One Commerce Square
|One Commerce Square|
|Former names||National Bank of Commerce Building, Sun Trust Bank Building|
|Alternative names||iBank Building|
|Address||40 South Main Street|
|Town or city||Memphis, Tennessee|
|Height||396.0 feet (120.7 m)|
|Design and construction|
|Architecture firm||Roy P. Harrover & Associates|
One Commerce Square is a 30-story skyscraper 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. It is 396.0 feet (120.7 m) tall and has 475,082 square feet (44,136.6 m2) of office space.
It is currently owned by U.S. Bancorp, which acquired the building in an FDIC transaction in late 2009. In August 2010, a local investment group led by Terry Lynch, Karl Schledwitz and Gary Prosterman, won bidding process and have entered into negotiations to purchase the building.
The building was built in 1972 by the National Bank of Commerce (NBC). Locally, it became known as the "NBC Building." In 1984, NBC was 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. However, One Commerce Square LLC defaulted on a $24.5 million loan dated December 20, 2002, through Archon Financial LP. In 2003, The deed was then assigned to Regency Savings Bank, which merged with Park National Bank.
In 2005, NBC was acquired by SunTrust Banks Inc., 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.
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. 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. Pinnacle Airlines announced in January 2013 that it was relocating to Minneapolis, thereby vacating the space mentioned above.
As of June 2012, a branch of Memphis-based Independent Bank (or iBank) located one of its branches in the building. It also installed its logo on the top of the building, similar to the one on top of the building's headquarters in White Station Tower.
- Ashby, Andy Memphis group wins bid to purchase One Commerce Square Memphis Business Journal, August 4, 2010 (accessed August 18, 2010)
- Wade, Don One Commerce Square building Downtown to go into foreclosure Commercial Appeal, April 30, 2009 (accessed August 18, 2010)
- Smith, Eric One Commerce Square Faces Foreclosure The Daily News (Memphis, TN), May 01, 2009 (accessed August 18, 2010)
- Information for Park National Bank, Chicago, IL FDIC Failed Bank Information, October 30, 2009 (accessed August 18, 2010)
- Risher, Wayne Downtown Memphis celebrates the arrival of Pinnacle Airlines CommercialAppeal.com, October 8, 2010 (accessed October 19, 2010)
- Meek, Andy Pinnacle Seeks CCDC Funds to Aid Move The Daily News (Memphis), October 20, 2010 (accessed October 19, 2010)