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One of St. Louis’ Tallest Office Towers, Empty for Years, Sells for Less Than 2% of Its Peak Price

www.costar.com

Goldman Group Buys 44-Story Former AT&T Office Tower for $3.6 Million

By Mark Heschmeyer

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.

Read Full Article Here…(costar.com)


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