Latch Inc., set to be rebranded as Door.com, has signed a lease for its new headquarters in metro St. Louis. Currently headquartered in New York City, the company has secured a more than 48,000-square-foot warehouse and office space location.
Intelica Commercial Real Estate is the owner of the building, according to CommercialEdge data. Situated at 1220 N. Price Road in Olivette, Mo., the property is a one-building facility totaling 164,130 square feet. Completed in 1948, it features a truck court, loading doors, dock levelers, 90 car parking spaces and refrigerated storage.
Latch is partnering with Oakline Studio to design its new headquarters space and CI Select for interior furnishings. Upon completion, it is set to feature an open layout with exposed ceilings and cement floors.
Due to its diverse talent pool, affordable cost of living and central location, St. Louis was the ideal city to relocate in, Jamie Siminoff, founder of Latch, said in prepared remarks. Alongside 16 new hires in the city, Latch intents to bring an additional 30 jobs to the market.
The facility will support both warehousing and office operations, including inventory, returns, in-house testing, sales and finance. David Lillis, Latch’s senior vice president of finance, and Chris Peckham, head of sales, will lead the new office location.
St. Louis’s good quarter
The second quarter of 2023 in St. Louis had the highest square footage of office absorption when compared to the previous six quarters, a Newmark report shows. Despite vacancy rates increasing to 15.2 percent with overall negative net absorption across multiple submarkets, rents increased, led by demand for Class A space.
Industrial demand also had a strong second quarter, with 1.3 million square feet absorbed. As with the office market, both vacancy and rental rates increased for industrial space in St. Louis, with strong demand but also a high number of deliveries, the same report shows.
The move is bringing together many of the company’s operations under one roof.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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