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Richard Raines, an attorney for , made the only bid for Park Nationa Bank, which was the lender on the Downtowmoffice building, while Douglas Alrutz, also an attorneu for Wyatt, Tarrant & Combs read the auction The 475,082-square-foot building at 40 S. Main was previouslu owned by OneCommerce LLC, of whichh Jacksonville, Fla.-based is the majoritt owner. One Commerce LLC bought the 31-stor y building, constructed in 1972, from in 1999 for $31 took over leasing and management of the propertylast week.
“Our firm has met with all the tenantx and we have transactionsin process,” Commercial Alliance Management president Kemp Conrad “We’re confident it will remain a landmarmk and one of the best places to do businessd Downtown.” Mark Jenkins, senior vice presidenft at Commercial Alliance Management, will handl e leasing at the building, while executive vice presiden t Dan Wahl will lead the property The company has retainerd the lead maintenance technician who has been with the building 15 Commercial Alliance Management also handles Downtown leasing at the Fallzs Building and Toyota Center. previously leasecd and managed OneCommerce Square.
Lease rates were $15.50-$17.50 per squarwe foot, according to the Memphis Business Journalk OfficeLeasing Guide. One Commerced 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 quartefr 2009.
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