ST. LOUIS (KMOX) – T-REx, the two-year-old technology incubator which has attracted start-ups to St. Louis, has decided to stop renting and to buy its own home.
T-REx, short for “Technology at the Railway Exchange,” is the home of Arch Grants and Capital Innovators which provide venture capital funding for start-ups, but it is is also a co-working space with reduced rent and support for fledgling companies.
“We actually started talking after the first year that we had proven the market and were growing and if we were to continue to grow and sustain and raise money, we would have to establish a permanent home,” Kevin Farrell, Senior Director for Economic and Housing Development at The Partnership for Downtown St. Louis, said.
T-REx houses 70 companies in the Railway Exchange Building but will have room for 50 more immediately at its new Washington Avenue home, with room to expand even more.
“We have up to 100,000 square feet that we can grow in the building without affecting any of the existing tenants and it’s possible too that some of those tenants over time, if they end up choosing to leave, would provide additional growth opportunities for us,” Farrell said.
The Lammert Building, Farrell says, has high wood-beam ceilings which provide the loft-like feel that young entrepreneurs from the East Coast and West Coast are looking for. U.S. Bank provided $1.7 million in financing for the purchase.
As for T-REx’s former home in the Railway Exchange Building, Farrell says redevelopment plans for the space, including the floors previously occupied by Macy’s, are being formulated.