank has aggressive expansion plans here, so his meetings could be related to that but I don’t think it is likely.
I know Jamie Dimon has been in town a bit recently for quiet meetings with people, but it could really be for anything. Chase Bank has aggressive expansion plans here, so his meetings could be related to that but I don’t think it is likely.
Might as well add some fuel to the fire:
https://kmox.radio.com/articles/news/jp-morgan-plots-move-new-york-st-louis-possibility
https://kmox.radio.com/articles/news/jp-morgan-plots-move-new-york-st-louis-possibility
This was from two weeks ago, seems like they knew the sale wasn't moving forward as planned.Steve Johnson, CEO of the St. Louis Economic Development Alliance, says: "One of the things they're looking for, and it's increasingly hard to find in major metros, is the affordability that St. Louis offers. What it means to the company is that they can employ people who actually can afford to own their own home. They can employ people who don't have to commute an hour to 90 minutes each way."
St. Louis also has a million square feet of office space immediately available in the skyscraper at 909 Chestnut, plus the density and transit access that larger cities boast but without the congestion.
I love it. This could definitely be a game changer. Fingers crossed.
guy parachutes off AT&T
Guy ran up all the stairs to the top to parachute off. No one noticed absolutely anything. Ran into his vehicle and drove away
Guy ran up all the stairs to the top to parachute off. No one noticed absolutely anything. Ran into his vehicle and drove away
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^That appears to be two shoots and two people. Impressive!
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JP Morgan moving a significant presence here would be the biggest news for this city in...maybe forever?