One Commerce Square
Encyclopedia
One Commerce Square is a 30-story skyscraper
, which was formerly known as the NBC
Building and the SunTrust
Building, and is the fourth tallest building in Memphis, Tennessee
. The building is located at the corner of Monroe Avenue and South Main Street. It is 396 feet (120.7 m) tall and has 475082 square feet (44,136.6 m²) of office space.
It is currently owned by U.S. Bancorp
, which acquired the building in an FDIC transaction in late 2009. In August 2010, a local investment group led by Terry Lynch, Karl Schledwitz and Gary Prosterman, won bidding process and have entered into negotiations to purchase the building.
The building was purchased in 1999 for $31.5 million by Jacksonville, FL
-based Southcoast Capital Group, which operated as One Commerce Square LLC. However, One Commerce Square LLC defaulted on a $24.5 million loan dated December 20, 2002, through Archon Financial LP. In 2003, The deed was then assigned to Regency Savings Bank, which merged with Park National Bank
.
In 2005, NBC was acquired by SunTrust Banks Inc.
, and the building became known as the SunTrust Building.
The building suffered a major blow when it lost its anchor tenant, SunTrust, vacated 155000 square feet (14,400 m²) in the building when its lease ended in January 2009.
On October 30, 2009, Park National Bank was taken over by the Federal Deposit Insurance Corporation
and the bank's assets were sold to U.S. Bancorp.
Law firm Glankler Brown PLLC is currently one of the building's largest tenants, but announced plans in early 2010 to relocate to East Memphis. Once the firm's move is completed, building's occupancy will dip below 40 percent.
On October 8, 2010, regional airline Pinnacle Airlines Corp.
announced that it intended to move over 600 employees that will occupy 155000 square feet (14,400 m²) on 12 floors of One Commerce Square. The move, which is slated to occur in the autumn
of 2011, is contingent on a lease with the potential ownership group of Lynch-Schledwitz-Prosterman. They hired architecture firm Looney Ricks Kiss to design a makeover of the building. Pinnacle and the Lynch-Schledwitz-Prosterman group are also attempting to acquire tax and other incentives to land the deal.
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
, which was formerly known as the NBC
National Bank of Commerce (Memphis)
National Bank of Commerce was a bank headquartered in Memphis, Tennessee until it was taken over by SunTrust Banks in 2005.-History:Bank of Commerce & Trust began in 1873. Its limestone Classical Revival building was built in 1929....
Building and the SunTrust
SunTrust Banks
SunTrust Banks, Inc., is an American bank holding company. The largest subsidiary is SunTrust Bank. It had US$172.7 billion in assets as of September 30, 2009...
Building, and is the fourth tallest building in Memphis, Tennessee
Memphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
. The building is located at the corner of Monroe Avenue and South Main Street. It is 396 feet (120.7 m) tall and has 475082 square feet (44,136.6 m²) of office space.
It is currently owned by U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
, which acquired the building in an FDIC transaction in late 2009. In August 2010, a local investment group led by Terry Lynch, Karl Schledwitz and Gary Prosterman, won bidding process and have entered into negotiations to purchase the building.
History
The building was built in 1972 by the National Bank of Commerce (NBC). Locally, it became known as the "NBC Building." In 1984, NBC was sold the building for $46.1 million. In 1996, the building was sold out of foreclosure for $21.7 million.The building was purchased in 1999 for $31.5 million by Jacksonville, FL
Jacksonville, Florida
Jacksonville is the largest city in the U.S. state of Florida in terms of both population and land area, and the largest city by area in the contiguous United States. It is the county seat of Duval County, with which the city government consolidated in 1968...
-based Southcoast Capital Group, which operated as One Commerce Square LLC. However, One Commerce Square LLC defaulted on a $24.5 million loan dated December 20, 2002, through Archon Financial LP. In 2003, The deed was then assigned to Regency Savings Bank, which merged with Park National Bank
Park National Bank
The Park National Bank is the lead bank in the $5.5 billion Park National Corporation serving Ohio and Northern Kentucky. The bank has several affiliate banks, including: Fairfield National Bank; Park National Bank, Park National Bank: Southwest Ohio & Northern Kentucky; Farmers and Savings Bank;...
.
In 2005, NBC was acquired by SunTrust Banks Inc.
SunTrust Banks
SunTrust Banks, Inc., is an American bank holding company. The largest subsidiary is SunTrust Bank. It had US$172.7 billion in assets as of September 30, 2009...
, and the building became known as the SunTrust Building.
The building suffered a major blow when it lost its anchor tenant, SunTrust, vacated 155000 square feet (14,400 m²) in the building when its lease ended in January 2009.
On October 30, 2009, Park National Bank was taken over by the Federal Deposit Insurance Corporation
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...
and the bank's assets were sold to U.S. Bancorp.
Law firm Glankler Brown PLLC is currently one of the building's largest tenants, but announced plans in early 2010 to relocate to East Memphis. Once the firm's move is completed, building's occupancy will dip below 40 percent.
On October 8, 2010, regional airline Pinnacle Airlines Corp.
Pinnacle Airlines Corp.
Pinnacle Airlines Corp. is an American holding company headquartered in Memphis, Tennessee, which is the parent company of three airlines: Pinnacle Airlines, Mesaba Airlines and Colgan Air...
announced that it intended to move over 600 employees that will occupy 155000 square feet (14,400 m²) on 12 floors of One Commerce Square. The move, which is slated to occur in the autumn
Autumn
Autumn is one of the four temperate seasons. Autumn marks the transition from summer into winter usually in September or March when the arrival of night becomes noticeably earlier....
of 2011, is contingent on a lease with the potential ownership group of Lynch-Schledwitz-Prosterman. They hired architecture firm Looney Ricks Kiss to design a makeover of the building. Pinnacle and the Lynch-Schledwitz-Prosterman group are also attempting to acquire tax and other incentives to land the deal.