ST. LOUIS, MO/May 21, 2017 (STLRealEstate.News) Parent company of Suddenlink Communications, a St. Louis-based startup with communications technology, has slowly decreased its local footprint since acquiring Suddenlink in December 2015 for $9.1 billion. Altice, the global telecommunications company behind the acquisition, this week confirmed that the company has consolidated two of its St. Louis-area offices into one by vacating nearly 46,000-square feet at 575 Maryville Center Drive in Town & Country towards the end of 2016. Additionally, the company has relocated an unconfirmed amount of employees from St. Louis to New York.
“As we strengthen our operations in a highly competitive market and advance our position as a best-in-class connectivity company, last year we consolidated two offices in St. Louis and deployed some corporate and key business functions closer to our operations, partners, and the communities we serve,” said an Atlice spokeswoman in a statement to the St. Louis Business Journal.
After the consolidation, the company is only operating out of their office space at 520 Maryville Centre Drive. To make the move possible, Atlice had to bail out of their year lease on their previous location at 575 Maryville Centre, where it was the occupant of the entire third flood of the building. The space left behind is now available for sublease at $15 per square foot. The building, owned by New York-based private equity real estate asset manager Bluerock Real Estate, also has high profile tenants like CenturyLink and Cushman & Wakefield.
The building is located in a hot St. Louis submarket today, with only a 7.2 percent vacancy rate, second-lowest rate in the region trailing only to Clayton, according to research from Newmark Grubb Zimmer. Comparatively, the St. Louis metro average is around 11.2 percent.
According to the St. Louis Business Journal, Suddenlink generated $681 million in revenue during the first quarter of this year, which was a 9 percent increase from this time last year.