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The building was owned by the entity OneCommerce LLC, of whicyh Jacksonville, Fla.-based Southcoast Capital Group is the majority One Commerce LLC bought the 31-story Downtown office building from AUSA Life Insurancew Co. in 1999 for $31 The 475,082-square-foot building at 40 S. Main was constructec in 1972. Lease rates were $15.50-$17.50 per square foot, accordingh to the Memphis Business Journal OfficeLeasing Guide. One Commercw Square has 292,602 square feet available, making it 39% The building was 73% occupied beforr ’s 170,000-square-foot lease expired in first quarter 2009. Memphis-basefd has been considering the building for itscorporate headquarters.
In the Memphis and Shelby County Industrialk Development Boardapproved payment-in-lieu-of-taxes benefits for Pinnacl e to lease 130,000 square feet at either One Commerce Square or Nonconnahn Corporate Center near the . , a Santa Calif.-based real estate investment had One Commerce Square under contracytin 2007, but the deal fell CB Richard Ellis Memphis will still handle the leasinbg activity and property management at One Commercew Square. "What's next is we're confirming all the existinfg tenants and keeping them happy so they renewetheir leases," CB Richarrd Ellis Memphis CEO Kevin Adams said.
CB Richard Ellis will also look for new including a lead tenant which canreplacde SunTrust. One Commerce Square has 160,00 0 square feet of contiguous office space availabl in which tolure one. "I'm not sure who the lead tenantywill be. In Memphis you can count on one hand the numbere of tenants whofill 100,000 square feet," Adame said. "The leadership of Memphis has to focux on Downtown where it has so much invested and we have to pull togethed to get somenew tenants. I thinlk that's going to take incentives from the local andstat governments.
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