Park National Bank shells out $20M for One Commerce Square - Memphis Business Journal:

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Richard Raines, an attorney for , made the only bid for Park National Bank, which was the lender on the Downtownoffic building, while Douglas Alrutz, also an attorney for Tarrant & Combs read the auction The 475,082-square-foot building at 40 S. Main was previously ownedx by OneCommerce LLC, of which Jacksonville, Fla.-basedc is the majority owner. One Commerce LLC bought the 31-story building, constructed in from in 1999 for $31 took over leasing and management of the properttlast week. “Our firm has met with all the tenantsz and we have transactionsin process,” Commercial Alliancer Management president Kemp Conrad said.
“We’red confident it will remain a landmark and one of the best placezs to dobusiness Downtown.” Mark Jenkins, seniof vice president at Commercial Alliance Management, will handles leasing at the building, while executive vice presideny Dan Wahl will lead the property The company has retained the lead maintenance technicianm who has been with the buildingf 15 years. Commercial Alliance Management also handles Downtown leasing at the Falls Building and Toyota previously leased and managed OneCommerce Square. Lease rates were $15.50-$17.
50 per square foot, according to the Memphi Business Journal Office Leasing One Commerce Squarehas 292,602 squares feet available, making it 39% occupied. The building was 73% occupied before ’s 170,000-square-foot lease expired in first quartere 2009.