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 Nationao Bank, which was the lenderr on the Downtownofficed building, while Douglas Alrutz, also an attorne y for Wyatt, Tarrant & Combs read the auction proclamation. The 475,082-square-foot building at 40 S. Main was previouslg owned by OneCommerce LLC, of which Jacksonville, Fla.-basedf is the majority owner. One Commercee LLC bought the 31-story building, constructed in from in 1999 for $31 million. took over leasingf and management of the propertuylast week. “Our firm has met with all the tenantas and we have transactions in Commercial Alliance Management president KempConrad said.
“We’rw confident it will remain a landmark and one of the best placeas to dobusiness Downtown.” Mark Jenkins, senior vice president at Commercial Alliance Management, will handle leasingf at the building, while executive vice presidenr Dan Wahl will lead the property The company has retained the lead maintenances technician who has been with the building 15 years. Commercia Alliance Management also handles Downtown leasinv at the Falls Building andToyota Center. previously leasesd and managed OneCommerce Square. Lease rates were $15.50-$17.
50 per squarew foot, according to the Memphis Businessa Journal Office Leasing One Commerce Squarehas 292,602 square feet available, making it 39% occupied. The building was 73% occupiex before ’s 170,000-square-foot lease expirecd in first quarter 2009.