This deal is shocking and makes San Francisco’s real estate office market look stable
A 1.5 million SF skyscraper (AT&T tower) in St Louis is being auctioned w a starting bid of $2.5 million or <$2 SF 🤯
This is shocking given the building was sold by AT&T to a REIT for $205 million in 2006
Troubles began not long after the sale in 2006 as AT&T moved employees to nearby buildings w/ its HQ in Texas and far fewer employees in downtown St Louis
By 2017, the building was nearly vacant. That same year, the lender sued the owner and foreclosed on the property
Just last yr, the building sold for just $4 million at an auction – this is the second time the building is going to auction in the last 2 years
It’s truly going to be interesting to see what happens to all these office buildings located in prime, downtown/CBD areas…
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