05/28/2026
STOP giving away millions in tax credits to private developers of empty office buildings in St Louis!
In another blow to downtown St. Louis
๏ฟผThe 30-story Bank of America Plaza at 800 Market Street is headed to an online auction this summer.
The online auction is scheduled to run from June 22 to June 24 (hosted via RI Marketplace).
Starting Bid:
Bidding will open at $2 million}Current Status: It is currently a lender-owned sale. The tower fell into foreclosure and previously sold in July 2025 for $ $6.3 million which was a fraction of the $48 million it sold for in 2010.
The 30-story Bank of America Plaza in downtown St. Louis failed due to plummeting occupancy rates, which triggered severe cash flow shortfalls and loan defaults.
The building's occupancy rate dropped from around 83% in 2022 to roughly 48% by 2025 as major tenants downsized or relocated to suburban submarkets like Clayton.
The cascading financial troubles resulted in a series of distressed financial events:
Loan Default:
In 2023, Los Angeles-based owner Positive Investments defaulted on a $50 million loan.
Receivership & Foreclosure:
The building went into receivership in 2024 and was acquired by an entity affiliated with the lender for just $6.3 million at a foreclosure sale.
Auction:
Following the foreclosure, the lender-owned 759,608-square-foot tower was scheduled for an online public auction.The building's struggles highlight wider market pressures in the central business district, which has faced high office vacancy rates and corporate downsizing.
Obviously, this is not a good sign for downtown St. Louis at what is likely itโs eighth tallest building. It's in deep financial straits land thereโs such a high vacancy rate in downtown St. Louis that does not paint a bright picture for the future.