You are right, sold in 2012,framer wrote:beer city wrote:
I have no idea what ATT has planned for Yellow, but my gut tells me it is not good.
AT&T no longer owns the Yellow Pages.
So I guess that those are the jobs (YP) that were moved out over the last couple of years, I guess that makes the remaining workers there still ATT employees?framer wrote:beer city wrote:
I have no idea what ATT has planned for Yellow, but my gut tells me it is not good.
AT&T no longer owns the Yellow Pages.
^ YP still has a presence but believe the equity firm that bought it moved executives out and downsize the work force.
ATT still has a presence also but significantly reduced. A big part of the layoffs, loss of ATT jobs downtown was ATT deciding to outsource a significant amount of the developemnet and technical work to third parties. Think another local company, AMDOCS. Believe a lot of the ATT employees were offereed jobs with the thirds parties. but many of those jobs were short lived as soon as the work outsourced was completed.
ATT still has a presence also but significantly reduced. A big part of the layoffs, loss of ATT jobs downtown was ATT deciding to outsource a significant amount of the developemnet and technical work to third parties. Think another local company, AMDOCS. Believe a lot of the ATT employees were offereed jobs with the thirds parties. but many of those jobs were short lived as soon as the work outsourced was completed.
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Well, 705 Olive is up for sale now that Anders is consolidating to BoA Tower.
http://www.bizjournals.com/stlouis/blog ... ml?ana=twt
I think such a distinctive, Louis Sullivan building needs a more distinctive name. Anyway, I wouldn't doubt a residential conversion as some speculate.
http://www.bizjournals.com/stlouis/blog ... ml?ana=twt
I think such a distinctive, Louis Sullivan building needs a more distinctive name. Anyway, I wouldn't doubt a residential conversion as some speculate.
More distinctive than "Union Trust"?roger wyoming II wrote:I think such a distinctive, Louis Sullivan building needs a more distinctive name. Anyway, I wouldn't doubt a residential conversion as some speculate.
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^ yes. Not sure when/why owners didn't use that any longer.
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Looks like HOK is entertaining moving out of the Metropolitan to another spot downtown... the Equitable at 10 S. Broadway (just south of Old Courthouse) was mentioned as a possibility.
http://www.bizjournals.com/stlouis/news ... f-met.html
I'm pretty sure they'll stay downtown but I do have mixed feelings of the corporate bleeding out of the core North of Market business district.... we need all hands on deck populating that area.
http://www.bizjournals.com/stlouis/news ... f-met.html
I'm pretty sure they'll stay downtown but I do have mixed feelings of the corporate bleeding out of the core North of Market business district.... we need all hands on deck populating that area.
Collier's latest market report adds on the AT&T impact even though its technically still under lease. As one can imagine, the vacancy rate explodes but its not all bad news for downtown as rates have risen and positive absorption is expected for the remainder of the year:
CENTRAL BUSINESS DISTRICT
St. Louis’ CBD currently has an overall vacancy rate of 20.4%, up 3.0 points from 17.4% in fourth quarter 2013. For Class A office, vacancy rates rose significantly from 13.3% a quarter ago to 20.1% currently. This sudden increase is due to AT&T’s transition from its downtown location at 900-928 Pine Street to various locations throughout the region, vacating approximately 700,000 square feet.
The good news is asking rental rates have maintained a steady increase over the last four quarters, currently landing at $18.09 per square foot for Class A space. With phase one of Ballpark Village complete, along with a number of other attractions and venues under construction, Colliers expects the CBD to see positive absorption throughout the remainder of 2014.
I'm not sure if the building that GSA told VA to vacate downtown (400 S. 18th) is currently accounted for in these types of reports as its leased fully to the feds, but either way the 125,000 sq. ft. building should also bring a hit to occupancy once its vacated. Hopefully this will be the rock bottom.
CENTRAL BUSINESS DISTRICT
St. Louis’ CBD currently has an overall vacancy rate of 20.4%, up 3.0 points from 17.4% in fourth quarter 2013. For Class A office, vacancy rates rose significantly from 13.3% a quarter ago to 20.1% currently. This sudden increase is due to AT&T’s transition from its downtown location at 900-928 Pine Street to various locations throughout the region, vacating approximately 700,000 square feet.
The good news is asking rental rates have maintained a steady increase over the last four quarters, currently landing at $18.09 per square foot for Class A space. With phase one of Ballpark Village complete, along with a number of other attractions and venues under construction, Colliers expects the CBD to see positive absorption throughout the remainder of 2014.
I'm not sure if the building that GSA told VA to vacate downtown (400 S. 18th) is currently accounted for in these types of reports as its leased fully to the feds, but either way the 125,000 sq. ft. building should also bring a hit to occupancy once its vacated. Hopefully this will be the rock bottom.
^ Also from the Collier's report, Class A rates are $18.09 downtown versus $25.25 in Clayton.
I bet a company could get AT&T space for a song and dance... still think GSA should offer to buy.
I bet a company could get AT&T space for a song and dance... still think GSA should offer to buy.
Crazy how different the downtown Minneapolis office market is.... Collier's reports that 1.61 million square feet of single-tenant office will be completed this year (1.4 million of that for a new Wells-Fargo HQ and smaller hqs for 2 energy firms). This will result in higher vacancy rates as the current multi-tenant buildings hosting these firms will be hit hard, but the trend of firms moving downtown will help as well.
I've heard Minneapolis has revenue sharing so it doesnt compete with its suburbs. A lot of the success the Twin Cities has had is a result of good governance, also it was a lot more racial and socioeconomically homogenous until the last couple decades.
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^ I really think Minneapolis is the type of city we should be looking at as an aspirational city.... they saw some pretty significant population declines in the 60s and 70s before stabilizing in the 80s and the Census estimates are up pretty nicely in recent years. Keep in mind that this is a smaller city geographically than ours. (St. Paul, too.)
It's a nice target, but let''s not forget the Twin Cities are home to the state capital and the main university campus. St. Louis would be a lot different if we had the same setup.roger wyoming II wrote:^ I really think Minneapolis is the type of city we should be looking at as an aspirational city.... they saw some pretty significant population declines in the 60s and 70s before stabilizing in the 80s and the Census estimates are up pretty nicely in recent years. Keep in mind that this is a smaller city geographically than ours. (St. Paul, too.)
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^ True. Pittsburgh also benefits immensely from UPitt.... we probably match them with WashU and SLU versus Carnegie-Mellon and Duquesne, but when they add on another top institution in Pitt they get a big step up. (And to a lesser extent the flagship design school downtown.)
Hopefully we'll see a lot of Gorloks downtown in a year or two, but I really do agree with jstreibel or whoever it is that really, really, really wants to see a major commitment to another university in the City.
Hopefully we'll see a lot of Gorloks downtown in a year or two, but I really do agree with jstreibel or whoever it is that really, really, really wants to see a major commitment to another university in the City.
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St.Louis is completely starting from scratch and the city has come a long ways.. Pittsburgh Minny and some other cities never went through a long population decline as we have. Downtown looks far much more better than in the 90s and even early 2000s . I think Minny is one of america's most beautiful cities and as stated it helps that St.Paul is the capitol. If Missouri would have kept the capitol in St.Charles i believe St.Louis and St. Charles would be completely different and St.Louis would be very vibrant. Adding another University is a good idea but don't see that happening. In all i feel we're on a verge of a major boom here and i completely think that we're in need of a new Office high-rise even if At&t tower is empty that will become occupied either sooner or later but getting a newer Office tower thats modern in design and has all the latest gadgets would put downtown a step in the right direction when it comes to new Office buildings.. ..
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Here is a modest 18 story office tower going up in downtown Milwaukee.... its replacing a parking garage and will be anchored by Irgens and a number of other companies wanting new modern space will be moving in as well.
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Its not the greatest design, but I certainly think our downtown can use something like this. All we need is a company like Bunge to step up and make the anchor commitment, Some of the companies surely would be musical chairs (HOK is looking for new downtown space, e.g.) but getting new Class A might also be able to lure some new to downtown and retain others.
Its not the greatest design, but I certainly think our downtown can use something like this. All we need is a company like Bunge to step up and make the anchor commitment, Some of the companies surely would be musical chairs (HOK is looking for new downtown space, e.g.) but getting new Class A might also be able to lure some new to downtown and retain others.
Who here works downtown and takes the 44 home? Is downtown traffic bad at 5pm? Just saw tucker backed up all the way to city hall...is that normal?
Maybe that'll happen soon. Just noticed this http://www.colliers.com/p-usa1003542roger wyoming II wrote:Its not the greatest design, but I certainly think our downtown can use something like this. All we need is a company like Bunge to step up and make the anchor commitment, Some of the companies surely would be musical chairs (HOK is looking for new downtown space, e.g.) but getting new Class A might also be able to lure some new to downtown and retain others.
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^ interesting development for the Muny Courts. Not new construction, but it would be nice if they can make a go of it with office.... I also like that the idea of putting a mixed-use building to the south as it would enhance the overall area.
