Federal Government Considers Selling Major Office Buildings in St. Louis as Part of National Downsizing Effort

The federal government announced Tuesday that four St. Louis-area federal properties are among more than 440 buildings nationwide that could be closed and sold as part of an effort to reduce the federal real estate footprint.

The Robert A. Young Federal Building, a 20-story, nearly 1 million-square-foot tower in downtown St. Louis, appeared on the “non-core property list” released by the U.S. General Services Administration (GSA), the agency responsible for managing federal real estate assets.

Federal Buildings in St. Louis Targeted for Potential Sale

The Robert A. Young Federal Building, located at 1222 Spruce St., houses multiple government agencies, including:

• United States Citizenship and Immigration Services’ St. Louis field office
• Internal Revenue Service (IRS) Taxpayer Assistance Center
• U.S. Army Corps of Engineers (St. Louis District)
• St. Louis Military Entrance Processing Station
• U.S. Coast Guard’s Upper Mississippi Sector
• Equal Employment Opportunity Commission (EEOC) St. Louis office

The GSA’s website states that the Young building contains more than 25 acres of office space, making it one of the largest federal office properties in the region.

In addition to the Young building, three other St. Louis-area federal properties were included on the non-core list:

1. Charles F. Prevedel Federal Building (9700 Page Ave., St. Louis County) – A 380,420-square-foot facility that houses the St. Louis Veterans Affairs Regional Office, National Agricultural Statistics Service, and several other agencies.
2. East St. Louis Federal Building (650 Missouri Ave., East St. Louis, IL) – A 31,990-square-foot office facility adjacent to the federal courthouse, home to court-related agencies, Social Security Administration, U.S. Department of Homeland Security, and U.S. Trustees.
3. Clyde S. Cahill Memorial Park (Downtown St. Louis) – A federal park near the Thomas F. Eagleton Courthouse, honoring Judge Clyde S. Cahill, the first Black federal judge appointed to serve in the courthouse. The GSA listed the park at “zero” square feet, with no details on how it might be sold.

National Real Estate Downsizing Led by GSA and New Efficiency Initiative

The GSA’s review of these properties is part of a broader federal effort to reduce government-owned office space and cut costs. The initiative was accelerated by President Donald Trump’s administration, which has pledged to shrink federal real estate holdings and budgets.

Trump-appointed officials are working to reduce non-Department of Defense real estate holdings by half, in alignment with the administration’s cost-cutting agenda. The Department of Government Efficiency (DOGE), an unofficial agency led by Elon Musk, has also played a role in identifying underutilized buildings for closure.

Last week, DOGE announced the cancellation of five federal office leases in the St. Louis area, including a U.S. Food and Drug Administration (FDA) facility in the Central West End, which currently operates as a testing site.

Why Are These Buildings Being Sold?

The GSA’s announcement stated that its goal is to dispose of properties that are no longer essential to federal operations. The agency defines “core” federal assets as those that are critical to national defense, law enforcement, or essential government services, such as courthouses and border security facilities.

Non-core properties, the agency said, consist mostly of office space, which has become less relevant due to changing workforce dynamics, funding challenges, and operational shifts.

“We are identifying buildings and facilities that are not core to government operations, or non-core properties for disposal,” the GSA stated. “Selling ensures that taxpayer dollars are no longer spent on vacant or underutilized federal spaces. Disposing of these assets helps eliminate costly maintenance and allows us to reinvest in high-quality work environments that support agency missions.”

Financial and Market Considerations

The federal government currently oversees 363 million square feet of real estate. The properties slated for potential sale amount to more than 80 million rentable square feet, with a total recapitalization need of $8.3 billion, according to GSA estimates.

By selling these properties, the federal government could save $430 million annually in operating costs. The GSA also noted that it is exploring public-private partnerships, sale leasebacks, and ground leases as alternative solutions for underutilized buildings.

The process of selling these properties will be conducted gradually, taking into account current use, occupancy, relocation costs, and local market conditions.

Impact on St. Louis and Potential Redevelopment

While the Robert A. Young Federal Building underwent $70 million in earthquake protection upgrades in 2017, it could now become part of a major redevelopment effort if sold.

If the Young building is vacated, it would mark the third major government-owned property in downtown St. Louis to be closed in the past year, following the State of Missouri’s sale of two downtown office buildings and relocation of employees to suburban offices.

The potential sale of these properties raises questions about how St. Louis will adapt to shifting federal real estate trends and what redevelopment opportunities may arise.

While the GSA has not provided a specific timeline for sales, the agency emphasized that it would proceed methodically and strategically to ensure taxpayers benefit from the transition.

As the federal government looks to reshape its office footprint, downtown St. Louis could see a wave of new development opportunities, provided that investors and local stakeholders can find viable uses for these large-scale properties.

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St. Louis Developer Lists Another Downtown Apartment Tower for Sale Amid Market Shifts

Real estate developer Brian Hayden, who owns multiple properties in downtown St. Louis, has listed another of his apartment buildings for sale as the area sees renewed investment interest alongside some lingering market challenges.

The Gallery 515 apartment complex at 515 Olive St. is now on the market with an asking price of $15.8 million. The 20-story tower currently features 92 apartments, with room for approximately 70 more units if vacant office space is converted.

This listing comes as Hayden also seeks a buyer for another of his properties, the Laclede Gas Building (Gallery 720) at 720 Olive St., a 31-story mixed-use tower with an asking price of $34.1 million.

Expert: Market Conditions Are Shifting, but Opportunities Exist

Industry professionals say Hayden’s move reflects a changing landscape in downtown real estate, where new investments, redevelopment projects, and strategic sales are shaping the market.

Jay Lindberg, Broker-Owner at New Monarch Realty, sees opportunities ahead despite some ongoing challenges.

“The downtown St. Louis real estate market is evolving, and we’re seeing a mix of veteran developers and new investors positioning themselves for the next phase of growth,” Lindberg said. “There’s no doubt that vacancy rates remain a concern, but the positive side is that investors are still actively seeking well-located properties with potential for repositioning.”

According to Cushman & Wakefield’s latest data, downtown St. Louis has a 17.1% multifamily vacancy rate, notably higher than the 9.9% regional average. However, new developments and adaptive reuse projects are generating fresh momentum.

“Investors are carefully evaluating properties to ensure long-term success,” Lindberg added. “But if a building is well-managed and has a strong value-add strategy, there’s definitely room for growth.”

Gallery 515’s Potential & Market Positioning

Gallery 515 spans 230,279 square feet, with 90,167 square feet dedicated to residential use. The building houses Park Avenue Coffee and Hayden’s Irish Pub on the ground floor, while the remainder of the property consists of vacant office space that could be converted into additional apartments.

Andy Scott of Realty Exchange, who is marketing the property alongside Matt Bukhshtaber and Corey Egan of CBRE, stated that interest in the building has been steady since its listing.

“We’ve already had multiple tours, and there’s definite interest,” Scott said.

A key selling point of Gallery 515 is its assumable loan, which carries a 10-year term at a 5.06% interest rate—a strong incentive in today’s financing climate.

New Development & Competition in the Market

Any buyer looking to expand the building’s residential footprint will need to consider the growing number of large-scale multifamily developments coming to downtown St. Louis, including:

• The Goldman Group’s $350 million redevelopment of the AT&T Tower (909 Chestnut St.), adding 625 apartments.
• The Cordish Cos.’ $670 million Millennium Hotel project, incorporating 600 new residential units.
• The potential redevelopment of the Railway Exchange Building, a prime location that could see new housing as the city moves toward acquiring the site through eminent domain.

Lindberg noted that while these developments add competition, they also signal growing confidence in downtown’s long-term potential.

“More housing downtown means more activity, more businesses, and a stronger overall market,” he said. “The key for investors will be identifying properties that align with the wave of revitalization that’s coming.”

Hayden’s Portfolio & Strategic Shift

Hayden acquired Gallery 515 (formerly Millennium Center) in 2013 for $3.9 million and invested $10 million to convert office space into apartments. He says the decision to sell is part of a broader strategy to reallocate capital for future opportunities.

“Downtown still offers a lot of potential, and I believe the next generation of investors will bring fresh energy to these properties,” Hayden said.

In addition to Gallery 515 and Gallery 720, Hayden owns several other downtown properties, including:

• Gallery 1014 (1014 Locust St.)
• Gallery 400 (555 N. 4th St.)
• Gallery Villas (511 Olive St.)

He has suggested that sales of additional assets could be considered as part of his evolving investment approach.

Beyond downtown, Hayden’s company owns apartment communities in Alton, Illinois, and developments in Midtown, Central West End, and Compton Heights. His most recent project, The B on Lindell, involved transforming the historic Masonic Temple at 3681 Lindell Blvd. into a modern residential complex.

What Comes Next?

As Hayden moves to sell select properties, the downtown real estate market remains in transition, balancing high vacancy rates with increasing redevelopment interest.

While challenges exist, experts say the right investment strategy can unlock value in downtown’s evolving landscape.

“Downtown St. Louis is at a turning point,” Lindberg said. “For those with a long-term vision, there are some exciting opportunities ahead.”

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The Rebranding of the City

Odds are, you’ve strolled through the vibrant streets of City Commons.

Maybe you caught a game at CityPark, the beloved home turf of St. Louis City SC. Or perhaps you relaxed with a cold brew at the nearby Schlafly Tap Room or savored a cup of tea at the charming London Tea Room. And if you call The Victor or The Draper home, nestled in the heart of downtown, you’re already part of the fabric of City Commons.

But here’s the twist: until recently, City Commons was merely a whisper, a notion waiting to blossom. It took a visionary consortium of developers to breathe life into this emerging neighborhood.

Their vision? Transform City Commons into a thriving district, a bustling epicenter pulsating around the magnetism of CityPark, which burst onto the scene in late 2022.

With a staggering $1 billion pouring into new developments and plans taking shape around the $460 million soccer stadium, these developers are seizing the moment, harnessing the area’s momentum to carve out a distinct identity. Picture it: a vibrant enclave revolving around City SC’s stadium, now in its electrifying second MLS season.

“In St. Louis, folks love to anchor their destinations with a neighborhood brand,” explains Jassen Johnson, a local developer driving this transformation. “Sure, saying you’re downtown could mean anywhere. But mention City Commons, Lafayette Square, or Central West End, and you’ve instantly pinned down the spot. That’s the magic for St. Louisans.”

The blueprint for City Commons isn’t merely about erecting buildings; it’s about crafting a narrative, a narrative that beckons people to live, work, and play in this burgeoning locale. Guided by successful models both within and beyond St. Louis, the developers are dissecting data to discern the precise blend of amenities to entice newcomers.

“We’re painting a picture of where the district stands today, where it’s headed next year, and where we envision it in the next five years,” Johnson reveals. “We’re curating this district based on real insights, not just throwing in another barbecue joint or coffee shop.”

The Birth of City Commons

Behind the scenes, a cadre of about seven developers, along with a representative from the soccer team, has been toiling for over 18 months to shape the contours of City Commons. Their brainchild isn’t merely a neighborhood—it’s a district, meticulously crafted to harmonize with the city’s fabric.

Defining the boundaries of City Commons—a swath spanning from 17th Street to North Beaumont Street, and from Market Street to Washington Avenue—was just the beginning. Key players like Gary Prosterman of Development Services Group and Matt Masiel of Screaming Eagle Development rallied behind this vision, infusing their expertise into the project.

This isn’t a one-developer show; it’s a collective effort aimed at fostering synergy among diverse projects. As Johnson emphasizes, “City Commons belongs to all of us, each developer working towards a shared vision.”

Unveiling the Future

With projects in various stages of development and prime properties up for grabs, the canvas of City Commons is vast and ripe with potential. Take, for instance, the recent sale of four city blocks, signaling a new chapter in the area’s evolution.

To ignite the renaissance, a Chicago-based firm was enlisted to craft a branding package, complete with a sleek logo and a palette reflecting the area’s youthful, inclusive spirit. Thus, City Commons was born—a name embodying the essence of a communal gathering place.

As the veil lifts on City Commons, anticipation swells. A dedicated website is on the horizon, banners set to flutter in the breeze, heralding a new dawn for this burgeoning district.

But this metamorphosis isn’t just about erecting buildings; it’s about fostering a sense of belonging, a shared identity that transcends mere geography. City Commons isn’t just a place—it’s a promise of vitality, a testament to the collective spirit of St. Louis.

In the end, City Commons isn’t merely a destination; it’s a journey—one that invites us all to partake in its unfolding narrative.

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$1.4 MILLION – 5 Bedroom  –  4 bathroom  –  8,900 Sq Ft

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If you happen to find yourself browsing homes for sale in O’fallon, MO, you may be blown away by this 9,000 sq ft mansion. Nestled on a beautiful 5 acre spread, the Matteson Mansion includes architecture and features that will leave are worthy of a HGTV special. The floor plan is extremely wide open, with the ability to see into almost every room on the main floor. This home has two custom bars on each level inside the home, a wood spiral staircase and elevator shaft connecting the floors. The office is outstanding with beautiful woodwork and molding and large windows. Additionally, this mansion includes not one, but two, master suites on the main floor. Overall, the interior of this home just fascinating!

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The exterior of this home is just as beautiful as the inside! Check out the large inground pool perfect for summer parties and family fun. With a home this big, you may guess the garage is equally as big? Yes! This mansion also features a 5 car garage and plenty of parking for vehicles!

SEE MORE PHOTOS OF THIS MANSION

SEE MORE PHOTOS OF THIS MANSION

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Chesterfield is a second-ring western suburb of St. Louis and is the largest city in west St. Louis County, Missouri, United States. As of the 2010 census the population is 47,484 which is the 14th largest city in Missouri. Property values in Chesterfield are some of the highest in the St. Louis area.

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Chesterfield Property Value

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NorthSide Regeneration is the newest development coming to St. Louis City:

With recent hubbub about our great city, St. Louis is now being donned one of the United States’ best cities for reasons like Forbes editors write about in this article about St. Louis being a top ten happiest city for job seeking college grads.  We’ve also seen a big nod from online powerhouse Huffington Post in their 26 Reasons to Appreciate the Hidden Gem of St. Louis.  Op-Ed pieces like these have been trending and this can only mean an increase in buzz around St. Louis.  NorthSide Regneration Mogul Paul McKee stands to profit from all of the free publicity.

NorthSide Regeneration Development

Paul McKee is heading the new NorthSide Regeneration development project which has been granted $390 Million dollars by the City of St. Louis to fund the construction of this new venture.  $60 Million dollars out of pocket has been put up by Paul McKee to aid in the funding of the project.  The NorthSide Regeneration development will be structured with tax increment funding to allow for pay back of the project as the property values increase.  NorthSide Regeneration ideas have been abundant with talks of great merchants that have recently scouted St. Louis such as Ikea, Urban Outfitters, and  Jamba Juice.

The area that Paul McKee calls NorthSide Regeneration has plans for apartment buildings as well as commercial spaces that could house modern age retailers who crave a blank canvas for build outs of new spaces.  Starbucks’ new Tweet-a-Coffee  enables customers to tweet hashtags and use a mobile wallet to have a latte delivered fresh to their own or a friend’s door. The upswing in the technological world will only expand in the coming years and Paul McKee’s NorthSide Regeneration project stands to capitalize on this increase.

Other areas nestled between the NorthSide Regeneration project are up-and-coming like Columbus and Carr Squares who house the old St. Louis Post Dispatch building.  Several improvements akin to the proposed NorthSide Regeneration project have commenced, including re-paving and widening streets, addition of retailers such as McDonald’s and Dollar General, and the opening of the highly anticipated Stan Musial Veterans Memorial Bridge. Buildings of all types and sizes still stand in this bustling area including 1324 Dr. Martin Luther King Drive located at the intersection of Dr. Martin Luther King Drive and Tucker Boulevard, just a jaunt away from NorthSide Regeneration in St. Louis City.

This property is listed by New Monarch Realty

This building in particular would be perfect for a potential NorthSide Regeneration investor in the form of a big name retailer or a collection of local small businesses such as cafes or restaurants or boutiques.  These buildings offer 7 stories of combined space and a large surface lot which is included in the selling price.  With Paul McKee’s NorthSide Regeneration project only a few blocks to the northwest, this parcel would be a lucrative location for a developer interested in a combined retail/residential space or retail/office space.  The open layout of the upper stories would be ideal for housing or an open-office concept. Exposed brick and original hardwood throughout can be restored to their natural beauty to preserve the building’s vintage charm.  The property boasts forced air and central electric cooling and access through the alley to the freight elevator, loading docks, and overhead doors.  The interior offers a passenger elevator, sprinkler system and wheelchair access which will provide easy fulfillment of the required safety and ADA regulations.

NPR’s full interview with Paul McKee and his wife regarding NorthSide Regeneration

 New urban developments near NorthSide Regeneration

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What began as a farming community of the St. Louis county suburbs has transformed to some of the highest valued property in the state. Ladue Real Estate has attracted the elite and wealthy people of St. Louis for years. Ladue has the highest median household income of any city or township in the state of Missouri with a population over 1,000, as well as one of the highest median incomes for any city in the United States. On top of that, the Ladue school district is in the top 2% of all public schools in the nation.

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Ladue Real Estate

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The St. Charles Real Estate market is constantly changing and it can become difficult to navigate the real estate opportunities in St. Charles. With new construction and new real estate listings added daily, many homeowners can become overwhelmed with their home search. STL Homelife is here to make your real estate search as smooth as possible. We have established a network of qualified St. Charles Real Estate brokers and agents who have the experience to meet all of your needs. Whether you are searching for your dream home, investment property, or looking to sell your St. Charles real estate, our network of agents is prepared for your requests!

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St. Charles Real Estate

The variety of real estate in St. Charles varies quite a bit! The County is very large and expands over 560 square miles. The majority of St. Charles real estate are single family homes located in subdivisions. If you are looking for a nice house for a nice price, then St. Charles might be the perfect location for you!

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Ladue Real Estate

Are you looking for a new home in the Ladue area? Nothing is more exciting than buying a new home! When searching for Ladue Real Estate, it is a good idea to do your homework and search for all available properties. Working with the right agent can make your home search a lot smoother and hassle free! There are specific St. Louis real estate agents that specialize in Ladue Real Estate! They can assist you in finding the right property for the right price! Ladue is one of the wealthiest suburbs of St. Louis, and offers some of the most prestigious real estate in the area.

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