First Tennessee Plaza
Encyclopedia
The First Tennessee Plaza, or Plaza Tower, is an office high-rise located at 800 Gay Street
in Knoxville, Tennessee
, USA. Completed in 1978, the 27-story structure is Knoxville's tallest building and an iconic part of the city's skyline. The building was originally known as the United American Plaza, with its current name being adopted in 1995 to reflect its anchor tenant, First Tennessee.
The First Tennessee Plaza occupies the entire block bounded by Gay Street, Main Street, State Street, and Cumberland Avenue. The building rises over 300 feet (91.4 m), contains 455000 square feet (42,270.9 m²) of office space, and sits atop a 393-space parking garage. A courtyard flanks the building's southwest corner, at the junction of Gay and Main. Along with First Tennessee, tenants include the Brunswick Boat Group
, several high-profile law firms, and Club LeConte, the latter occupying the 27th floor.
The building was originally built as office space for the United American Bank, which was the cornerstone of the banking empire of Jake Butcher
(the adjacent Riverview Tower
was built by the City & County Bank, headed by Butcher's brother, C. H. Butcher). After the FDIC
raided Butcher's banks in November 1982, United American collapsed, and Butcher was eventually convicted of bank fraud. In 1983, the Plaza Tower was sold to Chicago
-based real estate investment firm JMB Realty
for $28.5 million. First Tennessee moved into the building in February of the same year.
In 1994, JMB merged with Heitman Properties, and Heitman assumed management of the Plaza (although JMB retained ownership of the building). After a $500,000 renovation in the mid-1990s, JMB sold the building to Jackson, Mississippi
-based investment firm Parkway Properties in 1997 for $29.2 million. In 2007, Parkway sold the building for $50 million to the Brooklyn-based North Development Group, an umbrella firm
representing several New York-based investment companies. Parkway Realty Services currently manages the building.
Gay Street (Knoxville)
Gay Street is a street in Knoxville, Tennessee, USA, that traverses the heart of the city's downtown area. Since its development in the 1790s, Gay Street has served as the city's principal financial and commercial thoroughfare, and has played a primary role in the city's historical and cultural...
in Knoxville, Tennessee
Knoxville, Tennessee
Founded in 1786, Knoxville is the third-largest city in the U.S. state of Tennessee, U.S.A., behind Memphis and Nashville, and is the county seat of Knox County. It is the largest city in East Tennessee, and the second-largest city in the Appalachia region...
, USA. Completed in 1978, the 27-story structure is Knoxville's tallest building and an iconic part of the city's skyline. The building was originally known as the United American Plaza, with its current name being adopted in 1995 to reflect its anchor tenant, First Tennessee.
The First Tennessee Plaza occupies the entire block bounded by Gay Street, Main Street, State Street, and Cumberland Avenue. The building rises over 300 feet (91.4 m), contains 455000 square feet (42,270.9 m²) of office space, and sits atop a 393-space parking garage. A courtyard flanks the building's southwest corner, at the junction of Gay and Main. Along with First Tennessee, tenants include the Brunswick Boat Group
Brunswick Boat Group
The Brunswick Boat Group, headquartered in Knoxville, Tennessee, United States, is the largest maker of pleasure boats in the world. In 2008, the company's net sales were US$1.7 billion...
, several high-profile law firms, and Club LeConte, the latter occupying the 27th floor.
The building was originally built as office space for the United American Bank, which was the cornerstone of the banking empire of Jake Butcher
Jake Butcher
Jacob Franklin "Jake" Butcher was a U.S. banker and politician who built a financial empire in East Tennessee, was the Democratic Party nominee for governor of Tennessee in 1978 and the primary promoter of the 1982 World's Fair in Knoxville, Tennessee, and who lost his business and his personal...
(the adjacent Riverview Tower
Riverview Tower
The Riverview Tower is an office high-rise located at 900 Gay Street in Knoxville, Tennessee, USA. Completed in 1985, the 24-story structure is Knoxville's second-tallest building, and along with its sister building, the First Tennessee Plaza, anchors Knoxville's downtown office market...
was built by the City & County Bank, headed by Butcher's brother, C. H. Butcher). After the FDIC
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
raided Butcher's banks in November 1982, United American collapsed, and Butcher was eventually convicted of bank fraud. In 1983, the Plaza Tower was sold to Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
-based real estate investment firm JMB Realty
JMB Realty
JMB Realty Corporation is a real estate investment company based in Chicago that at one time was one of the largest property developers in the United States. The company was founded as Robert Judelson & Co. in 1968...
for $28.5 million. First Tennessee moved into the building in February of the same year.
In 1994, JMB merged with Heitman Properties, and Heitman assumed management of the Plaza (although JMB retained ownership of the building). After a $500,000 renovation in the mid-1990s, JMB sold the building to Jackson, Mississippi
Jackson, Mississippi
Jackson is the capital and the most populous city of the US state of Mississippi. It is one of two county seats of Hinds County ,. The population of the city declined from 184,256 at the 2000 census to 173,514 at the 2010 census...
-based investment firm Parkway Properties in 1997 for $29.2 million. In 2007, Parkway sold the building for $50 million to the Brooklyn-based North Development Group, an umbrella firm
Umbrella organization
An umbrella organization is an association of institutions, who work together formally to coordinate activities or pool resources. In business, political, or other environments, one group, the umbrella organization, provides resources and often an identity to the smaller organizations...
representing several New York-based investment companies. Parkway Realty Services currently manages the building.
External links
- Parkway Properties, Inc. — First Tennessee Plaza — official site