VOL. 131 | NO. 111 | Friday, June 3, 2016
ServiceMaster Picks Peabody Place For New HQ
By Madeline Faber
It's Peabody Place for the new ServiceMaster headquarters. According to multiple sources, Memphis-based ServiceMaster will consolidate its operations and move into Peabody Place Downtown.
The formal announcement is expected Friday, June 3, at noon.
ServiceMaster had previously indicated that it was searching for 175,000 square feet of Class A office space. Most of the public company’s operations are concentrated in Ridge Lake Boulevard with other offices spread out across four buildings in Memphis. While ServiceMaster declined to comment in previous requests, other real estate sources said that there isn’t enough availability in the Memphis office market to fit ServiceMaster’s needs.
Peabody Place Office Tower features 15 stories of Class A office space adjacent to the shuttered Peabody Place Mall. The tower was built in 1997 and has 206,637 square feet.
ServiceMaster’s move to Downtown is a huge win for the area which has seen the exodus of many large law firms and banks in recent years.
“It would be wonderful if we could get an organization like ServiceMaster Downtown,” said Terence Patterson, president of the Downtown Memphis Commission in an episode of the WKNO show Behind the Headlines, aired on May 27.
“We know they're looking, our arms are open and we very much would be open to working with them if that's the direction they want to go in.”
The DMC is expected to join ServiceMaster at a press conference on Friday at The Peabody hotel.