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AT&T Building in St Louis Just Sold
Posted on 4/12/24 at 8:44 am
Posted on 4/12/24 at 8:44 am
LINK
The Wall Street Journal reports that the AT&T Tower in St. Louis has sold for $3.6 million.
In 2006, it sold for $205 million.
The Wall Street Journal reports that the AT&T Tower in St. Louis has sold for $3.6 million.
In 2006, it sold for $205 million.
11
Posted on 4/12/24 at 8:45 am to Aubie Spr96
These work form home and hybrid schedules are killing commercial office real estate.
Posted on 4/12/24 at 8:48 am to Aubie Spr96
I can’t wait for the crash in the commercial mortgage industry.
We will be told that they are too big to fail so they must be bailed out.
2008 all over again.
We will be told that they are too big to fail so they must be bailed out.
2008 all over again.
This post was edited on 4/12/24 at 9:10 am
Posted on 4/12/24 at 8:50 am to GumboPot
quote:
These work form home and hybrid schedules are killing commercial office real estate.
Commercial real estate has been a zombie for 25+ years ...
The crisis that is to come in the CRE derivative quants will make CDO/MBS pale in comparison ...
Unless they start up 100 year leases ...
Posted on 4/12/24 at 8:50 am to Aubie Spr96
It must have some major repair issues, asbestos, etc.
Even in a bad real estate market, it should be worth way more than that. There are strip malls selling for more than that.
Even in a bad real estate market, it should be worth way more than that. There are strip malls selling for more than that.
Posted on 4/12/24 at 8:51 am to Achilles Hill
Something doesn't seem right about that number. That is a huge building.
Posted on 4/12/24 at 8:52 am to wareagle7298
With huge upkeep expense.
Posted on 4/12/24 at 8:53 am to wareagle7298
No one wants a 40+ story building in downtown at.louis.
They would rather go into a 10 story or less building in. Clayton or Chesterfield.
They would rather go into a 10 story or less building in. Clayton or Chesterfield.
Posted on 4/12/24 at 8:53 am to GumboPot
quote:
These work form home and hybrid schedules are killing commercial office real estate.
The whole work exclusively from home thing has always been strange to me.
The hybrid schedule is a little less foreign, because I know people who do it.
I've been at my job 60 hours a week for a quarter of a century though, so that's the norm I'm used to. I just think there's too much potential for "work from home" jobs to just dick around and do only the minimum requirements. But then again, I see the millennial and GenZ shift workers where I'm at and that's pretty much what they do when they actually show up to work and don't call in or just skip.
Sorry, I digress from the topic.
That is most definitely a drastic drop in perceived "worth". Much of this crap started with the Corrvid sanctions, too
Posted on 4/12/24 at 8:53 am to Aubie Spr96
We know. This was posted (and discussed) yesterday.
Posted on 4/12/24 at 8:54 am to Bjorn Cyborg
quote:
It must have some major repair issues, asbestos, etc.
Even in a bad real estate market, it should be worth way more than that. There are strip malls selling for more than that.
Per the thread yesterday, downtown STL is a ghost town and they don't have parking for the building.
Posted on 4/12/24 at 8:56 am to Bjorn Cyborg
quote:Someone in the other thread about this building said there was no parking tied to the building itself.
It must have some major repair issues, asbestos, etc.
Posted on 4/12/24 at 8:57 am to Diamondawg
Was there parking in 2006?
Posted on 4/12/24 at 8:57 am to TigerAxeOK
quote:
The hybrid schedule is a little less foreign, because I know people who do it.
I do it and love it.
Posted on 4/12/24 at 8:57 am to Achilles Hill
quote:That's why I use smaller regional banks to hold my cash.
I can’t wait for the crash in the commercial real mortgage industry.
Posted on 4/12/24 at 8:58 am to Bjorn Cyborg
quote:
Was there parking in 2006?
In 2006 all forms of RE were severely overpriced
Posted on 4/12/24 at 9:00 am to GumboPot
Ever since I started my own thing, I've been "hybrid" (at home right now).
There's no reason to force people into offices if they can do their work in other places, unless you have security reasons (like medical data, or title companies, etc) to require that sort of setup.
The people who proclaim they require an office are announcing they lack discipline.
There's no reason to force people into offices if they can do their work in other places, unless you have security reasons (like medical data, or title companies, etc) to require that sort of setup.
The people who proclaim they require an office are announcing they lack discipline.
Posted on 4/12/24 at 9:00 am to GumboPot
quote:
The hybrid schedule is a little less foreign, because I know people who do it.
We are technically hybrid, but they basically gave up on people coming in, and the managers just started hiring people from half-way across the country anyways. We downsized to a much smaller office and I can't say I go there much. I'm 51, and starting to look for one last job change that will hopefully ride me through to retirement, and the thought of going back to an office after 4 years of this is not very appealing.
Posted on 4/12/24 at 9:02 am to Bjorn Cyborg
quote:What was the crime like in 2006?
Was there parking in 2006?
Posted on 4/12/24 at 9:06 am to Bjorn Cyborg
quote:
Was there parking in 2006?
that thread just got bumped.
Yes, there was
quote:
AT&T had a parking garage partner. When AT&T left the building, the garage no longer wanted to partner with an empty building. So there’s just 44 spots in a small underground garage for a 44 story building.
This post was edited on 4/12/24 at 9:07 am
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