VOL. 129 | NO. 172 | Thursday, September 04, 2014
FedEx Decides Not to Renew a Renaissance Center Lease
By Amos Maki
FedEx has decided not to renew a lease at a prominent East Memphis office building.
FedEx Services is not renewing a roughly 11,000-square-foot lease at the 189,644-square-foot Renaissance Center office building at 1715 Aaron Brenner Drive that expires Oct. 1. Employees affected by the decision will be moved to FedEx facilities, part of a broader consolidation and efficiency plan the company has been pursuing.
“FedEx continuously evaluates opportunities that can enhance our ability to serve our customers,” said FedEx spokesman Scott Fiedler. “I can confirm that an 11,000-square-foot lease in the Renaissance Center will expire on Oct. 1, and it does not affect our remaining footprint in the building. This will allow us to consolidate staff into our major Memphis locations.”
FedEx, the Memphis area’s largest private employer and one of the city’s biggest office tenants, has been re-evaluating its local real estate presence.
So far this year, FedEx has decided to vacate roughly 86,000 square feet of office space and shift another 22,000 square feet to another location. Before deciding not to renew leases totaling 86,000 square feet, FedEx occupied around 328,896 square feet of office space in the Memphis area, according to figures compiled by commercial real estate brokers.
In May, FedEx decided against extending a roughly 75,000-square-foot lease in Building B at the Lenox Park office complex. Employees impacted by that decision are being moved to company facilities.
In August, FedEx Trade Networks inked a lease for 22,000 square feet at the Primacy II office building, located at 6055 Primacy Parkway near Ridgeway Road. FedEx Trade Networks will be relocating from space it occupied at Thousand Oaks.
An alternative novelty store with a long history in Memphis has inked a lease for space in Cordova.
Whatever, which has a location on Madison Avenue and its longtime store at 610 S. Highland St. near the University of Memphis, has signed a five-year lease for 6,510 square feet at 981 N. Germantown Road.
Barry D. Maynard and Frank Dyer of Loeb Realty Group handled both sides of the transaction for the landlord, Dowdle Brothers LLC.
Whatever and another Highland Street institution, the Super Submarine Shop, had to relocate to make way for a new McDonald’s restaurant at Highland and Southern Avenue. The Super Submarine Shop is now at 3316 Summer Ave. Whatever is still operating at 610 S. Highland but will move across the street before work on the new McDonald’s begins.
McDonald’s won unanimous approval last week from the Memphis-Shelby County Board of Adjustment for several zoning variances for the new restaurant. The existing buildings that housed Whatever and the Super Submarine Shop will be razed to make way for the new fast food restaurant. The existing McDonald’s just across Highland will be listed for sale once the new restaurant is complete, which is expected sometime in 2015.
The Country Club Collections center, located at 2140 W. Poplar Ave. in Collierville, has seen a flurry of leasing activity.
Bangkok Alley Restaurant renewed its lease for 5 1/2 years for 2,800 square feet at Country Club Collections, suites 109 and 110. Richard & Co. Salon renewed its lease for five years for 2,100 square feet in suite 104. Kathy’s Nails renewed its lease for 5 1/2 years for 1,400 square feet in suite 103. And Century 21 Home First Realtors renewed its lease for five years for 1,400 square feet in suite 101.
Barry D. Maynard and Frank Dyer of Loeb Realty Group handled both sides of all the renewal transactions for the landlord, CW Capital.
In addition, Skybox Bar & Grill signed a 5.5-year lease for 3,500 square feet in suites 101 and 102. Maynard and Dyer represented CW Capital, while Bailey Weiner of Weiner Commercial Realty represented the tenant.