ST. LOUIS, March 2, 2011 /PRNewswire/ -- Daymark Realty Advisors, Inc., one of the country's leading providers of strategic asset management and structured finance services to owners of commercial real estate, today announced that it has secured a 15-year lease renewal and expansion with Peabody Energy for a total of 215,362 square feet of office space at Peabody Plaza, previously known as Gateway One. Daymark Realty Advisors manages Peabody Plaza, a 15-story, Class A office building located at 701 Market St. in St. Louis' central business district, on behalf of multiple investment programs and individual owners.
One of the world's largest private-sector coal companies and a global leader in clean coal solutions, Peabody Energy utilizes the space at Peabody Plaza as its corporate headquarters. The Fortune 500 company produced nearly $7 billion in revenue during 2010 and increased its St. Louis workforce by 12 percent, bringing the total number of employees located at the corporate headquarters to more than 500 spread throughout seven floors. Peabody Energy will take occupancy of an additional two floors totaling 56,174 square feet of space in July, increasing the building's occupancy rate to 96 percent. The company has been a tenant of the property since 1991 and acquired naming rights, which have yet to be announced, as part of the new lease agreement.
"With this expansion, Peabody Energy will occupy more than 50 percent of Peabody Plaza," said Robert Assoian, executive vice president, asset management, Midwest. "The company has been a local economic anchor and civic leader in St. Louis for more than 50 years and we are thrilled to have them stay and expand within this trophy property."
Offering 409,920 square feet of space, Peabody Plaza is located on the Gateway Mall, providing spectacular unobstructed views of the Gateway Arch and the Mississippi River from all floors. The property is within walking distance of the Thomas F. Eagleton Federal Courthouse and the St. Louis Cardinals ballpark, Busch Stadium. It is also within close proximity to the CBD's premier hotels, retail establishments and Interstates 64 and 70.
The Building Owners and Managers Association has recognized the property as one of the premier and best managed properties in the market, awarding it the Midwest Northern Regional TOBY ("The Office Building of the Year") in 2008 and the St. Louis TOBY from 2008 to 2010 for properties offering between 250,000 and 499,999 square feet of space.
Other tenants of Peabody Plaza include Northwestern Mutual Life Insurance Company, Morgan Stanley Smith Barney LLC, Marsh Mercer, and Gray Ritter & Graham P.C.
Rena Boyer, CPM, vice president, Colliers | St. Louis, serves as the on-site property manager of Peabody Plaza. Tony Kennedy, senior vice president, Colliers International, serves as the leasing agent.
About Daymark Realty Advisors
Daymark Realty Advisors, Inc. is one of the country's leading providers of strategic asset management and structured finance services to private and institutional owners of commercial real estate. Daymark provides a fully integrated platform of services that focus on maximizing property value and performance, and offers proven expertise in the repositioning of distressed assets, debt restructuring and property recapitalizations. From six offices throughout the country, Daymark manages a nationwide portfolio of commercial real estate properties totaling approximately 33.3 million square feet, including more than 8,700 multifamily units, valued at $4.9 billion. For more information regarding Daymark, please visit www.DaymarkRealtyAdvisors.com.
SOURCE Daymark Realty Advisors, Inc.