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VOL. 126 | NO. 197 | Monday, October 10, 2011

Two Tenants Join Ridgeway Center

By Sarah Baker

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Boyle Investment Co. has inked a pair of new office leases at 999 S. Shady Grove Road in Ridgeway Center, building on its longevity with two local companies.

Education Realty Trust Inc. has signed a long-term lease for 27,000 square feet on the sixth floor and NewSouth Capital Management Inc. is relocating from 1100 Ridgeway Loop to occupy 9,000 square feet of space on the fifth floor.

EDR – a Memphis-based developer, owner and manager of collegiate housing – will take occupancy of its space in the first quarter of 2012, and the company will occupy the entire sixth floor of 999 S. Shady Grove.

In a prepared statement, Boyle executive vice president Mark Halperin said the firm has had longstanding business and personal relationships with a number of EDR’s executives over the past several years.

“We look forward to continuing to build upon these relationships as the most recent headquarters to join us at Ridgeway Center,” he said.

EDR will join other tenants already in the Class A office building, built in 2008, including SunTrust Banks Inc., Dixon Hughes PLLC and Farris Bobango Branan PLC.

EDR’s chief financial officer and executive vice president Randy Brown said the move from 530 Oak Court Drive to Ridgeway Center will accommodate the company’s recent growth.

“It presents the opportunity to improve the operational efficiency of each department’s work area and allows for expansion in the future,” Brown said.

Ridgeway Center, on 204 acres at Poplar Avenue and Interstate 240, is home to more than 150 companies that occupy more than 1 million square feet of office space in 14 different buildings developed, leased, managed and maintained by Boyle’s onsite facilities team. The mixed-use development helped create the East Memphis office market in the early 1970s and has been billed as a “city on the edge of the city,” according to company literature.

NewSouth Capital Management, an investment advisory firm, along with the company’s co-founders, Trow Gillespie and Steve Morrow, has also had a relationship with Boyle that began in the early 1970s.

The firm has continued to partner with Boyle in several different buildings in Ridgeway Center, including 1000 and 1100 Ridgeway Loop.

By relocating to 999 S. Shady Grove, NewSouth Capital’s old space is providing Boyle the opportunity to expand the rapidly growing headquarters of Sedgwick CMS in 1100 Ridgeway Loop.

“NewSouth Capital has been a valued tenant for almost 40 years,” Halperin said. “We’re especially delighted to continue this great relationship with them as a new tenant in 999 Shady Grove.”

NewSouth Capital Management will take occupancy of its fifth floor space by year’s end.

Both leases bring Ridgeway Center’s occupancy to 95 percent.

PROPERTY SALES 81 201 16,108
MORTGAGES 40 104 10,026
BUILDING PERMITS 130 336 38,272
BANKRUPTCIES 28 56 7,528