MENU

One Memphis Place

One Memphis Place

Location

Memphis, TN

Type and Size

Property Summary

One Memphis Place is a 205,000 sf Class B office building in downtown Memphis, TN. Calidus' principals have owned and managed this building from 2021. The property is situated in downtown Memphis and built in 1985. The building includes a parking deck, surface parking lot and a dedicated green space. It is uniquely located adjacent to the Federal, County and City courthouses. The building is 81% leased with the GSA (Federal Government) occupying 48% with Federal Bankruptcy Court (44,000 square feet through November 2027) and EEOC (19,600 square feet through September 2031) as the largest tenants. The remaining occupancy includes smaller GSA tenants and primarily law firms.

Office
205,000 sf

Investment Narrative

One Memphis was acquired at an attractive price with stability in the rent roll but upside through lease up. We see upside in both occupancy and rents. The building needs some capital improvements which will help to position the building to achieve a better leasing performance. We also see the potential of selling off the surface parking lot to a residential tower developer in several years. The master plan originally contemplated a twin tower office development. The property is located in an opportunity zone, which can benefit future purchasers from capital gains tax exposure.

Calidus is the international marketing name for all activities of Calidus Holdings LLC. and its affiliates. All rights reserved.

Address: 1555 Palm Beach Lakes Blvd, Ste 1520, West Palm Beach, FL 33401

Office: (561) 686-3161

  • Instagram
  • Facebook
  • LinkedIn

Thanks for subscribing!