Gilsanz Murray Steficek’s Post

I've seen a lot of reporting from the Post Dispatch about the State's decision to sell the historic Wainwright Building in Downtown St. Louis and I think it's time someone set the record straight - this is an opportunity and a good thing for St. Louis. Wainwright was the first skyscraper West of the Mississippi, designed by Dankmar Adler and "The Father of Skyscrapers" Louis Sullivan. It was a beacon of growth and demonstrated St. Louis's place in the world as a global leader in innovation and opportunity. Architect Frank Lloyd Wright, who worked for Sullivan, called the Wainwright Building "the very first human expression of a tall steel office-building as Architecture." Here are the important facts about Wainwright everyone needs to know: 1) In 2023, of the 400 employees "stationed" at Wainwright, the State estimated that only 172 daily employees were working in Wainwright. Out of a capacity of more than 850 employees. Wainwright has for years been a largely vacant office space - exacerbated by remote work. 2) The Michael Keathley building in the City's Midtown neighborhood, at the corner of Chouteau and Compton, has also been operating at roughly 25% capacity. If you hit a ball hard enough at the City Top Golf, you might land a ball in the Michael Keathley parking lot, but you're unlikely to hit anyone. 3) The state was approached by an interested buyer for Wainwright prior to public notice of its sale. The potential buyer expressed an intention to convert the largely vacant building into residential. Now that the building is up for auction, other buyers may also enter the fold. Finally, the Mill Creek State Office Building on Jefferson was 90% full and the State did not intend to sell the building. However, a buyer approached the state and offered a price at market rate as they intend to develop the land. If you look at a map, I'd bet you can figure out who the buyer is. The conversion of zombie office buildings and vacant office space into residential buildings is at the core of City, GSL, and State plans for the continued revitalization of Downtown St. Louis. Wainwright takes up a full city block in the heart of Downtown. It has been a laggard for economic growth in St. Louis and the State should not be operating an office building in the City's Downtown core at 20% of its capacity. Nor should the state be operating a building at 25% capacity in the heart of dynamic economic growth in the City's Midtown and Gate neighborhoods. Consolidation of the building's offices needed to happen both for the benefit of Missouri taxpayers and the benefit of economic growth in St. Louis. Michael Keathley will now operate at 90% capacity and its employees will be lunch and dinner patrons in Midtown, The Gate, and adjoining neighborhoods. Wainwright, revitalized with historic tax credits into a vibrant and amenitized residential building in the heart of Downtown, will soon return to its status as a beacon of growth - just as it was built to be.

Alongside other industry experts, our UK Head of Commercial Development and Project Management Nick Clare recently took part in a Property Week roundtable which explored best practices for delivering high-quality, future-proof offices in a fast-changing world for the workplace industry. The panel discussed evolving requirements such as flexible work patterns, travel times, and net-zero ambitions and how these impact: 👉 office location 👉 how to create appropriate spaces 👉 contributing and relating to the immediate neighbourhood 👉 addressing sustainability and embodied carbon and how this influences the ability to let office buildings 👉 and the changing responsibilities of architects and designers. On the theme of office location, Nick said: “We are seeing more people focused on transport and getting to the office. It’s certainly more important now than ever, to try to get people back into the working environment, and into the office. The location (in relation) to transport hubs is a huge driver – nobody wants to travel two and half hours to and from work.” Other panellists included experts from TP Bennett, Montagu Evans, and Argent LLP. RICS, Squarebrook, Travers Smith, Ivanhoé Cambridge, CO-RE and Property Week. Read more below. #office #workplace #RealEstate #CommercialDevelopment

Progressive Insurance is making waves in the real estate market with plans to sell its original suburban office campus in Mayfield Village. Conor Coakley said, "My gut is it’s really a redevelopment play, whether or not you can reuse 1990-vintage buildings is one question. The question will be what type of uses Mayfield Village will consider for it. Could it go for big box retail or warehouses? Or residential?" Read more from Crain's Cleveland Business about this strategic move and the evolving landscape of corporate real estate. https://lnkd.in/gaUtPwG9

Clarifying because I've recently noticed variations within listings: Gross Area or Gross Leasable Area (GLA) refers to the total square footage of a building. It doesn't include the size of the land, which is usually listed in acreage. It’s used for estimating property insurance among other building service costs. For example, 100,000 SF gross equals the total area of the building. Net Rentable (NRSF), Net Leasable (NLSF), or Rentable (RSF) space refers to the portion of the building that actually generates income, excluding common areas like hallways. So, a building with 100,000 SF GLA might have about 80,000 NRSF of climate-controlled storage due to the exclusion of hallways, offices, and loading areas. A side note—this is why converting industrial spaces in Southern California often doesn't make financial sense. If both storage and industrial spaces command $2.50 per square foot, and storage allocates about 20% of the GLA to non-income-producing space (hallways), it faces larger vacancy factors and collection allowances, and higher operating expenses. Therefore, local climate-controlled 10x10 storage rents per square foot must be significantly higher than alternative asset-types in order for storage to be the highest and best use if they share the same zoning. --- Typically, parking is not included in GLA or NRSF calculations because it is not part of the building, even if it generates income. With self-storage properties, only fully enclosed parking areas are typically counted as Building SF. Covered (canopy) and open space parking are not included.

"Though the U.S. office market is in meltdown mode with soaring vacancy rates, you wouldn’t know it at WSA. The leasing office has filled the building without ever putting up a listing." From the outside, 161 Water Street appears as a relic of 1980s New York, when big banks and financial institutions ruled the downtown scene. But inside, the building has undergone a full transformation into a "stylish creative mecca," drawing in innovative companies and ambitious, dedicated workforces to Lower Manhattan. Employees who work for WSA tenants – such as Bode , Care of Chan , Ghia and many more – are treated to amenities that make returning to office life a luxury. Complimentary matcha and fresh fruit are wheeled around in the mornings, followed up by oysters and truffles in the afternoon. An in-house florist makes the halls smell of orange blossom. A gym, spa and canteen are being added soon. Read more in The Wall Street Journal about how WSA is changing both the landscape of post-pandemic office culture, but also the neighborhood itself:

📅 Meeting timelines. 👷 Minimizing disruption. 💰 Managing budgets. The James Center renovation shows how choosing the right temporary wall system can make all the difference. Read the case study to learn why they opted for STARC—and how it paid off. #RenovationSuccess #TemporaryWalls #SmartSolutions #UndisruptRenovation

⚡ Highlight news in the NYC real estate market. 🏙️ The 16-floor, 80,000-square-foot office building at 15 W. 36th St. has been sold to Pyrus Management, a firm well-known for its impressive portfolio across Manhattan and Williamsburg. Read in full below at New York Business Journal: https://lnkd.in/e4hiz-gm #RealEstate #NYCRealEstate #CommercialRealEstate #PropertyManagement"

🌟 Jones Day Chooses South Station Tower 🌟 I am thrilled to announce that Jones Day, one of the most prestigious global law firms, has selected the South Station Tower Tower, developed by the visionary team at Hines as their new Boston home! This milestone underscores the tower’s position as the ultimate destination for organizations that value excellence, connectivity, and innovation. 🏢⚖️ As a consultant on this transformative project, I am proud to work alongside Hines, whose commitment to world-class design and development has brought this architectural masterpiece to life. South Station Tower exemplifies the very best of luxury residential living through the Ritz-Carlton branded residences, while delivering state-of-the-art commercial spaces designed for the next generation of industry leaders. This is not just a building—it’s a vision brought to life, where people connect, collaborate, and thrive at the intersection of history, transit, and innovation. From the unparalleled sky park oasis to its seamless integration with Boston’s busiest transportation hub, South Station Tower demonstrates what’s possible when Hines’ visionary leadership meets Pelli Clarke & Partners’ architectural brilliance. It’s an honor to play a key role in shaping the story of this landmark project, which will define Boston’s skyline and urban fabric for generations to come. #SouthStationTower #RitzCarltonResidences #BostonLuxuryLiving #GlobalConnectivity #TransitOrientedDevelopment #PelliClarkePartners #Hines #UrbanInnovation #ElevatedDesign #BostonRealEstate #ArchitecturalExcellence #QualityRedefined #DuneRealEstatePartners https://lnkd.in/gGd-gn7D

For Sale | Improved Asking Price: $17,800,000 | 8729 Aisne Street, Vancouver, BC | Site Size (approx.): 1 Acre (43,560 SF) Presenting a significant price reduction on an exclusive 1-acre industrial/office development site situated within Vancouver's Marine Landing submarket. This prime location is close to Highway 99, Highway 91, and SW Marine Drive, with seamless connectivity to Burnaby, Richmond, New Westminster, and Delta. The current I-2 zoning allows for up to 3.0 FSR, permits an industrial/office redevelopment of up to 130,680 SF and a height of up to 60 feet. With the expanded I-2 zoning, permitted office uses now include medical, dental, real estate, insurance, legal, accounting, and various other professional services. This site is situated perfectly for developing a mixed-use building with diverse office uses or a specialized medical or professional facility for an owner-user. Don’t miss this opportunity to develop in a highly coveted location with exceptional potential! Highlights: • Expanded I-2 Zoning: permitted office uses including medical, dental, real estate, insurance, legal, accounting, and numerous other professional services. • Development Potential: up to 3.0 FSR, permitting a mixed-use industrial & office development. • Assembly Potential: opportunity to assemble with 754-762 SW Marine Drive for additional frontage along SW Marine Drive. • Abundance of Nearby Amenities: close proximity to Vancouver Airport, numerous hospitals, dining establishments & Marine Drive SkyTrain station. • Significant Neighboring Developments: including a new Amazon facility, Marine Gateway & Forum by Chard. View full brochure here: https://lnkd.in/gc5GVjYE For more details, please connect with Kelvin Luk, Derek Nystrom, William Maunsell, or visit www.lukrealestategroup.com.