March 11, 2016
Media Contact: Liz Austin, 314-726-2500, Liz@greenstreetstl.com
Green Street begins exterior work on former Wells Fargo building
Green Street Development has begun exterior work on a former Wells Fargo building at the intersection of Jefferson Avenue and Market Street.
Already, Avatara, a local cloud hosting and Web support company, occupies about 30,000 square feet in the 85,000-square-foot facility, located at 2351 Market St. Avatara signed a 12-year leas for the space in September.
Green Street’s Brian Pratt said the development firm plans a $13 million overhaul of the building when all is said and done, with the company marketing the existing space to new tenants as a technology-enabled office setup.
Green Street, which is taking advantage of $12 million in new market tax credits to redo the facility, acquired the building in 2014 for $4.6 million from Wells Fargo.
Pratt said new entry ways along Market and a sculpture are planned for exterior upgrades. Pratt said the remaining unoccupied 55,000 square feet of the building will be redeveloped once a tenant is secured.
Green Street also acquired the former Society of St. Vincent DePaul building at 100 N. Jefferson, just one block north of the Avatara building, for $1.05 million.
Pratt said Green Street plans similar renovations to that building but would market it to smaller tenants.