Peabody staying downtown St. Louis
St. Louis, MO/December 18, 2016 (STLRealEstate.News) Peabody Energy renewed their downtown St. Louis office leases through 2023 this year, making a sustainable commitment to their longtime St. Louis residency. The energy agency’s world headquarters is based out of the downtown St. Louis offices, and they made the official lease extension announcement this past Wednesday. The announcement extends the current lease on the company’s 701 Market Street office by two years as well.
The renewal of the entity’s lease comes at a frustrating and difficult time for the international company, still trying to determine how to course its way out of Chapter 11 bankruptcy. Local news stations took special interest to the announcement, speculating that the business has a plan for climbing out of their economic woes in 2017.
“We took a decent amount of time to speculate the future of Peabody in many different ways,” said Vic Svec, a spokesperson for Peabody. “Though we’re not entirely sure where we see ourselves five years from now, we do know one thing: that downtown St. Louis is our home, and we’re pleased to call it the home of our global headquarters.”
Svec went on to say that the decision is an enormous announcement of Peabody’s commitment to the greater St. Louis community, and their contributions in the form of job development and economic growth. Additionally, the spokesperson confirmed that the lease renewal is a “testament to the sustainability of Peabody” as it emerges from bankruptcy.
Peabody was forced to file for Chapter 11 bankruptcy this past April. The onslaught came from a disruption to coal markets and debt from recent purchases of mining companies overseas. Svec acknowledged in her statement that development, along with the “industry headwinds,” sparked outside speculation about the fate awaiting its block of downtown real estate, as well as the company, overall.
Peabody currently employs about 380 people in its St. Louis headquarters.
Picture courtesy of CleanTechnica
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