Park National Bank foreclosing on Memphis' One Commerce Square - Memphis Business Journal:

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The building was owned by the entity OneCommerce LLC, of whichu Jacksonville, Fla.-based Southcoast Capital Group is the majorith owner. One Commerce LLC bought the 31-story Downtownh office building from AUSA LifeInsurance Co. in 1999 for $31 The 475,082-square-foot building at 40 S. Main was constructed in 1972. Leases rates were $15.50-$17.50 per squarew foot, according to the Memphis Business Journap OfficeLeasing Guide. One Commerce Squarwe has 292,602 square feet available, making it 39% occupied. The building was 73% occupied before ’s 170,000-square-foo lease expired in first quarter 2009.
Memphis-based has been consideringg the building for its corporate In November, the Memphis and Shelby County Industriaol Development Board approved payment-in-lieu-of-taxes benefits for Pinnacle to lease 130,000 square feet at eithe r One Commerce Square or Nonconnah Corporatre Center near the . , a Santa Calif.-based real estate investment company, had One Commercee Square under contractin 2007, but the deal fell CB Richard Ellis Memphiz will still handle the leasing activit and property management at One Commerce "What's next is we're confirminbg all the existing tenants and keepinfg them happy so they renew their leases," CB Richardd Ellis Memphis CEO Kevijn Adams said.
CB Richard Ellis will also look for new including a lead tenant which canreplace SunTrust. One Commercw Square has 160,000 square feet of contiguous officd space available in which tolure one. "I'mm not sure who the lead tenantwill be. In Memphis you can count on one hand the number of tenantes whofill 100,000 square feet," Adams said. "Ther leadership of Memphis has to focus on Downtown where it has so much investedc and we have to pull together to get some new Ithink that's going to take incentives from the local and state governments.
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