Exciting Changes Coming to Downtown Memphis as Former Blue Cross Blue Shield Building Gets New Owners

Memphis, a city known for its rich musical history and vibrant culture, is gearing up for a fresh chapter as local investors are set to take over the former Blue Cross Blue Shield building. This iconic structure, located at 85 N. Danny Thomas Blvd., has been a staple of the downtown landscape since it was built back in 1970. After serving as the company’s Memphis offices for over 54 years, the building is now poised for a transformation.

The news was officially announced on Monday by Tyrone Burroughs and Michael Hooks Jr., who are leading the investor group. Burroughs, the founder of First Choice Sales & Marketing Group, and Hooks, the CEO of Allworld Project Management, are both deeply committed to enhancing downtown Memphis. With enthusiasm, Hooks remarked, “Our commitment to sound investing runs parallel to our commitment to a strong downtown Memphis.” Burroughs added, “We are bullish on downtown and believe that a prime location and unique building like this one will be very desirable for corporate tenants.”

In February, Blue Cross Blue Shield announced that they would be moving their operations to a new site in the nearby historic Commonwealth Building at 240 Madison Ave.. This shift signals a new era for the organization, but their old building is in good hands. Dalya Qualls White, the senior vice president and chief communications officer for Blue Cross Blue Shield, expressed confidence in the new owners: “While we’re excited about our new location within the downtown area, it was important to us that the building on Danny Thomas Boulevard continue to contribute positively to our community.” She went on to highlight how the buyers aim to bring renewed energy and opportunity to the neighborhood.

The potential for the 60,000-square-foot office building is exciting, as the new owners plan to cater to a single tenant while also keeping the option open for multiple tenants. This flexibility positions the building nicely for a variety of businesses looking to set up in a bustling downtown environment. Interestingly, the building is located in an IRS-identified Opportunity Zone, making it an attractive prospect for companies looking to flourish in Memphis.

What adds a unique twist to this building is its exceptional sustainability credentials. It proudly holds the status of being one of only two buildings in the city to be LEED Platinum certified, which is the highest level of certification within the green building certification program globally. According to Hooks, “With new HVAC, new elevators, solar powered parking lot for 235 vehicles, and easy access from all directions, this location stands out as truly unique to downtown.”

As the new owners look toward the future, they are considering giving the building a fresh name, possibly inspired by its primary tenant. This change signals not just a shift in ownership but also a reinvigoration of the space that has been associated with the Blue Cross Blue Shield name for over half a century.

The excitement doesn’t end with the building itself. The revitalization of this area aligns with the broader development goals for downtown Memphis. There are ongoing talks about various projects that could spring up in response to this invigorating change in ownership and direction. Investors are keeping a close eye on how this development might influence the downtown landscape and what new ventures could emerge in the coming years.

Overall, the transition of the Blue Cross Blue Shield building is emblematic of the positive momentum that is currently unfolding in downtown Memphis. It’s not just about a new name on the facade; it’s about the potential for renewed vibrancy, employment opportunities, and contributions to the local economy. The community is hopeful that this new chapter will bring fresh life and enhancements to the area while also maintaining respect for its historical significance.

In conclusion, as new owners step in, Memphis stands on the brink of an exciting transformation for a beloved downtown landmark. The dedication of local investors is a testament to their belief in the city’s potential and their desire to see Memphis thrive. With the plans for the former Blue Cross Blue Shield building coming to light, the future looks bright for downtown Memphis.