October 27, 2017

Pinnacle Memphis Unveils Its Own Version of HQ2

Memphis Business Journal

October 27, 2017

It’s moving day.  Two years after Nashville-based Pinnacle Financial Partners acquired Memphis-based Magna Bank via an $83.4 million transaction, the company is ready to debut its new Memphis division headquarters at 949 S. Shady Grove Road.

“We needed the extra space.  We were tapped out where we were,” said Kirk Bailey, local chairman for Pinnacle.  “We also needed to redesign the flow of the office — to bring us up to what I would call the Pinnacle standard.”

Pinnacle expects to commence the one-mile move from its current headquarters on North Quail Hollow Road, on Friday, October 27.  Regular business operations will start Monday, October 30.

The 949 building is a 155,000-square-foot ground-up office building owned by Boyle Investment Company.  Pinnacle will initially occupy 35,000 square feet with the option to expand by another 10,000 square feet.  Bailey said that expansion could come sooner rather than later.

Boyle started developing Ridgeway Center in the early 1970s.  The six-story, Class A 949 space marks the last remaining developable site in Ridgeway Center.

“We are excited that Pinnacle is going to be one of our tenants here in Ridgeway Center,” said Tom Hutton, vice president of Boyle.  “We look forward to a long-term relationship with them.”

About 90 Pinnacle employees will occupy the space.

In addition to offices, state-of-the-art audio/visual conference rooms and a computer lab, the Pinnacle space will include a bank branch located on the bottom floor, as well as drive-thru banking lanes and an ATM in the parking lot.

Nashville-based Hastings Architecture Associates LLC handled the design for Pinnacle.

Memphis-based Linkous Construction Co. Inc. was the general contractor.

Pinnacle plans to open loan production offices in Desoto County, Raleigh and Whitehaven by the first quarter of 2018, as well as branches in Midtown and Bartlett.

“It is a function of growth,” Bailey said.  “For all practical purposes, we are twice the size we were when Pinnacle bought us (Bailey was previously the Magna chairman) two years ago, so we need more coverage in the marketplace. We’ve got different sectors of the community we need to cover, such as Raleigh and Whitehaven, so it is part of the expansion effort.”