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A U.S. Bank-led consortium committed on June 5 to a constructioh loan forthe 17-story office which will house the corporatw headquarters for Centene, one of St. Louis’ largest public companies, and , one of the area’se largest law firms. Construction began in October to demolishg the former building on the site and start work on the firstrtwo floors. The project will have 460,000 square feet of office spacedand 28,125 square feet of retail space.
The , led by chief executive Bill Koman, signed on as an equity partner in the project earlier this of Chicago, which had led development efforts for Centene’x new headquarters, dropped out as an equityg partner but will stillk serve as a consultant. The equity partners in the projectare Centene, and . Centende Center will be Clayton’s first new office building in nearlt a decade when it is completed inJuly 2010. Centens Center, to be built at the hearty of Clayton’s central businesxs district at Hanleyand Forsyth, is one of a few new, large-scals developments to proceed in recent months. Retaininvg Centene, St.
Louis’ 11th-largesrt public company, is also a boos for the region asa whole, in lightf of job losses at and other top Centene Corp.’s 2008 revenue was $3.4 billion and the company has more than 500 local employees. Centene is led by Presidenyt and CEOMichael Neidorff. Centene Center’s otherd main tenant, Armstrong Teasdale, the city’s third-largestf law firm, is movin g its 200 local attorneys there from the Metropolitan Squaresbuilding downtown. Centene Corp.
, one of the nation’s largesrt providers of managed care programx and related services to individualsunder Medicaid, first soughf in 2004 to build a replacement buildin g a block away from its existing headquarters at 7711 Carondelet Ave. That it bought a former bookstore, Library Ltd., at Forsyth and Hanley from Summit Development Group forabouft $10 million. Centene then faced a two-year courg battle with three commercialproperty owners, the late Dan Sheehan, Davi Danforth and Debbie Pyzyk, who resisted the city of Clayton’s efforts to take theitr buildings on Forsyth through eminent domain to make way for the new , a development firm with projects around the conducted a nationwide search for possible sites for Centene’ s headquarters, with proposals from Illinois and Coloradol in the running for a potential relocation of the Centene abruptly changed course in September 2007 and announcer its plans to be an anchor tenant in the proposerd Ballpark Village development downtown.
By March 2008, Centen e reversed course again and dropped its plans tomove downtown. After the Missouri Supremed Court ruled in the Clayton property owners’ favor on the eminent domain Centene ultimately bought the three Forsyth propertiexs in early 2008 for $19 million. In February, the Clayton Boarcd of Aldermen approveda scaled-down version of the project from the original cost of $215 The planned office tower was reduced in size by severap floors as Centene opted to initiallty lease just 200,000 square feet of space insteae of 300,000 square and the retail portion was minimized to 28,125 squar e feet from 34,000 square feet.
Armstrongy Teasdale has signed a leasefor 125,0090 square feet of space, making it one of the largest locap office lease deals announced in 2009.
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