One Commerce Square (Memphis, TN)

WHP along with a group of local partners purchased the iconic One Commerce Square office tower, an attached historic bank annex, and a 9 story parking deck in downtown Memphis from a lending institution’s REO portfolio. Prior to the acquisition, the building had been largely vacant and under stress due to the prior exit of several large tenants. Simultaneous with the purchase, Pinnacle Airlines, a NYSE company, executed a 13 year lease for 180,000 SF taking 14 floors of the 29 story tower. The purchase created $10mm of New Market Tax Credits and was financed with $17.4mm of Recovery Zone Bonds. The $33mm reposition plan includes tenant improvements per the Pinnacle lease and extensive exterior, mechanical, lobby, elevator, bathroom, and common space renovations.

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