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Bears

Another Fortune 500 company is relocating to Memphis

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No surprise here

http://www.commercialappeal.com/mca/busine...4949710,00.html

How can we attract them to downtown? They're located in suburban Chicago now but I think this is the building their located in

http://www.emporis.com/en/wm/bu/?id=124626

They'll probably end up with a building out East though.

I don't know if we can. Didn't they just build a new facility by Forest Hill-Irene? I hope we can get them downtown, though.

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I don't know if we can. Didn't they just build a new facility by Forest Hill-Irene? I hope we can get them downtown, though.

The sterick building is available and awaiting a major tenant like service master. :thumbsup:

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Great news! I hope this happens, and I hope they decide to locate downtown. Over in Nashville, it seems all the corporate relocations are going to the suburbs.

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This is great news! I don't think they'll go downtown though. If a developer would have already built or been in the planning stages to put a new office tower downtown I think more companies would go. This should open up a lot of eyes to the fact that downtown is not only good for retail and residential, but we need more office space so that when news like this comes up downtown will have a chance to grab em up. I saw this coming a long time ago though with ServiceMaster!

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The sterick building is available and awaiting a major tenant like service master. :thumbsup:

That would be a perfect match!!! That building could use some Termanix, Merrymaids, and Rescue Rooter. So along with taking over the abandoned building, they could use it as a grand publicity stunt ;)

However if they don't go downtown, I hope they go to East Memphis over Southwind but as Clobber said they already have a building out in Southwind. The area in East is filling up quick so I hope Southwind doesn't start to suck developments from an area that could potentially become very dense.

Mandrws1, I think the future for office space downtown will be in the Med District and area north of AZP will get more office buildings in the future but it'll take time. Once the Biotech buildings go up, downtown will be packed with residential and retail but there's alot of surface lots that need to be developed over in the Med District. We're lucky to have the trolley line already built because it'll make the area that much more attractive.

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That would be a perfect match!!! That building could use some Termanix, Merrymaids, and Rescue Rooter. So along with taking over the abandoned building, they could use it as a grand publicity stunt ;)

However if they don't go downtown, I hope they go to East Memphis over Southwind but as Clobber said they already have a building out in Southwind. The area in East is filling up quick so I hope Southwind doesn't start to suck developments from an area that could potentially become very dense.

Mandrws1, I think the future for office space downtown will be in the Med District and area north of AZP will get more office buildings in the future but it'll take time. Once the Biotech buildings go up, downtown will be packed with residential and retail but there's alot of surface lots that need to be developed over in the Med District. We're lucky to have the trolley line already built because it'll make the area that much more attractive.

I agree that its gonna take time, but I think if a bold developer went ahead and built a new class A office tower downtown it wouldn't be long before major corporations started taking notice.

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I agree that its gonna take time, but I think if a bold developer went ahead and built a new class A office tower downtown it wouldn't be long before major corporations started taking notice.

I couldn't imagine a bank that would be bold enough to take a risk financing that! There just isn't the demand yet for office space to justify glutting the market for office space with a new tower. But expensive housing builds demand for office space, so it won't be long before the demand will be there. (I've been looking to open a law office downtown, and office space is still plentiful).

What it would take to get ServiceMaster downtown would be serious PILOTs and political wrangling (in addition to any incentives for them to move their corporate headquarters to Memphis). It is one thing that Willie is really good at.

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I agree that ServiceMaster needs to relocate downtown, but I'd bet money they'll end up in Southwind or East Memphis.

But the good news, IMO, is that downtown will be poised for major office development in the coming years after these condo projects get built. Class A office space follows wealthy residents - that's how E. Memphis came to be the primary office corridor. So after downtown gains a few more (okay...a lot more) upscale residential projects, it will again be prime territory for office development. Hopefully.

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(I've been looking to open a law office downtown, and office space is still plentiful).

Class A?

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Class A?

I'm not looking for class A, but my point was that "build it, and they will come" doesn't fly too well with bank lenders.

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As a ServiceMaster employee, I can disclose the following information:

1. Based on comments made by "people in the know" around the corporate offices here, it's not an "if" but a "when"...basically, it's a done deal. This has been speculated around here for a while, and with Jon Ward's resignation, the path was finally paved for it to happen.

2. There will not be a downtown location. SVM owns a very large chunk of land on Forest Hill-Irene, where they've already built one building. The plans are to have a campus out there with several buildings, cafeteria, training centers, gym facility, etc. Leases on all of the Ridge Lake buildings expire in about a year and a half, two years.

I'll keep everyone posted as I hear things from the "inside."

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just curious: what defines a "class" A office space??

From the ubiquitous Wikipedia:

"The Urban Land Institute, a noted authority on commercial land uses, says the following about these classifications in its Office Development Handbook.Class A space can be characterized as buildings that have excellent location and access, attract high quality tenants, and are managed professionally. Building materials are high quality and rents are competitive with other new buildings. Class B buildings have good locations, management, and construction, and tenant standards are high. Buildings should have very little functional obsolescence and deterioration. Class C buildings are typically 15 to 25 years old but are maintaining steady occupancy. Tenants filter from Class B to Class A and from Class C to Class B.

In a normal market, Class A rents are higher than Class B which are above Class C. This makes sense because Class A buildings offer higher quality to the tenants and cost more to provide."

Not the most helpful, but that's a good start.

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2. There will not be a downtown location. SVM owns a very large chunk of land on Forest Hill-Irene, where they've already built one building. The plans are to have a campus out there with several buildings, cafeteria, training centers, gym facility, etc. Leases on all of the Ridge Lake buildings expire in about a year and a half, two years.

Well atleast it'll keep the area from becoming "the next Hickory Hill." The County is trying to keep the retail vacancy at a minimum east of Riverdale so SVM might help this cause. This area is still growing very fast so they're now building a 62 acre Southwind High School. It's gonna be the largest high school in the state. According to Smartcity, this school will cause Germantown High School's population to drop 50 percent below capacity. Is this really neccessary since Germantowns population is expected to drop because of the empty nesters and people buying multiple lots to build bigger houses?

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Well atleast it'll keep the area from becoming "the next Hickory Hill." The County is trying to keep the retail vacancy at a minimum east of Riverdale so SVM might help this cause. This area is still growing very fast so they're now building a 62 acre Southwind High School. It's gonna be the largest high school in the state. According to Smartcity, this school will cause Germantown High School's population to drop 50 percent below capacity. Is this really neccessary since Germantowns population is expected to drop because of the empty nesters and people buying multiple lots to build bigger houses?

Being a student at Germantown High, trust me...it's necessary...all of my AP classes have 25-28 kids in them...and AP classes are the SMALLEST-sized classes they offer.

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Being a student at Germantown High, trust me...it's necessary...all of my AP classes have 25-28 kids in them...and AP classes are the SMALLEST-sized classes they offer.

hey my brother graduated from GHS in 2000. haha

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hey my brother graduated from GHS in 2000. haha

awesome. i graduate in the spring...can't wait to get out and go to college haha

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awesome. i graduate in the spring...can't wait to get out and go to college haha

any ideas what youre doing?

Im at Purdue right now, Civil engineering.

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any ideas what youre doing?

Im at Purdue right now, Civil engineering.

awesome. my mom's best friend went to purdue. I'd really like to go into international business, so I'm applying to Princeton and Penn...we'll see!

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awesome. my mom's best friend went to purdue. I'd really like to go into international business, so I'm applying to Princeton and Penn...we'll see!

You seem like you like cities and skyscrapers, and you can't beat Wharton for business..you'll love Penn. But i'm biased :D

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You seem like you like cities and skyscrapers, and you can't beat Wharton for business..you'll love Penn. But i'm biased :D

nice! we visited them both last fall...both are really nice. i like how penn is right in the city. pretty neat

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Whats the latest news on this? Has anyone heard anything?!

No official announcement yet, but rumors are that the CEO bought a house in East Memphis...

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