By Amalia Otet, Associate Editor
Boyle Investment Co. has recently closed on two new long-term office leases that will bring Ridgeway Center’s occupancy to 95 percent. Education Realty Trust and NewSouth Capital Management are to join other notable tenants of the 204-acre, mixed-use development at Poplar Avenue and Interstate 240. Other tenants include SunTrust Banks Inc., Dixon Hughes PLLC and Farris Bobango Branan PLC.
EDR will occupy 27,000 square feet on the sixth floor of a Class A office building at 999 S. Shady Grove Road as of the first quarter of 2012, and NewSouth Capital will take up 9,000 square feet on the fifth floor of the same building after relocating from 1100 Ridgeway Loop.
“NewSouth Capital has been a valued tenant for almost 40 years,” Boyle Executive Vice President Mark Halperin told the Daily News. “We’re especially delighted to continue this great relationship with them as a new tenant in 999 Shady Grove.”
Memphis-based Education Realty Trust is one of the most active developers of collegiate housing in the U.S. today. It owns and/or manages 57 communities in 23 states, according to company statements. Its latest projects include a $41 million apartment community near the University of Alabama campus, in a joint venture with The Edwards Cos., and a $29.8 million apartment complex on the Syracuse University campus. EDR has also recently completed the purchase of University Village Towers, a collegiate housing community adjacent to the University of California, Riverside (UC Riverside) in Riverside, Calif. The value of the property was estimated at $38.1 million.
In other news, the Memphis Business Journal reports that Westbrook, Maine-based Idexx Laboratories Inc., a global market leader in diagnostics and information technology solutions for animal health and water and milk quality, will invest more than $10 million in Memphis by adding 35,000 square feet to their local distribution facility and create approximately 100 new jobs in the process.