VOL. 130 | NO. 8 | Tuesday, January 13, 2015
New York Investor to Buy Raymond James Tower
By Amos Maki
A New York-based investor is under contract to purchase the Raymond James tower on Front Street Downtown, one of the most recognizable office buildings in the city.
Jacob Sofer plans on buying the office tower at 50 N. Front St. from Parkway Properties. A purchase price and closing date for the sale have not been announced. The Shelby County Assessor of Property’s 2014 appraisal is $24 million.
The Raymond James Tower, 50 N. Front St., is under contract for purchase by a New York investor.
(Daily News File/Lance Murphey)
As part of the pending sale, the Center City Revenue Finance Corp. board approved a resolution Tuesday, Jan. 13, transferring a payment-in-lieu-of-taxes lease agreement on the property.
Formerly known as Morgan Keegan tower, the skyscraper is located at Front and Jefferson Avenue.
In April 2012, Raymond James acquired Memphis-based Morgan Keegan & Co., which had occupied the 21-story Downtown skyscraper since it opened in the 1980s.
Raymond James in June announced it had reached an agreement with Parkway Properties to lease 185,000 square feet on 12 floors at the building through 2024, a deal that kept around 600 jobs Downtown.
“This (sale) could not, would not have occurred without that (lease),” said Downtown Memphis Commission president Paul Morris.
The sale of Raymond James tower would complete Parkway Properties’ exit from the Memphis market. Parkway Properties, which had approached Raymond James about buying the office tower, sold a portfolio of buildings, including six in Memphis, to Santa Monica, Calif.-based Hertz Investment Group in 2012.