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An Entire Skyscraper In Downtown St. Louis Just Sold For Less Than An Apartment In New York

A 44-story high-rise skyscraper recently sold for $3.6 million, a fraction of its 2006 price, reflecting declining demand in the North American office market amid an emerging telecommuting trend.

The former AT&T Center, one of the tallest towers in St. Louis, Missouri, USA, which sold for $205 million in 2006, just changed hands again earlier this month.

The 1.46 million-square-foot building located on 909 Chestnut Street is now owned by Boston-based Goldman Group, CoStar reported on April 10.

(A St. Louis skyscraper sold at a steep discount amid shifting office market dynamics.)

(Image credits: Wikipedia)

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. To put this into perspective, an 8,200-square-foot commercial building located in an industrial zone of New York City is typically priced at $4.5 million, as per this Zillow listing.

Moreover, a 2,000-square-foot commercial building located in the heart of the Big Apple can cost about $4.1 million, as shown again on this Zillow listing.

(Image credits: Urban Angle)

The block on which the long-vacant St. Louis property sits was declared a decaying area by the St. Louis Planning Commission in 2023, the commercial real estate information news outlet mentioned.

SomeraRoad had reportedly proposed renovating the existing building to develop 306 apartments, 300 hotel rooms, and 37,000 square feet of retail, subsequently reducing the office square footage by 1.2 million square feet.

Despite plans for redevelopment, the St. Louis tower remains in a decaying area, with proposed renovations never coming to fruition

Image credits: Wampa-One/Flickr

Nevertheless, the real estate investor’s plan to redevelop the tower never materialized.

(Despite plans for redevelopment, the St. Louis tower remains in a decaying area, with proposed renovations never coming to fruition. Image credits: Wampa-One/Flickr)

(Image credits: FOX 2 St.Louis)

The AT&T Tower is the second-largest vacant office building in the US, and it has been empty since 2017, CoStar data showed. The largest empty office structure in the country is the 1.59 million-square-foot 5400 Legacy Drive in Plano, Texas.

(The tower’s value plummeted from $140 to $2.50 per sq. ft over 18 years, sharply contrasting NYC’s commercial property prices. Image credits: zillow.com)

Ref: An Entire Skyscraper In Downtown St. Louis Just Sold For Less Than An Apartment In New York (boredpanda)

Photo Credit: Wikipedia, Urban Angle, Wampa-One/ Flickr, FOX 2 St Louis, zillow