Rumors are circulating this morning that AT&T (formerly SBC) has or is going to place their downtown office buildings on the market. At one time St. Louis was the headquarters for SBC until the firm relocated to Dallas San Antonio.
More as the story unfolds…
– Steve
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A friend of mine that works at AT&T received the same information in a company-wide email this morning. He said it was to be made public later today. He said they were all joking about putting a Remax balloon on the roof and outfitting their cubicles with granite countertops and stainless steel appliances.
This could just be a shell game and accounting hoo-doo-voodoo but what does it say about AT&T’s committment to downtown St. Louis? Selling the building and leasing it back sure makes it a lot easier to cut and run, don’t ya think?
Maybe a new owner/developer will actually care about the street presence and entice retailers to the storefronts of that building. They (SBC, AT&T) sure don’t seem to care about the storefronts. Maybe it will actually be a good thing (until they decide to move, of course).
AT&T has acquired a significant amount of real estate over the years of acquisitions. They are also looking to do a sale/lease-back for their campus in New Jersey. Last year, they did a similar transaction for their regional headquarters near Chicago. Their headquarters building in San Antonio is also leased.
MH may be referring to the store fronts on the 801 Chestnut building, immediately to the east of One AT&T Center. Only one of the four storefronts, located adjacent to the Metrolink station, is currently occupied by a convenience store.
Cindy Brinkley, the president of AT&T here in Missouri, called me today to spike a rumor before it had a chance to get started.
What Cindy told me is that AT&T plans to sell its major office building (formerly One Bell Center) and lease it back. ItÂ’s just a real estate transaction that lets the company take equity out of some of its office buildings across the country and use the cash for things like research. TheyÂ’ve already done this in Chicago, and they lease their building in San Antonio. Their downtown data center and the building at 1010 Pine are not for sale.
AT&T is one of downtownÂ’s largest employers and property owners and almost anything they do gets the phone wires buzzing.
Not only is AT&T “one of downtown’s largest … property owners” I wouldn’t be surprised if AT&T is the largest commerical property owner in the nation. Before the acquisition of AT&T, SBC covered Missouri, Kansas, Arkansas, Oklahoma, Texas, California, Nevada, Illinois, Indiana, Michigan, Ohio and Wisconsin.
Once the AT&T acquisition was completed, millions more square footage was acquired. With the upcoming BellSouth merger, real estate in Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Caroline, South Carolina and Tennessee will be aquired as well.
Like any large company, AT&T has buildings which house administrative functions (like those identified in the lease-back deal), operations and service centers, switching equipment (like we find all across our neighborhoods) and mixed use facilities. Exploring ways to generate cash from the lease-back of administrative facilities makes sense.
Per their annual report, in 2005 AT&T realized $336 million from “a sale lease-back transaction”. I’m assuming this was for the Chicago property.
Even for a company the size of AT&T, that’s not chump change.
Yes, Sale- Lease back is a common occurance. Many times companies do this so they are not holding onto acres of office space that they dont need. What you will find in the future is that floors of these buildings will open up and become available for lease to other tenants as ATT downsizes even more and consolidates their employees to smaller floorplates. Not exactly sure who will be leasing these as there is already an abundance of available office area in downtown STL. It will probably drive rates down though or allow those shopping for space to get a better deal on Tenant finish or lease prices.
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Fortunately, measuring and cutting granite counter tops to install in kitchens and bathrooms is not an exact science. In every installation job there are leftover granite pieces. Lots of these pieces of granite are small and end up in the trash. On the other hand some slabs of granite have huge scraps leftover. Many of these leftover granite pieces are more than large enough to create beautiful counter tops for a small to medium sized kitchen.
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Didn’t SBC relocate to San Antonio?
[REPLY You are correct, the ole memory is fading….]
Steve, a quick google search reveals the following article in the Biz Journal from 1997.
http://www.bizjournals.com/stlouis/stories/1997/07/07/story1.html
Maybe this store is alot of nothing or maybe SBC is just slow moving.
A friend of mine that works at AT&T received the same information in a company-wide email this morning. He said it was to be made public later today. He said they were all joking about putting a Remax balloon on the roof and outfitting their cubicles with granite countertops and stainless steel appliances.
This could just be a shell game and accounting hoo-doo-voodoo but what does it say about AT&T’s committment to downtown St. Louis? Selling the building and leasing it back sure makes it a lot easier to cut and run, don’t ya think?
Everything is for sale for the right price, especially commercial real estate . . .
Maybe a new owner/developer will actually care about the street presence and entice retailers to the storefronts of that building. They (SBC, AT&T) sure don’t seem to care about the storefronts. Maybe it will actually be a good thing (until they decide to move, of course).
Storefronts? You must mean the mini-mall inside One AT&T Center, ’cause those buildings sure don’t have exterior storefronts.
I always figured those shops were designed to exclusively cater to SWBT employees. Sure, anybody else can come in, but they’ll be watched.
AT&T has acquired a significant amount of real estate over the years of acquisitions. They are also looking to do a sale/lease-back for their campus in New Jersey. Last year, they did a similar transaction for their regional headquarters near Chicago. Their headquarters building in San Antonio is also leased.
MH may be referring to the store fronts on the 801 Chestnut building, immediately to the east of One AT&T Center. Only one of the four storefronts, located adjacent to the Metrolink station, is currently occupied by a convenience store.
One AT&T
Cindy Brinkley, the president of AT&T here in Missouri, called me today to spike a rumor before it had a chance to get started.
What Cindy told me is that AT&T plans to sell its major office building (formerly One Bell Center) and lease it back. ItÂ’s just a real estate transaction that lets the company take equity out of some of its office buildings across the country and use the cash for things like research. TheyÂ’ve already done this in Chicago, and they lease their building in San Antonio. Their downtown data center and the building at 1010 Pine are not for sale.
AT&T is one of downtownÂ’s largest employers and property owners and almost anything they do gets the phone wires buzzing.
Not only is AT&T “one of downtown’s largest … property owners” I wouldn’t be surprised if AT&T is the largest commerical property owner in the nation. Before the acquisition of AT&T, SBC covered Missouri, Kansas, Arkansas, Oklahoma, Texas, California, Nevada, Illinois, Indiana, Michigan, Ohio and Wisconsin.
Once the AT&T acquisition was completed, millions more square footage was acquired. With the upcoming BellSouth merger, real estate in Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Caroline, South Carolina and Tennessee will be aquired as well.
Like any large company, AT&T has buildings which house administrative functions (like those identified in the lease-back deal), operations and service centers, switching equipment (like we find all across our neighborhoods) and mixed use facilities. Exploring ways to generate cash from the lease-back of administrative facilities makes sense.
Per their annual report, in 2005 AT&T realized $336 million from “a sale lease-back transaction”. I’m assuming this was for the Chicago property.
Even for a company the size of AT&T, that’s not chump change.
This post on MayorSlay.com has some news. AT&T leases in Chicago and San Antonio.
Yes, Sale- Lease back is a common occurance. Many times companies do this so they are not holding onto acres of office space that they dont need. What you will find in the future is that floors of these buildings will open up and become available for lease to other tenants as ATT downsizes even more and consolidates their employees to smaller floorplates. Not exactly sure who will be leasing these as there is already an abundance of available office area in downtown STL. It will probably drive rates down though or allow those shopping for space to get a better deal on Tenant finish or lease prices.
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our goal is to delight you with our distinctive collection of mindful ed hardy products while providing value and excellent service. Our goal is 100% customer satisfaction and we offer only 100% satisfacted service and ed hardy products. Please feel free to contact us at any time; we are committed to your 100% customer satisfaction. If you're looking for the best service and best selection, stay right where you are and continue shopping at here is your best online choice for the reasonable prices. So why not buy your ed hardy now, I am sure they we won’t let you down.
Fortunately, measuring and cutting granite counter tops to install in kitchens and bathrooms is not an exact science. In every installation job there are leftover granite pieces. Lots of these pieces of granite are small and end up in the trash. On the other hand some slabs of granite have huge scraps leftover. Many of these leftover granite pieces are more than large enough to create beautiful counter tops for a small to medium sized kitchen.