Cordova High-Rise Sells for $19.3 Million

Hart Cordova LLC has purchased a high-rise office at 7000 Goodlett Farms Parkway from GBS GP for $19.3 million. Built in 1997, the 131,556-square-foot, five-story building sits on 8.47 acres at the northwest corner of Goodlett Farms Parkway and Charles Bryan Road. Bell South Mobility Inc. signed a lease agreement in 1996, then sublet 48,119 square feet to EFS National Bank in 1999 and 37,366 square feet to Regional Adjustment Bureau Inc. in 2002. The county assessor's 2006 appraisal was $12.4 million.

GTx Inc. to be Listed On the NASDAQ Index

Memphis-based biopharmaceutical company GTx Inc. will be added to the NASDAQ Biotechnology Index by next Monday.

The Index contains securities of companies listed by the Industry Classification Benchmark as either biotechnology or pharmaceutical. Companies also have to meet other criteria in such areas as market value and average daily share volume.

"GTx's addition to the Nasdaq Biotechnology Index will give the company increased visibility among investors as we focus our efforts on the commercialization of ACAPODENE for two important unmet medical needs in men's health and on the continued development of ostarine, a potential first-in-class drug," said Dr. Mitchell S. Steiner, CEO of GTx.

GTx is developing ACAPODENE (toremifene citrate), a selective estrogen receptor modulator, or SERM, in two separate clinical programs in men: first, a pivotal Phase III clinical trial for the treatment of serious side effects of androgen deprivation therapy for advanced prostate cancer; and second, a pivotal Phase III clinical trial for the prevention of prostate cancer in high-risk men.

Baker Donelson Attorney Appointed to High Court Position

Supreme Court Chief Justice John G. Roberts Jr. has announced the appointment of James C. Duff as director of the Administrative Office of the U.S. Courts.

Duff is a co-chair of the Baker Donelson Federal Public Policy Group, managing shareholder of the Washington, D.C., office and also helps oversee the firm's appellate cases.

Having already served as chief of staff for the U.S. Supreme Court under the late Chief Justice William H. Rehnquist, Duff soon will lead the administration of the entire federal court system under Roberts.

In addition to overseeing 900 administrative office employees, Duff will serve as advocate and liaison for the judicial branch in its relations with congress and the congressional committees that grant annual appropriations for the federal judiciary.

MAAR Reports Home Sales Up Slightly Since April '05

Memphis home sales crept up by only 2.1 percent in April compared to the same time last year, but year-to-date sales volume spiked a rousing 19.5 percent, according to the most recent information from the Memphis Area Association of Realtors' Multiple Listing Service.
Here's the MLS breakdown:

Total home sales rose from 1,466 in April 2005 to 1,497 this year, a 2.1 percent increase, which isn't bad considering MAAR classifies 2005 as a record-breaking year for the area real estate market.

Average home price rose 1 percent from $165,500 to $166,900.

Year-to-date sales volume increased nearly 20 percent from $815.6 million in April '05 to $974.5 million this April.

Active listings rose 9.1 percent from 8,754 in April of last year to 9,552 this year.
MAAR also reported homes appear to be staying on the market from an average of 94 days in April 2005 to 89.6 days in April 2006.
The organization's numbers are calculated based on data from MLS Realtor members.