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VOL. 132 | NO. 65 | Friday, March 31, 2017

Anchor Office Tenant Pinnacle Bank Files $2.3M Permit

By Patrick Lantrip

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A major project that ended a decade-long speculative drought in Memphis has taken another step forward.

Pinnacle Bank, the anchor tenant in Boyle Investment Co.’s long-awaited office building in Ridgeway Center, filed $2.3 million building permit application with the city-county Office of Construction Code Enforcement for interior tenant work. Linkous Construction Co. is listed as the contractor.

The new $20 million, 155,000-square-foot office tower at 949 S. Shady Grove Road is significant because it is Memphis’ first substantial office project with speculative space in nearly 10 years.

In July 2016, The Daily News reported that Pinnacle Financial Partners agreed to take 35,000 square feet for its Memphis headquarters, making it an anchor tenant in the building. The plans also called for two remote drive-through banking lanes and a drive-up ATM.

The banking office expects to open this year.

When the building is completed, Boyle will own, lease and manage 15 office buildings totaling 1.5 million square feet in Ridgeway Center, an office park Boyle has cultivated since the early 1970s.

The 949 S. Shady Grove Road building represents the last available parcel of land in the center.

Mark Halperin, executive vice president at Boyle, told The Daily News in April 2016 he had one letter of intent signed and three others in negotiations for the six-story building.

At the time, he said most of the prospective tenants were Memphis companies that have outgrown their current headquarters. He said the building would rent for approximately $30 per square foot.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 90 378 5,955
MORTGAGES 91 378 6,649
FORECLOSURE NOTICES 14 45 946
BUILDING PERMITS 161 652 13,313
BANKRUPTCIES 0 1,045 4,093
BUSINESS LICENSES 33 148 2,781
UTILITY CONNECTIONS 23 88 1,741
MARRIAGE LICENSES 19 94 1,148