Memphis commercial real estate continues showing signs of prosperity. Especially with the rebirth of the Downtown area. One strong indicator is the recent sale of the Raymond James Tower at 50 North Front Street. Noteworthy is the purchase is being made by a New York based group of private investors under the new landlord entity Raymond James Tower LLC.
The main tenant of the office tower is CB Richard Ellis Memphis who has leased the property since 2010 and will continue to do so under the new ownership. According to the mews release, the new owners intend will initiate an extremely aggressive leasing campaign, which will bring Raymond James Tower to a much higher level of occupancy and will include marketing the Tower as a multi-tenant office building. "The new owners recognize the value of a fast response time, creative leasing incentives, and attention to detail at every level" states Ron Kastner, Senior Vice President of Office Leasing with CBRE Memphis.
The investor group believes in the Downtown Memphis office market and this was the true selling point for the company, Kastner added. They are thrilled to be involved with the growth and excitement that Memphis offers, especially with the rebirth of the Downtown area.
The tenant roster includes Raymond James & Associates, who recently renewed their lease and currently occupy 185,000 square feet. Also occupying the building are several high profile law firms and two banks. The tower was completed in 1985. It is located at the corner of Front Street and Jefferson Avenue. Its premier spot in the heart of the Downtown Memphis business district makes the Tower one of the most iconic and recognizable buildings in the city.
Something else that is noteworthy is the main tenant, CB Richard Ellis Memphis, is part of CBRE Group, Inc. A Fortune 500 and S&P 500 company (NYSE: CBG) headquartered in Los Angeles. CBRE Group is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors, and occupiers through approximately 350 offices worldwide.
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Author bio: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.