{"id":1004229708,"date":"2018-05-15T03:23:31","date_gmt":"2018-05-15T11:23:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004229708"},"modified":"2022-12-08T19:15:49","modified_gmt":"2022-12-09T03:15:49","slug":"thm-nabs-tallest-office-building-in-memphis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/thm-nabs-tallest-office-building-in-memphis\/","title":{"rendered":"THM Nabs Tallest Office Building in Memphis"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004229710\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/100-N.-Main-St.-Memphis-Tenn..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004229710\" data-attachment-id=\"1004229710\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/thm-nabs-tallest-office-building-in-memphis\/100-n-main-st-memphis-tenn\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/100-N.-Main-St.-Memphis-Tenn..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"100 N. Main St., Memphis, Tenn.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;100 N. Main St., Memphis, Tenn.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/100-N.-Main-St.-Memphis-Tenn..jpg?w=800\" class=\"wp-image-1004229710 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/100-N.-Main-St.-Memphis-Tenn..jpg\" alt=\"100 N. Main St., Memphis, Tenn.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/100-N.-Main-St.-Memphis-Tenn..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/100-N.-Main-St.-Memphis-Tenn..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/100-N.-Main-St.-Memphis-Tenn..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004229710\" class=\"wp-caption-text\">100 N. Main St., Memphis, Tenn.<\/p><\/div>\n<p>An affiliate of New York\u2019s Townhouse Management Co. has acquired Memphis\u2019 tallest building, the 37-story, 800,000-square-foot office tower at 100 N. Main St. The new owner, THM Memphis Acquisitions LLC, was formed to take title to the building following its recent foreclosure sale, Arlene Maidman, executive co-chair of Townhouse Management Co., told <em>Commercial Property Executive<\/em>.<\/p>\n<p>THM stated that it might convert the building, which has been vacant for four years, into a 600-key luxury hotel, along with 110 apartments, a 7,500-square-foot lobby, two restaurants, a spa, nearly 75,000 square feet of ballroom space and 20,000 square feet of retail space.\u00a0But that\u2019s just part of a much larger project, one currently estimated to be worth upwards of $400 million.<\/p>\n<p>THM has also acquired, for a total of $12 million, seven parcels that are contiguous with 100 North Main: four buildings at 82-88 N. Main St., an empty lot and two parking lots. The company reportedly is also under contract for $4 million to buy a vacant 104,000-square-foot office building at 147 Jefferson Ave. and a vacant parcel immediately to its south.<\/p>\n<p>All that downtown land, totaling more than two city blocks across from the Memphis city hall complex, is intended to be the site of two 30-story office towers totaling more than 500,000 square feet, along with a new 1,200-space parking garage. With the 100 N. Main St. site, the project encompasses more than three contiguous acres.<\/p>\n<p>Why redevelop an office building for other uses while constructing two office buildings nearby? \u201c<em>Slab heights at 100 N. Main are not suitable for Class A office space<\/em>,\u201d Maidman told <em>CPE<\/em>.\u00a0She added that the final decisions on which buildings will be used for which purpose have not yet been made, but that \u201c<em>Negotiations and planning begin this week.<\/em>\u201d One proposed name for the project, according to Maidman, is The Loews Convention Center Hotel and Downtown Memphis Gateway.<\/p>\n<p>A recent agreement between THM and the city evidently involves tax increment financing to develop the hospitality part of the project, with Loews Hotels, as Memphis\u2019 official convention center hotel.<\/p>\n<p><span style=\"font-size: 29px;font-weight: bold\">Progress, finally?<\/span><\/p>\n<p>Locals presumably appreciate this concrete step toward redevelopment of the landmark tower, because rumors about this project have been <a href=\"https:\/\/www.commercialsearch.com\/news\/downtown-office-hi-rise-to-be-redeveloped-into-hotel-apartments-in-100m-project\/\">circulating since at least early 2014<\/a>.<\/p>\n<p>Just three months ago, <em>The Memphis Commercial Appeal<\/em> quoted the head of the city\u2019s convention and visitors bureau as saying the hotel project was \u201cmiles away.\u201d The paper also reported that THM was the only bidder at the foreclosure sale for 100 N. Main.<\/p>\n<p>In 2014, the tower\u2019s then owner had broadly similar plans to convert the building to hotel and apartments, but was unable to pull the project off.<\/p>\n<p>No surprise, then, that Jennifer Oswalt, president of the Downtown Memphis Commission, called the possibility of 100 N. Main\u2019s reuse \u201c<em>a catalytic event.<\/em>\u201d<\/p>\n<p><em>Image via Kenneth Zirkel, Wikimedia Commons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A $400 million, multi-block project takes a big step forward with the long-delayed acquisition of an 800,000-square-foot asset in downtown Memphis.<\/p>\n","protected":false},"author":882,"featured_media":1004229710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,13,21752,21742,21747],"tags":[35353,40366],"class_list":["post-1004229708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-midwest","category-mixed-use","category-latest","category-office","tag-loews-hotels","tag-townhouse-management-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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