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 96% leased with the GSA (Federal Government) occupying 53% 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 and experienced further upside through lease up and gradual increases in rents. The building is undergoing capital improvements which is helping to achieve better leasing performance and reception in the market. 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.