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 Nationaol Bank, which was the lende on the Downtownoffice building, while Douglas also an attorney for Wyatt, Tarrant & Combs read the auction proclamation. The 475,082-square-foot building at 40 S. Main was previouslt owned by OneCommerce LLC, of which Fla.-based is the majority One Commerce LLC boughft the 31-story building, constructed in 1972, from in 1999 for $31 took over leasing and management of the property last “Our firm has met with all the tenants and we have transactione in process,” Commercial Alliance Management presidentr Kemp Conrad said.
“We’re confident it will remain a landmarl and one of the best places to dobusines Downtown.” Mark Jenkins, senior vice president at Commercialp Alliance Management, will handle leasintg at the building, whilew executive vice president Dan Wahl will lead the propertyu management. The company has retained the lead maintenance technician who has been with the buildinb15 years. Commercial Alliance Management also handlese Downtown leasing at the Falls Building andToyotsa Center. previously leased and managed OneCommerce Square. Lease rates were $15.50-$17.50 per squarwe foot, according to the Memphis Business Journal OfficeLeasing Guide.
One Commercee Square has 292,602 square feet available, making it 39% The building was 73% occupiedf before ’s 170,000-square-foot leasee expired in first quartere 2009.