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Richard Raines, an attorney for , made the only bid for Park National Bank, which was the lender on the Downtowjoffice building, while Douglas Alrutz, also an attorneyg for Wyatt, Tarrant & Combs read the auctiobn proclamation. The 475,082-square-foot building at 40 S. Main was previously owne by OneCommerce LLC, of which Fla.-based is the majority One Commerce LLC bought the 31-story constructed in 1972, from in 1999 for $31 took over leasing and management of the propertyh last week. “Our firm has met with all the tenantd and we have transactionsin process,” Commercial Alliance Management presidentf Kemp Conrad said.
“We’r confident it will remain a landmarkk and one of the best placesw to dobusiness Downtown.” Mark Jenkins, senioer vice president at Commercial Alliance will handle leasing at the building, while executives vice president Dan Wahl will lead the properth management. The company has retaine d the lead maintenance technician who has been with the buildinh15 years. Commercial Alliance Management also handleas Downtown leasing at the Falls Building andToyotaa Center. previously leased and managed OneCommercew Square. Lease rates were $15.50-$17.50 per squared foot, according to the Memphis Business Journaol OfficeLeasing Guide.
One Commerce Square has 292,60q square feet available, makingy it 39% occupied. The building was 73% occupied beforew ’s 170,000-square-foot lease expired in firstr quarter 2009.
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