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1015 Locust 1015-1023 Locust St 350,292 SF 100% Leased Office Building Saint Louis, MO 63101 For Sale
Investment Highlights
- Offered at an extremely attractive basis w/ significant in-place NOI
- Located in an Opportunity Zone; potential for Federal and MO Historic Tax Credits
- Strong in-place cash flow from long-term data center lease on lower floors (3rd floor + portion of 5th floor)
- Assumable debt for qualified purchasers at a 5.39% interest rate (contact brokers for details)
- Top stack of building can be vacant by Q1 2028 for redevelopment
- Ability to expand data center use - 10 MW of capacity; currently only using 1 MW. Room generators and HVAC/Cooling.
Executive Summary
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.
Property Facts
Amenities
- Banking
- Controlled Access
- Conferencing Facility
- Dry Cleaner
- Food Service
- Property Manager on Site
- Security System
- Reception
- Air Conditioning
- Backup Power / Generators
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
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- Professional, Scientific, and Technical Services
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Jan 0000
McGlynn Law, LLC grew out of a McGlynn family legal practice that has passed through four generations and has represented local, regional, national, and international corporations in courtroom matters for more than a century. The firm focuses on complex litigation, with work centered on defending product liability and toxic tort disputes and other civil defense matters. The firm handles serious accident and catastrophic injury defense work, maintaining a litigation practice that addresses a range of dispute types. McGlynn Law maintains a courtroom-oriented presence for corporate clients in matters that extend beyond a single market and into broader regional and national disputes.
- Massie, Fudemberg, Goldberg L.L.C.
- Professional, Scientific, and Technical Services
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Jan 0000
Massie Fudemberg Goldberg is a Saint Louis accounting firm that provides accounting and tax preparation services for individuals and small businesses. The firm also handles consulting, business planning, auditing, bookkeeping, payroll-related work, and financial statement preparation, giving it a broad mix of compliance and advisory services. A long-standing local practice, the business has operated for decades and continues to serve clients through professional accounting services. The firm maintains an active focus on tax planning, tax return preparation, and financial statement support.
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- Professional, Scientific, and Technical Services
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Jan 0000
MRHFM began as a law practice built around mesothelioma litigation and later grew into a firm known for handling asbestos-related claims for victims and families. The company focuses exclusively on mesothelioma matters, including litigation, claims filing, compensation recovery, and case investigation, with attorneys and investigators dedicated to that practice area. MRHFM maintains a nationwide presence and supports clients through consultations, evidence gathering, and legal representation tied to asbestos exposure cases. The firm's team includes attorneys with substantial mesothelioma experience, and the business continues to center its work on this single vertical across the United States.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
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Professional, Scientific, and Technical Services | - | - | Jan 0000 | ||
| Massie, Fudemberg, Goldberg L.L.C. | Professional, Scientific, and Technical Services | - | - | Jan 0000 | ||
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Professional, Scientific, and Technical Services | - | - | Jan 0000 |
Property Taxes
| Parcel Number | 0281-00-0030-0 | Improvements Assessment | $1,331,100 |
| Land Assessment | $248,100 | Total Assessment | $1,579,200 |
Property Taxes
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1015 Locust | 1015-1023 Locust St
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