ST. LOUIS — An auction for the vacant former AT&T tower in downtown St. Louis has been canceled after bondholders received an offer from a buyer late last week, according to a person familiar with the deal.
It's not clear who the potential buyer is or whether the 1.4 million-square-foot office building, at 909 Chestnut St., is under contract, but real estate sources said bond investors who own the building canceled the auction in a sign of good faith to the buyer.
The online auction, hosted on RealInsight Marketplace's platform, was to start Monday and end Wednesday. A link to the auction no longer works.
A representative of the bondholders could not be reached for comment. Brokers with commercial real estate firm Newmark, the firm tapped to market the auction, did not respond to requests for comment.
If the property is sold, it could create new momentum for downtown's central business district, which has the highest office vacancy rate in the St. Louis metropolitan area.
Bond investors have struggled to offload the property — the largest office building in Missouri by square footage — since it fell into default in 2017 after its sole tenant, AT&T, vacated the building. The tower occupies an entire city block and lacks sufficient parking, which real estate experts said have been among the property's biggest detractions.
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