June 01, 2006

Conrad Properties Eyeing June 2007 Completion of $15 Million Renovation of Cupples Station #1 Building at 1000 Clark Street in Downtown St. Louis

Equity Partner Rodgers Townsend to Occupy Floors Three thru Six

ST. LOUIS—Developer Conrad Properties is targeting a June 2007 completion of its $15 million renovation of the six-story Cupples Station #1 building at 1000 Clark Street in downtown St. Louis.

Teaming with Conrad is equity partner Rodgers Townsend, which will occupy 50,560 square feet on floors three through six of the 78,240-square-foot building that was originally occupied by Hammermill Paper Co. Street level space, which Conrad is presenting to various restaurateurs and that includes an open-air courtyard, is not yet committed. Also available is 11,000 square feet of office space on the second floor.

“The building has superior architectural character and a mid-size floor plate ideal for the sub-market,” said Kevin Kloster, president and chief executive officer of Conrad Properties. “The site is within two blocks of Busch Stadium, across the street from the Eagelton Federal Building, two blocks from City Hall, three blocks of Savvis Center and two blocks of a MetroLink station. The property will contribute to a growing destination district.”

Founded in 1996, Rodgers Townsend has been based at 1310 Papin Ave. since 1997, where it now leases more than 30,000 square feet. The company employs 96 people and provides advertising, direct marketing, strategic planning, media planning and placement, interactive marketing and design services to such clients as AT&T, The Hartford, Energizer, Maritz, Ameren, Pleats, the St. Louis Convention & Visitors Commission, St. Louis Children’s Hospital, the St. Louis Rams, Forest Park Forever, The Humane Society, the Black Repertory Theater and Spectrum Brands.

“This joint project is further evidence of our belief in and commitment to the city, and gives us workspace that is efficient, inspiring and state of the art,” said Tim Rodgers, principal and co-founder of Rodgers Townsend. “We believe it sends a very positive message to both our employees and clients.”

Built in 1897 and vacant since 1986, Cupples Station #1 has a two-foot-thick brick foundation, 16-inch square structural support timbers and 15-foot floor heights. Arched brick doorways and 13-foot-high arched windows distinguish the exterior.

“The building is a remarkably sound structure that fortunately for us, has never experienced a major renovation,” Kloster commented. “Areas that have been sandblasted and restored look like new.” The original hardwood floor will be refurbished and remain in the main lobby. Interior walls will present their original brick finish and wood ceiling timbers will remain exposed.

In addition to new replica windows, the renovation plan calls for the installation of two passenger elevators, new stairways, a new basement floor and state-of-the-craft electrical, plumbing, HVAC and IT systems, much of which are to LEED (Leadership in Energy and Environmental Design) standards. Also LEED-compliant will be a new “cool” roof applied on top of the building.

Conrad is enhancing the historic structure with several amenities including a 2,400-square-foot rooftop penthouse, a lower-level gathering/banquet room and separate changing rooms with showers for employees who commute by bicycle or who work out at lunch, and an 80-space on-site parking lot. Additional parking is available in a multi-level parking structure within one block of the building.

The Lawrence Group is project architect and interior designer. Enterprise Bank & Trust is lead lender on construction and permanent financing, with participation from USBank. USBank is partnering/funding investment tax credits.