Meet the Man Who Owned Much of Downtown Clayton

In 1948, Solon Gershman hired about a dozen people and began transforming 's commercial real estate landscape. He bought up properties throughout downtown and built several of his own along Hanley Road.

Now, manages about 7.5 million square feet of retail, office and industrial space, a significant portion of which is in Clayton. Meanwhile, —founded in 1953—services a portfolio of mortgages valued at more than $1 billion.

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"Solon was one of the best believers in Clayton," said Edward Balk, executive vice president of the commercial real estate company. Gershman, who died in early 2003, saw value in the city because it served as home to St. Louis County government offices, law firms and banks.

Structures that he constructed in Clayton include the U.S. Bank building and the building that houses .

Gershman entered the industry after returning from World War II. He got his start at a real estate office on Delmar Boulevard in University City. From there, he launched his own company in Clayton. At the time, the city had no skyscrapers.

He valued his employees, Balk said. He began offering medical insurance for salaried workers early on—a rarity in that era—after an employee became particularly sick. He cared about the health of workers and their family members, and he valued loyalty, Balk said.

Gershman also was charismatic and dynamic, and he invested in his employees, President Tom Stern said. Those attitudes have led Gershman's employees to give back to St. Louis-area nonprofits over the years and to interact with clients in a respectful way.

"Solon felt you treat people the way you'd want to be treated," Stern said. 

In its early days, Solon Gershman Inc. operated in the lower level of the building that now includes and . Over time, it moved to the building, then to an office near Mini of St. Louis on Maryland Avenue, onto Hanley Road and finally to the building where the company now resides.

Gershman Mortgage, meanwhile, has offices in Clayton and also maintains operations in Festus, Chesterfield, Columbia, Branson, Springfield, MO, and O'Fallon, IL, President Al Will said. It handles both commercial mortgages and those for single-family homes, apartments and assisted living communities, among others, an attribute that sets it apart from many other businesses.

"Most companies are either one or the other," said Will, who has been with Gershman Mortgage for 50 years. It is probably the oldest mortgage company in St. Louis and is among the area's largest single initiators of loans, he said.

The business got its start when Gershman sold a piece of land west of what is now Interstate 170. The property became the Tanglewood subdivision.

When the builder requested help getting financing for people who would buy the subdivision's roughly 130 houses, Gershman took action, Stern said. He wrote dozens of letters to companies and got one response: Liberty National Life Insurance of Birmingham, AL, wanted in on the project.

But Liberty needed a business in St. Louis that could help handle the accounts by paying real estate taxes and insurance and taking care of other responsibilities. So Gershman started the mortgage company that bears his name.

The company has changed a lot over the years.

In 2005, Solon Gershman Inc. got out of the residential market. That's because over time, it has become more difficult for real estate companies to specialize in both residential and commercial properties, Stern said. More knowledge is needed to handle either field, and markets are more sophisticated.

Solon Gershman Inc. now manages a variety of commercial spaces including retail centers such as Westgate in Creve Coeur, Woodchase in Chesterfield and Flower Valley in Florissant.

Balk, the executive vice president, began working for Gershman in 1950. He served two years in the U.S. Army before returning to Gershman in January 1953.

His cousin was married to Gershman, and Gershman invited him to come work for the company after he graduated from Washington University.

Balk started out closing sales and maintaining properties by ensuring the collection of rent, the payment of utility bills and the cutting of grass, among other responsibilities. He went on to become a sales manager.

One significant area of change in the real estate industry involves gender, Balk said. Balk started at Gershman at a time when men dominated the industry. Women in real estate worked in clerical roles.

"As time progressed, the women became the leading people in the residential field" and men managed commercial property, Balk said. Now, men and women handle both types of real estate.

Stern said advertising methods has also changed. Whereas "for sale" signs and newspaper advertising got across real estate messages most effectively in the past, the Internet has become a go-to place for prospective buyers to review property.

The economic downturn that began in 2008 hurt business. It resulted in fewer property sales and lower occupancy rates. Financing became more difficult.

The market is looking better, though it will be a while before it returns to 2006-07 levels, Stern said.

Nonetheless, employees enjoy being a part of the companies Gershman founded more than 55 years ago: Many have been employed there for more than 20 years.

"We enjoy what we do, and I think that's an environment Solon started," Stern said.

Will, the Gershman Mortgage president, said Gershman got people to work together in an environment in which everyone felt important.

"He was a true gentleman, a pleasure to be around," Will said.

That top-tier quality is reflected in the attitude employees have toward the mortgage company.

"We look at ourselves as the boutique of the mortgage industry," he said.