Memphis Welcomes New Chapter for Historic Downtown Office Building
Exciting changes are in the air for Memphis, Tennessee, as a prominent Downtown office building has recently changed hands for the first time in its 55-year history! The building, located at 85 Danny Thomas Blvd., has a rich history as the long-time home of BlueCross BlueShield of Tennessee (BCBST), but now a group of local investors is gearing up to breathe new life into this iconic structure.
New Ownership
This historic building, which boasts an impressive 69,000 square feet spread across six stories, was sold for $2.3 million to an LLC linked to local investment experts Michael Hooks Jr. and Tyrone Burroughs. Hooks, serving as CEO of Allworld Project Management, and Burroughs, the president and CEO of First Choice Sales & Marketing, are thrilled to take on the challenge of attracting a primary tenant to fill this now-vacant space.
Support from the Community
The deal didn’t just involve a simple purchase transaction. It also received a considerable boost in the form of a $750,000 low-interest loan from the Economic Development Growth Engine (EDGE) of Memphis & Shelby County. This financial support emphasizes the commitment to not only activating the building but enhancing economic growth in the region.
A Green Initiative
Interestingly, this building isn’t just any office space. It’s one of only two LEED Platinum Certified green-rated buildings in Memphis, right alongside Crosstown Concourse. This rating underscores a commitment to sustainable building practices, which is a big plus for potential tenants looking for eco-friendly office spaces.
The Building’s Legacy and Future
Originally constructed in 1969 by Chattanooga-based BCBST, the building has served as their Memphis office for many decades. Earlier this year, BCBST announced their move to a smaller space at the Commonwealth Building located at 240 Madison Ave.. The sale presents both opportunities and challenges as Hooks and Burroughs look to redefine this space for modern use.
Plans for Renovation and Updates
In interviews earlier this year, Hooks and Burroughs shared their vision for the building. They aim to lease out the space, with plans to possibly name the building after the new primary tenant once they secure one. While the duo noted they have yet to determine the complete vision for the building, it’s clear that some updates are on the immediate agenda.
One of the first priorities mentioned is enhancing security, which will involve installing fencing and smart cameras. Luckily, they’ve inherited a well-maintained building from BCBST; it features new elevators, upgraded HVAC systems, and a solar-powered parking lot that can accommodate up to 235 cars.
Next Steps for Memphis
As the city watches these developments closely, it’s a reminder of how local investment and community effort can transform spaces and ultimately uplift the city. The prospect of revitalizing a historical building while pushing for sustainability is an appealing combination, and the team behind it is eager to get started.
For residents of Memphis who care about their community’s development and growth, it’s an exhilarating time to stay informed about what’s next for 85 Danny Thomas Blvd.. This office building is poised for a fresh start, and we can’t wait to see what happens next!
