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|
|Owner||Memphis Commerce Square Partners|
|Height||396.0 feet (120.7 m)|
|Design and construction|
|Architecture firm||Roy P. Harrover & Associates|
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. It houses the headquarters of Southern Airways Express.
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. 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, still the anchor tenant of the building at the time, was acquired by SunTrust Banks, and the building became known as the SunTrust Building. SunTrust, vacated 155,000 square feet (14,400 m2) in the building when its lease ended in January 2009.
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.
In June 2012, a branch of Memphis-based Independent Bank (or iBank) located one of its branches in the building. It also installed a neon version of its bright red “i” logo on the top of the building’s east and west facades.
In June 2014, the State of Tennessee became the fourth anchor tenant since the building’s construction. The State of Tennessee’s occupancy comprises ten departments of state government offices including the Attorney General’s Office, Department of General Services and Office of Information and Resources moving approximately 500 full-time employees to the building. To date, the current ownership has invested more than $10MM towards numerous building improvements and upgrades including renovations to the lobby, restrooms, elevator cabs/systems, mechanical systems, and parking garage. The building also recently completed an extensive building commissioning process to gain HVAC efficiency as part of its LEED submission. Other improvements include an upgrade to the parking garage elevators.
- Ashby, Andy Memphis group wins bid to purchase One Commerce Square Memphis Business Journal, August 4, 2010 (accessed August 18, 2010)
- "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"
- 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)