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ST. LOUIS — McCormack Baron Salazar, a national low-income housing developer, is relocating to a new office building in downtown St. Louis.

The company is leaving its longtime home at the Laclede Gas Building on Olive Street for new digs three blocks east at 100 North Broadway. More than 140 employees will occupy two floors when they move into the new office tower by the first quarter of 2022, the company said Friday.

“McCormack Baron Salazar believes in cities, in the importance and value of strong urban communities, so we’re proud to be relocating to this beautiful space in a vibrant location downtown,� co-founder and Chairman Richard Baron said in a statement. “St. Louis is our home, and we have made an intentional commitment to stay downtown.�

Downtown has struggled to attract and retain office tenants for years. In a slow-growth region, the perception that downtown isn’t safe, among other factors, has pushed some companies to offices in newer developments. The empty Jefferson Arms, Railway Exchange Building and former AT&T tower still dot downtown, which has one of the highest office vacancy rates in the region at 19.2%. The region averages 14.1%.

McCormack Baron had hinted last year it might not be able to maintain its downtown headcount. It asked the city’s development agency to extend it a loan using $5 million in federal New Markets Tax Credits, citing the financial impact of the coronavirus pandemic. The loan transaction never closed.

And on Friday, McCormack Baron announced it was indeed staying in the central business district.

“St. Louis is glad to see McCormack Baron Salazar recommit to our downtown,� said Mayor Tishaura O. Jones. “Downtown St. Louis remains open for business, and we welcome companies who are looking to leverage all of the great assets it has to offer.�

McCormack Baron CEO Vince Bennett said the new office will foster a hybrid working environment for employees, who won’t be required to come into the office everyday.

McCormack Baron is at least the third high-profile tenant to exit the Laclede Gas Building for other downtown offices in as many years. Downtown STL Inc. left in 2018 for One Metropolitan Square, and architecture firm Arcturis moved to Peabody Plaza at the end of 2020.

Larson Capital Management, which bought 100 North Broadway in January 2020, is investing around $20 million in renovating its property, which Partner and CEO Paul Larson said has led to discussions with three other potential tenants. He declined to disclose who those companies are but added that McCormack Baron is the tower’s first major tenant to sign on since the start of the COVID-19 pandemic.

“We are thrilled to have them as they are committed to our city,� Larson said in an email.

Jacob Barker of the Post-Dispatch contributed to this story.