St. Louis’ main economic development group announced a 10-year lease in the city’s downtown area.
Greater St. Louis Inc., a group of investors and business strategists focused on driving long-term economic growth in the city, is moving to the 22nd floor of One Metropolitan Square, according to a Wednesday news release.
The group currently works from the 13th floor, but the move is part of its effort to “scale up” its team and demonstrate the importance of downtown to the city, CEO Jason Hall and board of directors member Ola Ayeni said in the release.
Greater St. Louis was founded in January 2021 with the combination of five St. Louis economic development, investment and civic educational organizations. It is guided by its jobs plan released last year to boost employment and rejuvenate downtown, the release said.
The announcement comes as the city is facing company exits and rising vacancies. In July, vacancies in St. Louis’ central business district hit 18%, according to real estate firm JLL. The same month, St. Louis law firm Brown & Crouppen announced it is leaving downtown to build an office space in a St. Louis neighborhood. Marketing firm Elasticity recently announced it is leaving the city as well and called on city leaders to address break ins.
Greater St. Louis is moving into the previous office of WeWork, a New York-based company that provides virtual and physical workspaces. The company left the city in July to limit operating expenses.
A handful of other organizations moving into downtown or developing infrastructure in the city were referenced in the release. The U.S. Department of Agriculture announced a relocation of more than 1,000 employees to One Metropolitan Square in 2020. Peabody Energy, a St. Louis-based coal and steel producer, announced last month its global headquarters will remain in St. Louis.
Greater St. Louis expects to move into its new space in the spring of 2023.
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