Tax Bill Cut for Downtown St. Louis Building
ST. LOUIS (AP) - The owner of one of the tallest buildings in downtown St. Louis is getting a $4.7 million property tax break.
The St. Louis Post-Dispatch reports that a holding company convinced St. Louis assessor Ed Bushmeyer that One AT&T Center is worth far less than its purchase price in 2006 because AT&T, the lone tenant, now fills only half the office space.
The property was acquired for $205 million by Minto Holdings Inc. of Florida and Inland American Real Estate Trust of Oak Brook, Ill. Inland's affiliate, MB St. Louis, convinced Bushmeyer that the building is now worth about $70 million less than what it sold for six years ago.
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