ST. LOUIS — Two local companies are staying downtown after renewing their office leases.Â
Steph Kukuljan and other business reporters bring you insights into ºüÀêÊÓƵ-area real estate and development.
Brown & James signed a 10-year deal to remain at the Bank of America Plaza on Market Street. The law firm will occupy 30,000 square feet.Â
And architecture firm Oculus signed a five-year deal for 15,000 square feet at Gateway Tower, which overlooks the Arch grounds.Â
The deals come as office occupancy in downtown ºüÀêÊÓƵ and the region at-large remains stagnant, year-over-year. Downtown reported occupancy at 78.1% and the region at 82%, according to the latest data from real estate firm Cushman & Wakefield.Â
John Warren of Cushman & Wakefield represented both tenants in the renewals. He said Brown & James had looked at space in the suburbs but decided to remain downtown due to its walkability.Â
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The law firm, he added, is aware that the building’s lender foreclosed on the property owner, California-based Positive Investments, after it defaulted on its loan.Â
Newmark Zimmer represented Gateway Tower in its deal.Â
David Steinbach of JLL represented Positive Investments in its lease with the law firm.Â