One Memphis Place
Type and Size
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.
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.