A boss at Cassidy Turley, a nationwide commercial real estate firm, said Tuesday the company is excited “for many reasons” about its plan to open an office in downtown St. Louis.
Cassidy Turley said it will expand in October to the 600 Washington Avenue building downtown.
Building Blocks reported last Thursday that the city is prepared to forego up to $300,000 in earnings tax revenue to lure Cassidy Turley downtown.
The company said its 13,000-square-foot office on the 11th floor at 600 Washington will add to its seven offices in the region.
“We’re excited about our new office space for many reasons,” Tim Walsh, Cassidy Turley's managing principal in St. Louis, said in a statement. “This is a great building in a vibrant part of downtown and this location generates opportunities for job creation and business growth, which will benefit both Cassidy Turley and the city of St. Louis.”
At first, the downtown office will have 30 employees from Cassidy Turley’s accounting department. Space will be available for 30 additional employees.
“We see great value in developing our business in downtown St. Louis,” Walsh said. “By establishing and growing our roots here, we want to demonstrate our commitment to the success of the downtown market and encourage others to do the same.”
Last Thursday, the St. Louis Development Corp.’s board voted unanimously to authorize up to $300,000 to help Cassidy Turley with the project.
Eventually, the downtown office could have 90 employees in 18,000 square feet of space, according to a resolution the SLDC board approved.
Under the resolution, Cassidy Turley would be allowed to keep half of its downtown employees’ 1 percent city earnings tax to help pay for office improvements at 600 Washington. The amount of incentive, capped at $300,000, would depend on the verified total of Cassidy Turley employees at the downtown office, officials said.