New Office Construction

– Memphis Business Journal –

The East Memphis and 385 sub-markets have tightened up over the past few years, and 2007 marked the construction starts of the first significant new office buildings to hit Memphis’ speculative market since 2001.

Highwoods Properties, Inc. has two office projects in different stages.

The Raleigh, N.C.-based real estate investment trust is currently building a two-story, 61,444-square-foot office building at Southwind to house Comcast’s offices.

On the speculative front, Highwoods also announced it will be building Triad III, an eight-story, 150,000-square-foot building at Poplar and Shady Grove.

Boyle Investment Co. started construction on the first of two 155,000-square-foot office buildings on the last available sites of the 206-acre Ridgeway Center.

SunTrust Banks, Inc., signed a 50,000-square-foot lease in the first building.

The building, now called SunTrust Center, is located at 999 South Shady Grove and is scheduled to come online in summer 2008.

Construction has also started on Peck Development Co.’s Legacy Center.

The brainchild of developer David C. Peck, the $11.7 million, 60,581-square-foot office building in East Memphis will be fully leased by the time it opens in spring 2008.