One Commerce Square

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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]

Construction[edit]

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.

Foreclosure[edit]

In 1996, the building was sold out of foreclosure for $21.7 million.[citation needed]. 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.

SunTrust[edit]

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]

Pinnacle Airlines[edit]

On October 8, 2010, regional airline Pinnacle Airlines Corp. announced that it intended to move over 600 employees that would occupy 155,000 square feet (14,400 m2) on 12 floors of One Commerce Square.[5] The Downtown Memphis Commission helped attract Pinnacle by providing $5 million of a total $20 million public/private investment, along with the city of Memphis, to refurbish the building and provide below-market rental rates to new and existing tenants. The move took place in the autumn of 2011, contingent on a lease with the potential ownership group of Lynch-Schledwitz-Prosterman. The architecture firm of Looney Ricks Kiss designed a makeover of the building.[6] However, Pinnacle Airlines announced in January 2013 that it would relocate to Minneapolis, thereby vacating the above mentioned space.[7]

Memphis Commerce Square Partners[edit]

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.[8] In December 2010, a local investment group known as Memphis Commerce Square Partners purchased the building from U.S. Bancorp. Management is by Cushman & Wakefield.[9]

See also[edit]

References[edit]

  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. ^ Risher, Wayne Downtown Memphis celebrates the arrival of Pinnacle Airlines CommercialAppeal.com, October 8, 2010 (accessed October 19, 2010)
  6. ^ Meek, Andy Pinnacle Seeks CCDC Funds to Aid Move The Daily News (Memphis), October 20, 2010 (accessed October 19, 2010)
  7. ^ Phelps, David. "Pinnacle Airlines to move HQ, hundreds of employees to MSP". startribune.com/. Star Tribune. Retrieved 29 November 2016. 
  8. ^ Information for Park National Bank, Chicago, IL FDIC Failed Bank Information, October 30, 2009 (accessed August 18, 2010)
  9. ^ Ashby, Andy. "Backfilling Pinnacle Airlines office space a tall order". bizjournals.com. Memphis Business Journal. Retrieved 28 November 2016. 

External links[edit]