Former General American Headquarters to be Renovated

One of Downtown St. Louis' most recognizable and architecturally significant buildings is about to get a rebirth.

700 Market, a leading example of famed architect Philip Johnson's Modernist style of the 1970s, is being renovated for sale or lease. Local developer Balke Brown Associates will market the 128,250-square-foot building, with a lease rate of $21 per square foot. The building's owner, New York-based Centaur Properties LLC, plans to invest $7-10 million to redevelop the property in accordance with a tenant or purchaser's requirements.

"This is truly a one-of-a-kind property with a distinctive image," said Mike Donovan, a principal with Balke Brown. "Philip Johnson was one of the most influential architects of the 20th century. As a result, this building is listed on the National Register of Historic Places, even though it only dates back to 1978." Donovan added that the historic designation would help developers secure state historic tax credits, which he said can flow to the eventual purchaser or tenant. "This is the youngest structure on the National Register," he noted. "It is also one of the few Class A buildings for sale downtown."

Originally built as the corporate headquarters of General American Life Insurance Company, the five-story building covers an entire city block. Its western façade features a raised triangular section with a dramatic cylindrical lobby area that rises more than 100 feet. Its distinctive design echoes many of Johnson's Modernist principles, including a rejection of symmetry and an emphasis on architectural volume over mass.

"Johnson was known for creating not just structures, but works of art," said Donovan. "His work includes the AT&T Building in New York with the famous ‘Chippendale' top, PPG Place in Pittsburgh, the IDS Tower in Minneapolis, and the Crystal Cathedral in California. Like all of these buildings, 700 Market's unique look and flexible design make it another in a long line of signature buildings created by this architectural master."

"With the continuing rebirth of Downtown St. Louis, we believe the timing is good to market 700 Market," he added. "Here we have an established building with all of the appeal, location and amenities of Ballpark Village and other planned sites, but without having to wait for their development. With the gradual rebound in the economy and all of the other enhancements taking place in the downtown area, this is an ideal location for any company looking to establish or expand its downtown presence, he added.

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