Historic St. Louis Building Scores $30M Refi
The property served as a train terminal for 28 years.
Image courtesy of Yardi Matrix
A private individual has secured a $30 million refinancing loan for The Globe Building, a 550,000-square-foot historic office building in St. Louis, Mo., according to Yardi Matrix information. Bank of Springfield issued the note. The property has been under the private individual’s ownership since 1982, when Interco sold it for an undisclosed amount.
Originally completed in 1931 as a freight and passenger train terminal, the Globe Building was converted and repurposed into an office property in 1959. Designed by Mauran, Russell and Crowell, the seven-story structure features a steel frame and a masonry exterior.
Currently, The Globe Building includes pedestrian-level retail, while floors second to seventh serve as office space for tenants, such as Fathom Studios, Maxar, Esri, T-Kartor USA and CoxEsq, the same data provider shows. Most recently, the property underwent renovations in 2019.
Located at 710 N Tucker Blvd. in downtown St. Louis, the property is near interstates 44, 64 and 70. The St. Louis Gateway Transportation Center is within 1 mile south, as well as the MetroLink Red and Blue lines.
The Globe Building is, however, marketed as a tech and data center hub, due to its 150,000 square feet of data centers. The space is divided into five separately owned data centers, including those of Datotel and H5 Data Centers.
Adaptive reuse gains ground
The data center industry is increasingly turning its attention to already existing buildings, such as office towers, warehouses and industrial sites, that often have key infrastructure features that allow for repurposing assets into data centers. These features include power connections, fiber networks and urban access, which enable operators to bring capacity online faster and at a lower cost than building from scratch, 1547 Realty Chief Revenue Officer John Bonczek revealed to Commercial Property Executive.
The challenges of such adaptive reuse projects that brings data centers to existing properties are heavy floor loads, cooling capabilities, electrical infrastructure and building code compliance, which may interfere with the requirements of a functional data center.
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