One of St. Louis’ tallest office buildings sells for only $3.6 million....2% of it's peak price

[1srelluc]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN

 

[JackOfNoTrades]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN

Got a newsflash for ya slugger, commercial real estate is a nightmare in ALL cities. Been heading that way since the pandemic sped the whole WFH thing up.
But you keep pluggin away!

 

[MarathonMike]

Migrant housing subsidized by the gubmint?

 

[Libby von H]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN

It is the Democrats, I lived there, I worked there. Democrats top to bottom. When they had that trouble in Ferguson (near me) it was getting better UNTIL Obama and Holder came in and made it horrific.

 

[Oddball]

Looks like it would have made an awesome condo project, were it not for downtown St. Louis (and most other major cities for that matter) being a shithole.

 

[1srelluc]

Migrant housing subsidized by the gubmint?

I doubt it.....Just tons of money pumped toward the usual leftist dem grifters.

 

[Leweman]

Are we sure it was a legal estimate?

 

[1srelluc]

Are we sure it was a legal estimate?

Well given it did not sell when put up before I suspect so.

 

[Leweman]

Well given it did not sell when put up before I suspect so.

Well ... it is st louis.

 

[jbrownson0831]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN

There were some nice downtown apartments built a number of years close to the baseball stadium, very expensive and top of the line quality. One of my best friends moved in and within a year was out of there.....gunshots and police sirens all night...bullet holes in the building outside. Certainly not the city I grew up in years ago.

 

[Donald H]

Of late, many will not find it particularly alarming or unexpected that Americans are referring to their big cities as shitholes.

 

[okfine]

I doubt it.....Just tons of money pumped toward the usual leftist dem grifters.

Do you doubt the building was only worth what someone paid for it?

 

[Rawley]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN

Wow. I didn't know St. Louis had turned into such a shithole.

 

[EvilCat Breath]

Scavengers are already taking buildings apart for wiring or pipes. That's dystopia.

 

[Concerned American]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN

Biden will house his newcomers in it..

 

[Concerned American]

Are we sure it was a legal estimate?

Hmmm, good point. Can you imagine the tax savings, selling for a little over 1% of its previous sales price?

 

[1srelluc]

There were some nice downtown apartments built a number of years close to the baseball stadium, very expensive and top of the line quality. One of my best friends moved in and within a year was out of there.....gunshots and police sirens all night...bullet holes in the building outside. Certainly not the city I grew up in years ago.

I suspect their leftist dem and BLM loving mayor approved of whitey moving out.

 

[mudwhistle]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN

It's called Gentrification.

Move a bunch of blacks into any neighborhood and watch the property values tank over night.

 

[San Souci]

Of late, many will not find it particularly alarming or unexpected that Americans are referring to their big cities as shitholes.

Since they are indeed shitholes ,there can be no argument.

 

[Weatherman2020]

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price

In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.

The former One AT&T Center, a 44-story high-rise totaling 1.46 million square feet at 909 Chestnut St., is now owned by Boston-based Goldman Group. The firm bought the property via CoStar Group's Ten-X auction exchange from SomeraRoad Holdings, a commercial real estate investor and developer that paid just $4.5 million for it two years ago. On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.

The block on which the long-vacant property sits was declared a blighted area by the St. Louis Planning Commission in 2023. SomeraRoad had proposed renovating the existing building to develop 306 apartments, 300 hotel rooms and 37,000 square feet of retail, thus reducing the office square footage by 1.2 million square feet.

The company's plan to redevelop the tower never materialized. Charles Goldman, principal of Goldman Group, wouldn’t disclose to CoStar what his firm intended to do with the property, saying his company was “still digesting the sale.” At 588 feet, the former One AT&T Center is taller than all but the 630-foot Gateway Arch monument in St. Louis and the 593-foot One Metropolitan Square office building.

Dem-run shit-hole gonna shit-hole.

They will convince the city and state (and maybe the feds) to give them money to redevelop the "blighted" area. Take the money, use it to pay off politicians and give bonuses to everyone in the C Suite, then declare bankruptcy. There's lots of grift to be had there.

Part of the "Doom Loop" I guess.

The Real Estate Nightmare Unfolding in Downtown St. Louis​

MSN