Covid-19 hasn’t disrupted progress of a $35 million ground-up office development in Creve Coeur that’s secured its first tenant.
FM Global, a worldwide insurance company that’s currently based at Maryville Centre Office Park, is set to take the top floor of the four-story, 110,000-square-foot Class A office building at 12645 Olive Blvd. Construction of the project, called Edge@West, is underway, and FM Global could move in by November, said developer Larry Chapman.
When development of Edge@West launched over a year ago, its aim was to redefine the suburban office building — one that could attract technology and creative companies with open floor plans and amenities that are typically found in urban spaces such as the city of St. Louis’ Cortex district in Midtown.
Those modern spaces have netted higher than average lease rates for the region — $36.62 per square foot in Midtown compared with the metro area’s overall average of $25.43 for Class A office, according to the most recent research from JLL. In suburban St.Louis, Class A office space nets average rent of $26.23 per square foot.
CBRE First Vice President Tom Ray, who is marketing the project, said the signing of FM Global, neither a technology nor creative firm, underscores the universality of tenant demands with office space.
“To land a longstanding insurance company, that says something about the desire for amenities,” Ray said.
Chapman is taking the uncertainties of what a post-Covid office environment will look in stride, adding that several building elements were already designed to be touchless, he said, such as self-opening doors and swinging bathroom entrances so people don’t have to touch a handle to open the doors. Chapman also believes the outdoor amenities, like a putting green, bocce ball and basketball court, as well as rolling doors to open up the building in warmer months, will have newfound appeal for those sick of being stuck inside.
Meanwhile, Ray continues to market Edge@West for more tenants. That’s an area that Covid-19 has affected — the typical broker gatherings to show off the development and court prospectives haven’t happened due to stay-at-home orders.
Edge@West
Developer: Larry Chapman
General contractor: Clayco
Architect: LJC
Broker: Tom Ray of CBRE
