CBRE Assigned Office Leasing, Property Management at Iconic One Commerce Square in Memphis
08 Nov 2018
CBRE has been assigned the office leasing and property management at One Commerce Square, an iconic landmark within the Memphis skyline located at 40 South Main St. in Downtown. The property includes a 29-story, 391,440-sq.-ft. office tower, a four-story annex with 63,230 sq. ft. of space as well as a leasehold interest in a 500-space parking garage.
An affiliate of Group RMC, One Commerce Square’s new owner, acquired its first Memphis property, Southwind Office Center, in 2017. The group owns more than 13 million sq. ft. of office space in the Midwest and Southeast of the U.S. and is known to invest in properties long-term. “We’re proud to expand our presence in Memphis and are a big beliver in the city’s future,” said Raymond Massa, principal at Group RMC. “We’re excited to have CBRE as a trusted partner as we only use local talent for management and operations at our properties.”
CBRE’s Ron Kastner has been assigned the office leasing and CBRE’s Kevin Clarkson is spearheading property management services with Laci McCallum designated as the on-site property manager. CBRE’s Johnny Lamberson and Terry Radford represented the seller, Worthington Hyde Partners, in the sale of the property.
“Being at the center of all the new development going on Downtown, One Commerce Square has experienced significant momentum in recent years, and we’re excited for this property to reach its full potential under new ownership,” said Mr. Kastner, senior vice president at CBRE. “As the only multi-tenant LEED Gold certified building in Downtown, the asset offers a number of signature amenities that tenants desire, including 24-hour security, full-service banking, in-house food service, an auditorium and conference center, and structured parking.” LEED is the highest level of green building rating systems and provides guidelines for operating efficient, healthy buildings, resulting in real cost savings for its tenants.
One Commerce Square is currently 72% leased. Tenancy includes The State of Tennessee (109,810 sq. ft.), B. Riley Wealth Management, formerly Wunderlich Securities, (28,716 sq. ft.), Lewis Thomason (21,184 sq. ft.) HBG Design (29,538 sq. ft.) Gerber/Taylor Capital Advisors (14,640 sq. ft.) and numerous other prominent professional services firms that occupy in excess of 60,000 sq. ft. Additionally, Independent Bank maintains a full-service bank branch on the first floor of One Commerce Square.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.