Center City Scenes: Financial advisers: Center city office stock a 'buy' rating

Pension Consultants Inc. is a pioneer in managing and evaluating employer-sponsored retirement plans. The 14-year-old company serves major corporations with headquarters throughout the Midwest and mid-South, with its customers representing more than 50,000 employees and $1 billion in assets combined. Founder and President Brian Allen reviewed several sites in 2003 as he looked for space for his growing company before selecting the former Parkie’s Stained Glass shop at the southeast corner of Campbell Avenue and McDaniel Street.

Walnut Capital Management LLC is an independent financial services practice associated with Wachovia Securities Financial Network. It provides traditional brokerage services, encompassing stocks, bonds, mutual funds, annuities and fee-based money management services. Managing partner Jay Handy’s previous professional experience in Boston and Madison, Wis., gave him a sincere appreciation of the value of urban settings. Springfield’s Midwest location and multiple family ties of the firm’s partners led to its purchase of Shawn Askinosie’s former law office at the northeast corner of National Avenue and Walnut Street in 2007.

With this history, I asked each executive three questions about being a center city office tenant.

Factors in choosing an office site:

Allen: “Approximately five years ago, I had outgrown my office on the southeast side of Springfield. I needed to move, and I wanted to own my office building. … I was in Leadership Springfield XIV several years earlier and had learned about many of the plans for downtown. I was a believer right away, so I focused my attention on downtown properties. Downtown offered me a centralized location for my employees, attractive tax incentives for rehabilitating a historic building and a good long-term investment.”

Handy: “When we set out to find a place to locate, we knew we wanted something that was a bit of an architectural and Springfield cultural statement. We knew there was an endless supply of retail centers which appear to be floating in a sea of asphalt available, but that simply wasn’t for us or our clients. Naturally, we found ourselves looking downtown. When we discovered the 1911 mansion (at) National and Walnut was available, we instantly knew it was perfect.”

Benefits of center city:

Allen: “I have employees from every different direction around Springfield. I live in Nixa. Others live in Ozark, Strafford, Buffalo as well as Springfield. The centralized location is beneficial for all of us. I also feel that being downtown is a statement about my firm. We are a progressive, visionary company. Downtown reinforces that image for us.”

Handy: “Nearly every client who enters our building comments on its charm and uniqueness. In fact, we have been asked and have participated with many charitable groups to hold fundraising events in the mansion. Our employees also get a kick out of coming to work in a very stately manor rather than an office park. A very positive work environment can easily be created around this sort of attitude.”

Suggestions for other businesses:

Allen: “I would certainly encourage any business to look downtown. My suggestions would be to do your homework. Look at many buildings and carefully do your due diligence on the property. Rehabilitating an old building requires a specialized team of construction professionals. Pick a good architect and good general contractor. The results will be a much more invigorating, interesting and creative work space than the typical office building.”

Handy: “I would strongly suggest to people who are looking for office space to consider downtown as an option. It is a far more interesting location to work with many close amenities, restaurants, shops and health clubs. Customers can make a couple downtown stops, and your employees will like the convenience. As for any tired excuses not to, like parking, one needs to realize the newly available parking and excellent pedestrian walkways now in place.”

Forward thinking

With projects such as the IDEA Commons, BKD’s corporate headquarters and infill sites for new construction, firms such as Pension Consultants and Walnut Capital Management will likely be seen in five years as pioneers on the leading edge of center city office development.

Rusty Worley, executive director of Urban Districts Alliance, can be reached at rusty@itsalldowntown.com.