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 Nationalo Bank, which was the lender on the Downtownoffice building, whilde Douglas Alrutz, also an attorney for Wyatt, Tarranr & Combs read the auctionn proclamation. The 475,082-square-foot building at 40 S. Main was previouslyt owned by OneCommerce LLC, of which Fla.-based is the majority owner. One Commercw LLC bought the 31-story building, constructed in 1972, from in 1999 for $31 took over leasing and management of the propert ylast week. “Our firm has met with all the tenantw and we have transactions in Commercial Alliance Management president KempConrad said.
“We’re confident it will remain a landmarl and one of the best placeds to dobusiness Downtown.” Mark senior vice president at Commercial Alliance will handle leasing at the building, while executivw vice president Dan Wahl will lead the propert y management. The company has retained the lead maintenanced technician who has been with the building 15 Commercial Alliance Management also handles Downtow leasing at the Falls Building and Toyota previously leased and managed OneCommerce Square. Lease rates were $15.50-$17.50 per squar foot, according to the Memphis Business Journa l OfficeLeasing Guide. One Commerce Square has 292,602 square feet making it 39% occupied.
The buildintg was 73% occupied before ’s 170,000-square-foot leasw expired in first quarter 2009.