One Commerce Square

One Commerce Square
One Commerce Square in 2013
Former names National Bank of Commerce Building, Sun Trust Bank Building
Alternative names iBank Building
General information
Architectural style Modern
Address 40 South Main Street
Town or city Memphis, Tennessee
Coordinates 35°08′38″N 90°03′10″W / 35.143823°N 90.052885°W / 35.143823; -90.052885
Completed 1972
Owner Memphis Commerce Square Partners
Height 396.0 feet (120.7 m)
Technical details
Floor count 30
Design and construction
Architecture firm Roy P. Harrover & Associates
Website
http://www.onecommercesquare.com

One Commerce Square is a 30-story skyscraper in Downtown Memphis which is locally referred to as the "iBank Tower". The building was formerly known as the NBC Building and the SunTrust Building, and is the fourth tallest building in Memphis, Tennessee. The building is located at the corner of Monroe Avenue and South Main Street.[1] It houses the headquarters of Southern Airways Express.[2]

History

Construction started in 1972 by the National Bank of Commerce (NBC), and the building was completed in 1973, preserving the original bank lobby that was built in 1929. One Commerce Square represents a modernism architectural style and is currently a Class A multi-tenant commercial office building in downtown Memphis. It was designed by local Memphis architect Roy Harrover who also designed the Memphis International Airport and Memphis College of Art. Locally, it became known as the "NBC Building." In 1984, NBC sold the building for $46.1 million. In 1996, the building was sold out of foreclosure for $21.7 million.

The building was purchased in 1999 for $31.5 million by Jacksonville, FL-based Southcoast Capital Group, which operated as One Commerce Square LLC.[3] However, One Commerce Square LLC defaulted on a $24.5 million loan dated December 20, 2002, through Archon Financial LP.

In 2005, NBC, still the anchor tenant of the building at the time, was acquired by SunTrust Banks, and the building became known as the SunTrust Building. The building suffered a major blow when its anchor tenant, SunTrust, vacated 155,000 square feet (14,400 m2) in the building when its lease ended in January 2009.[4]

On October 30, 2009, Park National Bank was taken over by the Federal Deposit Insurance Corporation and the bank's assets were sold to U.S. Bancorp.[5]

It is currently owned by a local investment group known as Memphis Commerce Square Partners, who purchased it from U.S. Bancorp in 2010, and managed by Cushman & Wakefield.

On October 8, 2010, regional airline Pinnacle Airlines Corp. announced that it intended to move over 600 employees that will occupy 155,000 square feet (14,400 m2) on 12 floors of One Commerce Square.[6] The move, which is slated to occur in the autumn of 2011, is contingent on a lease with the potential ownership group of Lynch-Schledwitz-Prosterman. They hired architecture firm Looney Ricks Kiss to design a makeover of the building. Pinnacle and the Lynch-Schledwitz-Prosterman group are also attempting to acquire tax and other incentives to land the deal.[7] Pinnacle Airlines announced in January 2013 that it was relocating to Minneapolis, thereby vacating the space mentioned above.

See also

References

  1. ↑ Ashby, Andy Memphis group wins bid to purchase One Commerce Square Memphis Business Journal, August 4, 2010 (accessed August 18, 2010)
  2. ↑ "Contact Us." Southern Airways Express. Retrieved on November 21, 2014. "Southern Airways Express One Commerce Square, 21st Floor P.O. Box 3088 Memphis, TN 38173"
  3. ↑ Wade, Don One Commerce Square building Downtown to go into foreclosure Commercial Appeal, April 30, 2009 (accessed August 18, 2010)
  4. ↑ Smith, Eric One Commerce Square Faces Foreclosure The Daily News (Memphis, TN), May 01, 2009 (accessed August 18, 2010)
  5. ↑ Information for Park National Bank, Chicago, IL FDIC Failed Bank Information, October 30, 2009 (accessed August 18, 2010)
  6. ↑ Risher, Wayne Downtown Memphis celebrates the arrival of Pinnacle Airlines CommercialAppeal.com, October 8, 2010 (accessed October 19, 2010)
  7. ↑ Meek, Andy Pinnacle Seeks CCDC Funds to Aid Move The Daily News (Memphis), October 20, 2010 (accessed October 19, 2010)

External links

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