ST. LOUIS — Footwear retailer Caleres Inc. (NYSE: CAL) has plenty of options for a new headquarters in the region — but also outside of it, real estate professionals and site selectors said.
The company, with 700 employees here and roots dating to the 1870s, said earlier this month it would look to sell its nine-acre Clayton campus, at 8300 and 8400 Maryland Ave., and that "ideally" it would remain in the area.
Caleres' buildings include more than 340,000 square feet of office space. Though the company could look to downsize significantly, to between 125,000 and 175,000 square feet, that chunk of space still leaves few options among existing buildings, said David Steinbach, managing director for the St. Louis office of JLL, a real estate services company.
Remaining in Clayton could be possible at Forsyth Pointe, a $250 million office project at the corner of Forsyth and North Brentwood boulevards that is expected to be completed in early 2022, though Steinbach said Caleres would have to "move quickly."
Centene Corp., he noted, has also marketed some of its Clayton space.
There are more options downtown, the weakest office submarket by average rent. Bank of America Plaza, 800 Market St.; the vacant AT&T Tower, 909 Chestnut St.; and the former Hertz tower, 100 N. Broadway, could all accommodate Caleres, Steinbach said.
Depending on the timing of lease expirations, the corporate campuses near Maryville University in Town & Country and CityPlace in Creve Coeur could also work, he said.
But if those options prove undesirable, Caleres may need to work with a developer to build space to suit its needs, Steinbach said.
Click here for the full story.