urbanSTL

I thought Emerson had been looking for a new headquarters space around STL for awhile. 

I didn't even consider them as a possibility to move outside the region. 

We’ll-said Goat!

Emerson sounds like a perfect fit for the Caleres site in Clayton. The timing sounds right too. 

^ I was thinking the same thing. 3 year lease at current campus gives time for the build out. 

Zero chance they move to KC. Locations that make sense are Texas, Minneapolis, and Boston. Ultimately, I think they stay in STL and move to the Central Corridor. Glad to hear Jason Hall and team are on this. 

There are things happening at a macro level that St. Louis leaders can’t control. Centene cutting a million sqft makes sense. Emerson evaluating it’s million sqft and needs 3-5 years from now makes sense.


Cerner plans to ditch most of its Kansas City real estate after merger with Oracle, 3M sqft.

https://amp.kansascity.com/news/busines ... 90372.html

Is location/relocation even Emerson's decision to make? Or does it come down to what BlackRock wants for them? If the latter, they're going to go wherever they get the best ROI for BlackRock/other shareholders, who are driven exclusively by value extraction and couldn't give two shits about StL or anywhere/anything else.

It's no Blackrock, it's Blackstone, and they simply purchased part of Emerson, not the entire company. 

SB in BH wrote: ↑

Nov 01, 2022

Is location/relocation even Emerson's decision to make? Or does it come down to what BlackRock wants for them? If the latter, they're going to go wherever they get the best ROI for BlackRock/other shareholders, who are driven exclusively by value extraction and couldn't give two shits about StL or anywhere/anything else.

There seems to be so much confusion here

Blackstone bought 55% of Climate Technologies and as part of that CT bought the campus from Emerson and Emerson leased its current space there, when Emerson leaves, CT will stay where it’s at.   To make things a bit more confusing, Emerson now owns 45% of CT.

Blackstone has no say over what Emerson does,  in 5 years when Blackstone off loads it’s 55% steak in CT it may move?

^Thanks. 

Biz Journal reporting Emerson has listed their Winfield retreat property. While they claim they have not used it in some time, on the flipside, they chose not to sell the property in the past for whatever reason. It understand it could be part of their plan to narrow their focus, but they are dumping the local properties.

^which likely means this restructuring plan has been in the works for some time.

^ Well, we know a tad bit more about their restructuring plan than we did in FEB. The fact that they are exploring all options, including out of town options, is never good. What city wouldn't go after a large Fortune 500 company that is now in play. 

Agree, this is routine in the biz - world especially after Covid. However, we've been here before. There has to be a sense of urgency from local leaders. That seems to be the case, but time will tell if a deal can be struck to keep them here. This would be a blow to the region to lose another one of our legacy Fortune 500 companies. Hopefully, this is an attempt to get the best deal locally on their new smaller, post-covid campus. 

^ I am not panicking either. We are early in the process. As long as the local leadership is on this, that is all we can ask. 

I think where the skepticism comes from is the fact that we have such fractured and dysfunctional government here. I can't blame those who choose to react that way. While we do have some cooperating entities working on this, I cannot blame some for feeling the way they do. 

To be fair, I think there's a great deal of weariness from probably everyone, everywhere in the country at the process of "exploring all the options" and doing their "corporate due diligence." You hear about it mid-year, you sweat through the fall, and the pink slips roll in just in time for the holidays. I can't believe this is truly unique to St. Louis. It's a global problem, and quite a lot of people in quite a lot of cities have been screwed by the process. The fact that the haves hold our 401Ks over our heads and say "See? We do this for you!" doesn't really help much. It's hit older cities with more unionized workforces harder. Ours is less and less unionized all the time, and Missouri is more of a  "low tax" and "right to work" state every year, so surely we'll be New South style "winner" eventually. (When somebody strikes [more] oil below the clay mines, maybe.)

https://www.stltoday.com/business/local ... 734b1.html

"Emerson President and CEO Lal Karsanbhai, who has a residence in Ladue, holds an economics degree from the University of Michigan and a master’s degree in business administration from Washington University. He is carrying out a term on the board of directors at the St. Louis Federal Reserve that ends in December 2024.

Karsanbhai is on the board of directors of Greater St. Louis, and was active in the group’s efforts to secure direct flights from St. Louis Lambert International Airport to continental Europe, Hall said."

^I feel like the airport redevelopment is moving ahead on schedule. There's not much to show yet, but they seem to be lining up their ducks properly. Looking forward to taking my own first post-plague flight in a couple of months. I'm pretty comfortable with the way RHN is running the place.

Well at least Blackstone will be keeping the spinoff firm HQ'd at the current Emerson Campus in Furgeson.

A spokesman for private equity giant Blackstone, which is acquiring a majority stake in Climate Technologies in a deal that values the business at $14 billion, says the spinout will operate from Emerson’s campus in Ferguson once the deal closes, likely in the first half of 2023, the spokesperson said. The new ownership of Climate Technologies is also buying Emerson’s Ferguson headquarters, with Emerson signing a three-year lease there as it scouts other headquarters locations, both in St. Louis and elsewhere.

While Climate Technologies plans to locate its corporate base in St. Louis, questions remain about the soon-to-be standalone company, including how many people it will employ and its future ownership plans for Emerson’s campus in Ferguson.

https://www.bizjournals.com/stlouis/news/2022/11/04/climate-technologies-blackstone-emerson.html