Emerson said to be considering office in new Clayton tower
Emerson Electric Co. is considering establishing an office in a prominent new office tower in Clayton, according to people familiar with the matter.
People familiar with the situation say that Emerson Electric Co., (NYSE: EMR), is looking at opening an office in Clayton in a new prominent office tower.
People said Emerson was looking to take several floors in the tower that makes up the $250 million Forsyth Pointe Development, located at 8001 Forsyth Boulevard. And 7911 Forsyth Blvd.
Forsyth Pointe tenants moved into the towers in spring.
Emerson is interested in the project as it searches for a new headquarters within the St. Louis area. The industrial technology and software firm announced in February that it would stay in St. Louis, after considering moving its operations out of the region due to the sale of the Ferguson headquarters campus.
The exact space Emerson is considering in Forsyth Pointe remains unclear. It's not clear if this interest is related to the company's search for a new headquarters or if it has considered other local properties.
Emerson announced in a Monday statement that, as was announced on Feb. 8, Emerson will keep its corporate headquarters in the St. Louis region. The company is currently working to find the best location for the company's needs. "The company does not have any further information at this time."
U.S. Capital Development, based in St. Louis, and ElmTree Funds are the developers of Forsyth Pointe, a $250 million development with 1,000,000 square feet spread over two 15-story office towers, Forsyth Pointe, and Commerce Bank Tower. The project includes a 1,200 car parking garage, an acre-sized garden terrace located on the sixth-floor between the two towers of offices and ground-floor retail. On the terrace level is a 7,500-square-foot fitness center that will be open to tenants in both towers.
Commerce Bank Tower is the east tower of Forsyth Pointe. Commerce Bank will begin to occupy the tower this June. Husch Blackwell moved into the top 5 floors in March. Barry-Wehmiller Group is a tenant in the west tower, along with U.S. Capital Development and ElmTree Funds.
David Steinbach, of JLL was unavailable for comment.
Emerson announced in October that it would sell its 200-acre campus in conjunction with the sale of Climate Technologies. Alternative asset manager Blackstone, NYSE: BX, will acquire the majority stake. The deal values the company at $14 billion. Emerson will retain a 45% stake in the joint venture, which will be responsible for the Climate Technologies and Ferguson campuses, as part of this deal. The deal is expected to close at the end of second quarter 2023.
Emerson announced the sale of its Ferguson Campus and said that it would sign a lease for three years with a two year option to continue to operate from certain buildings on the campus while it considered a new headquarters. Blackstone said that the Climate Technologies division will be based at Emerson's headquarters in Ferguson, after it has been spun off. Emerson's President and CEO Lal Karsanbhai stated in October that the company no longer needed all the real estate on its current campus because it had decided to retool and create a hybrid model.