One Commerce Square
| One Commerce Square | |
|---|---|
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| Former names | National Bank of Commerce Building, Sun Trust Bank Building |
| Alternative names | iBank Building |
| General information | |
| Architectural style | Modern |
| Location | 40 South Main Street, Memphis, Tennessee |
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| Completed | 1972 |
| Owner | Memphis Commerce Square Partners |
| Height | 396.0 feet (120.7 m) |
| Technical details | |
| Floor count | 30 |
| Floor area | 503,999 sq ft (46,823.0 m2)[1] |
| Design and construction | |
| Architecture firm | Roy P. Harrover & Associates |
| Other information | |
| Public transit access | Bus interchange MATA Heritage streetcar Main Street Line |
| Website | |
| http://www.onecommercesquare.com | |
One Commerce Square is a 30-story skyscraper in Downtown Memphis which is locally referred to as the "iBank Tower". The building 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.[2]
History
[edit | edit source]Construction
[edit | edit source]Construction started in 1972 by the National Bank of Commerce (NBC), and the building was completed in 1973, preserving the original bank lobby that was built in 1929. One Commerce Square represents a modernism architectural style and is currently a Class A multi-tenant commercial office building in downtown Memphis. It was designed by local Memphis architect Roy Harrover who also designed the Memphis International Airport and Memphis College of Art. Locally, it became known as the "NBC Building." In 1984, NBC sold the building for $46.1 million.
Foreclosure
[edit | edit source]The building was purchased in 1999 for $31.5 million by Jacksonville, Florida–based Southcoast Capital Group, which operated as One Commerce Square LLC.[3] However, One Commerce Square LLC defaulted on a $24.5 million loan dated December 20, 2002, through Archon Financial LP.
Memphis Commerce Square Partners
[edit | edit source]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.[4] In December 2010, a local investment group known as Memphis Commerce Square Partners purchased the building from U.S. Bancorp. Management is by Cushman & Wakefield.[5]
In 2015, One Commerce Square became the first building in Memphis to attain LEED gold certification after cutting energy usage by 45 percent through renovations.[6]
Tenants
[edit | edit source]One Commerce Square houses the headquarters of Cargill Cotton[7] and Hnedak Bobo Group (HBG), Memphis's largest architecture firm.[8]
Former Tenants
[edit | edit source]SunTrust
[edit | edit source]In 2005, NBC, still the anchor tenant of the building at the time, was acquired by SunTrust Banks, and the building became known as the SunTrust Building. The building suffered a major blow when its anchor tenant, SunTrust, vacated 155,000 square feet (14,400 m2) in the building when its lease ended in January 2009.[9]
Pinnacle Airlines
[edit | edit source]On October 8, 2010, regional airline Pinnacle Airlines Corp. announced that it intended to move over 600 employees that would occupy 155,000 square feet (14,400 m2) on 12 floors of One Commerce Square.[10] The Downtown Memphis Commission helped attract Pinnacle by providing $5 million of a total $20 million public/private investment, along with the city of Memphis, to refurbish the building and provide below-market rental rates to new and existing tenants. The move took place in the autumn of 2011, contingent on a lease with the potential ownership group of Lynch-Schledwitz-Prosterman. The architecture firm of Looney Ricks Kiss designed a makeover of the building.[11] However, Pinnacle Airlines announced in January 2013 that it would relocate to Minneapolis, thereby vacating the space in One Commerce.[12]
Southern Airways Express
[edit | edit source]Southern Airways Express launched operations in June 2013, with its first flight taking place on Wednesday, May 29, with an inaugural flight for industry partners and members of the media from Memphis to Destin. Stan Little, chairman and CEO, answered the first phone call after the airline moved into its new office headquarters in One Commerce. On March 7, 2016, Southern announced the acquisition of Fort Lauderdale-based Sun Air Express. Following the acquisition of Sun, the operational headquarters of Southern Airways was relocated from Memphis to Pompano Beach, Florida.
See also
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References
[edit | edit source]- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Ashby, Andy Memphis group wins bid to purchase One Commerce Square Memphis Business Journal, August 4, 2010 (accessed August 18, 2010)
- ^ Wade, Don One Commerce Square building Downtown to go into foreclosure Commercial Appeal, April 30, 2009 (accessed August 18, 2010)
- ^ Information for Park National Bank, Chicago, IL FDIC Failed Bank Information, October 30, 2009 (accessed August 18, 2010)
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- ^ Smith, Eric One Commerce Square Faces Foreclosure The Daily News (Memphis, TN), May 01, 2009 (accessed August 18, 2010)
- ^ Risher, Wayne Downtown Memphis celebrates the arrival of Pinnacle Airlines CommercialAppeal.com, October 8, 2010 (accessed October 19, 2010)
- ^ Meek, Andy Pinnacle Seeks CCDC Funds to Aid Move The Daily News (Memphis), October 20, 2010 (accessed October 19, 2010)
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).