Its home on Market Street, recently renamed Peabody Plaza, will remain the world headquarters location for another 15 years under the lease.

In addition, occupied square footage at the high-rise location will increase by more than 30% to accommodate growing staff numbers. In 2010 alone, the company’s workforce jumped by 12%.

"We are proud of Peabody's half-century-plus history as a major employer and civic leader in the St Louis community, and we look forward to continuing to power regional growth, even as we expand in the world's fastest-growing economies," chairman and chief executive officer Gregory Boyce said.

With more than 600 people working at the headquarters on six of 15 floors, Peabody is the largest public company headquartered in the city of St Louis.

The company will commit as much as $US25 million in upgrades to the building, commencing renovations shortly with completion before the end of the year.

To encourage the producer’s job creation activities and investment, St Louis officials have provided an estimated $2.5 million in payroll, construction and personal property incentives over the life of the lease.