National System buys downtown building, plans renovations
St. Louis Business Journal
Heather Cole
02/23/05
Advertising company The National System Inc. will move the 130 employees occupying its offices in Westport this summer to its recently acquired downtown building.
National System purchased the six-story, 158,000-square-foot building at 2300 Locust Feb. 11 and plans to spend about $11 million to renovate the fourth and fifth floors before moving in, said Mark Mantovani, president and chief executive. The company is seeking $1.8 million in tax increment financing to do the renovations.
The second and third floors will be used for warehouse space for the time being, and the sixth and first floors already were renovated by former owner SJI Cos., a promotions company that likely will leave the building this summer. Mantovani declined to give the sale price, but real estate sources said it was less than the $8.5 million SJI spent on its renovations to the building.
The National System Inc. occupies 22,000 square feet at Westport and has about 20 employees in 4,000 square feet at an office in Soulard, which will remain open. The company has been looking for a place to move for some time, but outgrew each prospective office in the several months it would take to get a deal signed, Mantovani said. The new building will sustain National System's growth and is in the city's central corridor, so the company can draw employees from all parts of the community, he said.
"We're excited by the whole renaissance going on in the city," Mantovani said
National System will pay the city's 1 percent earnings tax for its employees, he said.
The deal is fairly rare in a downtown market that's seen considerable residential development in the form of loft conversions, but little activity in the office market.
With $13.7 million in billings in 2003, National System Inc. ranks as the largest advertising agency in St. Louis, according to the St. Louis Business Journal Book of Lists.
Links:
National System Inc.
National System buys downtown building, plans renovations
St. Louis Business Journal
Heather Cole
02/23/05
Advertising company The National System Inc. will move the 130 employees occupying its offices in Westport this summer to its recently acquired downtown building.
National System purchased the six-story, 158,000-square-foot building at 2300 Locust Feb. 11 and plans to spend about $11 million to renovate the fourth and fifth floors before moving in, said Mark Mantovani, president and chief executive. The company is seeking $1.8 million in tax increment financing to do the renovations.
The second and third floors will be used for warehouse space for the time being, and the sixth and first floors already were renovated by former owner SJI Cos., a promotions company that likely will leave the building this summer. Mantovani declined to give the sale price, but real estate sources said it was less than the $8.5 million SJI spent on its renovations to the building.
The National System Inc. occupies 22,000 square feet at Westport and has about 20 employees in 4,000 square feet at an office in Soulard, which will remain open. The company has been looking for a place to move for some time, but outgrew each prospective office in the several months it would take to get a deal signed, Mantovani said. The new building will sustain National System's growth and is in the city's central corridor, so the company can draw employees from all parts of the community, he said.
"We're excited by the whole renaissance going on in the city," Mantovani said
National System will pay the city's 1 percent earnings tax for its employees, he said.
The deal is fairly rare in a downtown market that's seen considerable residential development in the form of loft conversions, but little activity in the office market.
With $13.7 million in billings in 2003, National System Inc. ranks as the largest advertising agency in St. Louis, according to the St. Louis Business Journal Book of Lists.
Links:
National System Inc.
National System buys downtown building, plans renovations




