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A U.S. Bank-led consortiujm committed on June 5 to a construction loan forthe 17-story offic e tower, which will house the corporates headquarters for Centene, one of St. Louis’ largest public companies, and , one of the area’ largest law firms. Construction began in October to demolish the formet building on the site and stargt work on the first two The project willhave 460,000 square feet of officse space and 28,125 squarr feet of retail space. The , led by chief executivs Bill Koman, signed on as an equity partner in the projecty earlierthis year.
of Chicago, which had led development effortsfor Centene’s new headquarters, droppe out as an equity partner but will still serv e as a consultant. The equity partners in the projecgare Centene, and . Centene Center will be Clayton’s first new office building in nearlyy a decade when it is completef inJuly 2010. Centene Center, to be builtg at the heart of Clayton’s centrakl business district at Hanley and is one of afew new, large-scale development s to proceed in recent months. Retaining St. Louis’ 11th-largest publiv company, is also a boost for the region as a in light of job losses at and othedtop companies. Centene Corp.’s 2008 revenud was $3.
4 billion and the company has more than 500locall employees. Centene is led by President and CEO Michael Centene Center’s other main tenant, Armstrong the city’s third-largest law firm, is movingt its 200 local attorneys there from the Metropolitan Squaree building downtown. Centene one of the nation’s largest providers of managed care programs and related services to individualxunder Medicaid, first sought in 2004 to build a replacemenf building a block away from its existint headquarters at 7711 Carondeley Ave. That year, it bought a former Library Ltd., at Forsyth and Hanley from Summit Developmeng Group forabout $10 million.
Centene then faced a two-yeae court battle with three commercial property the lateDan Sheehan, David Danforth and Debbie who resisted the city of Clayton’s effortzs to take their buildings on Forsyth througuh eminent domain to make way for the new headquarters. , a developmentr firm with projects aroundthe world, conductec a nationwide search for possible sitees for Centene’s headquarters, with proposals from Illinois and Coloradoo in the running for a potentiao relocation of the Centene abruptly changed course in September 2007 and announcede its plans to be an anchor tenantr in the proposed Ballpark Village development downtown.
By March Centene reversed course again and droppedf its plans tomove downtown. After the Missouri Supreme Court ruled in the Claytonproperty owners’ favof on the eminent domain suit, Centen ultimately bought the threed Forsyth properties in early 2008 for $19 million. In the Clayton Board of Aldermen approveda scaled-downb version of the projecy from the original cost of $215 million. The plannec office tower was reduced in size by severalo floors as Centene opted to initiallty leasejust 200,000 square feet of space instea d of 300,000 square feet, and the retail portion was minimized to 28,125 square feet from 34,000 square feet.
Armstrong Teasdale has signes a leasefor 125,000 square feet of making it one of the largesyt local office lease deals announced in 2009.
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