Latch Moves NYC HQ to St. Louis After Leasing 48K SF Office & Warehouse Facility

Latch Inc. is set to relocate its headquarters from New York City to St. Louis. The company has signed a lease for a 48,000-square-foot warehouse and office space located at 1220 N. Price Road in Olivette, Mo. 

The new home: The property is a one-building facility that spans over 164k sf. Owned by Intelica Commercial Real Estate, it was completed in 1948 and features a truck court, loading doors, dock levelers, ninety car parking spaces and refrigerated storage. Latch Inc. will be rebranded as Door.com soon, to go along with the new location. 

The team: Latch is partnering with Oakline Studio to design its new headquarters space and CI Select for interior furnishings. The facility will be used as a warehouse and for and office operations, including inventory, returns, in-house testing, sales and finance. David Lillis, Latch’s senior vice president of finance, and Chris Peckham, head of sales, will lead the new office location.

The choice: Latch CEO Jamie Siminoff said that St. Louis was the ideal city to relocate to due to its diverse talent pool, affordable cost of living, and central location. The company intends to bring an additional 30 jobs to the market in addition to the 16 new hires it has already made in the city.

What’s been going on: Latch has had a tumultuous year. In July 2023, the company announced that it would lay off 59% of its workforce and replace many of its top executives. This came after a year of declining share prices and a delisting from the Nasdaq.

Latch merged with a special-purpose acquisition company (SPAC) sponsored by global real estate giant Tishman Speyer in January 2021, valuing the firm at $1.5 billion. The company raised around $450 million in the transaction, but its shares peaked at $17 per share in February 2021 before a long downward slide. Latch was delisted from the Nasdaq in August 2023 after it failed to meet deadlines to file financial reports with the Securities and Exchange Commission.

The company's stock was trading at 90 cents per share in early September 2023, so its move and rebranding are not surprising.