Peabody Energy Will Stay Downtown
ST. LOUIS, Mo. (KMOX) — Peabody Energy announced Wednesday that they have renewed their decade long commitment to the City of St. Louis. The publicly traded company will remain in the newly-renamed Peabody Plaza at 01 Market St.
Peabody has entered into a new, 15 year lease at the downtown high-rise, increasing its occupied square footage by more than 30% to accomodate a growing workforce.
“We are proud of Peabody’s half-century-plus history as a major employer and civic leader in the St. Louis Community, and we look forward to continuing to power regional growth, even as we expand in the world’s fastest-growing economies,” said Gregory H. Boyce, Peabody Energy Chairman and Chief Executive Officer.
Peabody was offered $10 million in new market tax credits during negotiations with city leaders, but Boyce announced that Peabody will forego that benefit and let City Hall keep the money for other projects.
Peabody will be eligible for roughly $2.5 million in incentives, but only if they increase their workforce as promised.
Peabody is the largest publicly traded company based in St. Louis, with nearly 600 employees.
Copyright KMOX Radio