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

[The North One]

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

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

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...

https://www.costar.com/article/64200...its-peak-price

[The North One]

Saw this on twitter and thought it was pretty shocking (apparently there's a catch with the debt, not sure if that's even true but some were commenting about it).

This building has been talked about on here before and it seems like the saga is still ongoing. It also seems like things are pretty dire for downtown STL real estate. Could STL folks weigh in? What's going on?

[Steely Dan]

This situation has already been discussed extensively for the past couple days in the thread below:

https://skyscraperpage.com/forum/sho...250372&page=10

[Yuri]

Edit

[The North One]

Originally Posted by Steely Dan

This situation has already been discussed extensively for the past couple days in the thread below:

https://skyscraperpage.com/forum/sho...250372&page=10

Oh didn't catch that.