1015 Locust 1015-1023 Locust St 350,292 SF 100% Leased Office Building Saint Louis, MO 63101 For Sale

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.