1015 Locust Street

Highlights:

• Offered at an extremely attractive basis w/ significant in-place NOI
• Assumable debt for qualified purchasers at a 5.39% interest rate (contact brokers for details)
• Large-scale Downtown St. Louis asset: 350,292 SF
• 47.19% occupied - meaningful lease- up upside
• Top stack of building can be vacant by Q1 2028 for redevelopment
• Strong in-place cash flow from long-term data center lease on lower floors (3rd floor + portion of 5th floor)
• Located in an Opportunity Zone; potential for Federal and MO Historic Tax Credits
• On-site 170 space parking garage

Description:

1015 Locust Street is a large-scale, multi-tenant building located in Downtown St. Louis. The property totals 350,292 SF (GBA) and offers efficient floor plates and flexible layouts that can support a variety of future configurations. The building includes on-site structured parking, an important differentiator in the downtown environment for both office leasing and future residential execution.
The asset is currently operated as a multi-tenant property with significant in-place cash flow and meaningful vacancy, creating immediate upside through leasing, repositioning, or conversion.
Despite the high vacancy, in-place income supports a strong current yield and provides downside protection while a buyer executes its business plan. Confidential rent roll & financials will be provided to qualified buyers following execution of a confidentiality agreement.

Investment Summary:
1015 Locust Street is a 350,292 SF (Gross Building Area) Downtown St. Louis asset offering a compelling basis-plus-optionality opportunity for both value-add office investors and adaptive reuse developers. The property is being brought to market unpriced and at an exceptionally attractive basis relative to replacement economics. Importantly, the existing tenant roster produces significant in-place cash flow, resulting in a strong in-place yield even at elevated vacancy.
For qualified purchasers, the offering includes highly attractive assumable debt with a 5.39% interest rate; please contact the brokers for additional details. The property is also located within a designated Opportunity Zone and is potentially eligible for State and Federal Historic Tax Credits.
The building is currently 47.19% occupied and features a new, long-term lease with a credit- quality data center tenant occupying the 3rd floor and portions of the 5th floor.
Along with additional existing tenancy, the current occupancy provides significant in- place cash flow that meaningfully reduces carry risk while a buyer executes either (i) an office lease-up strategy or (ii) a substantial office-to-residential (or other alternative use) conversion. Combined with assumable financing for qualified purchasers, the property offers a differentiated risk-adjusted profile for both hold-and-improve and redevelopment business plans. The top stack of the building can be vacant by Q1 of 2028 for redevelopment purposes.

1015 Locust is located in Downtown St. Louis in the center of the region’s primary convention, sports, and entertainment corridor. The location offers strong walkability and access to Downtown’s dining, hospitality, and civic amenities, supporting both office leasing and urban residential demand.
Downtown has seen meaningful, targeted public and private investment focused on improving connectivity, increasing event-driven visitation, and adding new residential density. These initiatives are strengthening the long-term case for adaptive reuse and value-oriented office space in the urban core.

Notable momentum and large-scale projects in and around Downtown include:

- America’s Center Convention Complex (AC Next Gen) expansion and modernization completed in early 2025 (approximately $240M), including a new exhibit hall and improved event infrastructure.
• Next NGA West (N. St. Louis): ~$1.7B federal campus at Cass Ave & N. Jefferson Ave, expected to bring ~3,150 employees (move timeline cited as 2026) and located approximately 1.4 miles north-northwest of 1015 Locust
• 7th Street corridor improvements completed in 2025 connecting Ballpark Village to Washington Avenue and America’s Center, with widened sidewalks, upgraded lighting/landscaping, and protected bike lanes.
• Gateway Arch Park Foundation selected The Cordish Companies for a $670 million redevelopment of the former Millennium Hotel site at the Gateway Arch edge, designed to improve pedestrian connections between Downtown and the Arch grounds.
• Construction began in 2025 on the conversion of 1001 Locust Street into approximately 60 apartments, underscoring momentum for office-to- residential repositioning in the immediate area.
• Several blocks to the West, the new St. Louis MLS stadium, officially named Energizer Park (formerly CityPark and Centene Stadium), was completed in November 2022. The total construction cost for the stadium was approximately $457.8 million.
Recent economic indicators also point to improving Downtown activity: consumer spending across the three ZIP codes that comprise Downtown exceeded $1.8 billion in 2024, the highest level since 2015. Combined with ongoing public-private reinvestment and conversion activity, the area offers a compelling backdrop for buyers seeking both current yield and long-term repositioning upside.

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