Boyle Investment Co. Celebrating 85th Year

Memphis Daily News

March 25, 2018

Boyle Investment Co. celebrated its 85th anniversary with a luncheon on Friday, March 23, for its 113 employees on the top floor of its new Class A office building at 949 S. Shady Grove Road.

That new office building also marks the complete build-out of the Ridgeway Center, a 204-acre mixed-use development launched in the early 1970s in East Memphis.

Boyle is one of Memphis’ oldest real estate development, sales, leasing and management firms.

The two largest mixed-use developments of Boyle’s are Ridgeway Center and Schilling Farms, which as been under development in Collierville for 20 years as of 2018.

The 443-acre Schilling Farms community features newly completed projects such as a 50,000-square-foot ‘Class A’ office building, the second phase of The Carrington multifamily project, and a 9,000-square-foot retail center. Schilling Farms has become a popular site for corporate headquarters in recent years – it is home to Helena Chemical Corp. and Mueller Industries Inc. is constructing its new corporate headquarters there.

Boyle made its first foray outside the Memphis market in 2001, opening an office in Nashville, where it has grown from two employees to 30. Boyle Nashville LLC and their joint venture partners have acquired, developed and manage more than 3.2 million square feet of commercial space, and have more than 532,000 square feet of commercial space under construction.

Since its founding in 1933, Boyle remains family owned with the third generation now involved in management. The company is led by Henry Morgan, co-chairman, and Paul Boyle, president. Other family members include Bayard Boyle Jr., co-chairman, and executive vice presidents Henry Morgan Jr. and Bayard Morgan.

Boyle also has 31 employees who have been with the company for more than 20 years, including Mark Halperin (45 years), Joel Fulmer (46 years) and Russell E. Bloodworth Jr. (49 years).

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Boyle Investment Company Celebrates 85th Anniversary; Marks Significant Milestones in Memphis and Nashville

MEMPHIS, Tenn., March 23, 2018 – This year marks the 85th anniversary of Boyle Investment Company, one of Memphis’ oldest real estate development, sales, leasing and management firms.  To celebrate, the company is hosting a luncheon on March 23 for its 113 employees on the top floor of its new ‘Class A’ office building at 949 S. Shady Grove.

The 85th anniversary marks the achievement of significant milestones at two of Boyle’s largest projects in the Memphis region: Ridgeway Center and Schilling Farms.  In the fourth quarter of 2017, Boyle celebrated the grand opening of 949 Shady Grove, a new ‘Class A’ office building on the last remaining site in Ridgeway Center office park, marking final completion of the 204-acre mixed-use development launched in the early 1970s in East Memphis.  Also, this year marks the 20th anniversary of Boyle’s 443-acre Schilling Farms community in Collierville, where newly completed projects include a 50,000-square-foot ‘Class A’ office building, the second phase of The Carrington multi-family project, and a 9,000-square-foot retail center.

Boyle also celebrates significant milestones in the Nashville region, where in 2001 the company opened an office which has grown from two employees to 30 employees today. Under the direction of Phil Fawcett and Jeff Haynes, Boyle Nashville, LLC and their joint venture partners have acquired, developed and manage more than 3.2 million square feet of commercial space, and have more than 532,000 square feet of commercial space under construction.  Large-scale projects in Nashville include Capitol View, which will offer 1.1 million square feet of ‘Class A’ office space, 130,000 square feet of specialty retail/restaurant space, 378 luxury apartments, a Hampton Inn & Suites, a 2.5 acre urban activity park, and a jogging/biking trail connected to Nashville’s greenway system.  The last two years have brought explosive growth at Berry Farms in Franklin, with four major headquarters announcements at the 600-acre mixed-use project, which also includes a town center and a variety of residential communities.  Construction is underway on McEwen Northside, a 45-acre development in Cool Springs that offers fully integrated office, retail, residential and green spaces.  Boyle’s Nashville office is located at the company’s own 60-acre Meridian Cool Springs development, which offers more than 900,000 square feet of office and 90,000 square feet of retail space.

Since its founding in 1933, Boyle remains family owned with the third generation now involved in management. The company is led by Henry Morgan, Co-Chairman, and Paul Boyle, President. Other family members include Bayard Boyle, Jr., Co-Chairman, and Executive Vice Presidents Henry Morgan, Jr. and Bayard Morgan.

One of the company’s greatest assets is its “deep bench” of experts – longtime employees who have stayed with the company for years. Boyle has 31 employees who have been with the company for more than 20 years.  Their expertise and long-term involvement with the company have been a great plus.  Three non-family members have been with the company for more than 40 years:  Mark Halperin, 45 years; Joel Fulmer, 46 years; and Russell E. Bloodworth, Jr., 49 years.

Over the years, Boyle has made a profound impact on the city of Memphis.  A Boyle family ancestor, John Overton, founded Memphis in 1819 in partnership with Andrew Jackson.  In the early 1900s, Edward Boyle developed stately Belvedere Boulevard in Midtown.   Boyle Investment Company was founded in 1933 by three of Edward Boyle’s sons – Snowden, Charles and J. Bayard, Sr.   The 1960s saw the development of River Oaks and Farmington. In the 1970s, Boyle paved the way for the city’s growth eastward with one of Memphis’ first office parks, Ridgeway Center, which today offers more than 2 million square feet of space.  In the 1980s, Boyle began development of Humphreys Center, which has become East Memphis’ bustling medical/office center.  The 1990s saw the development of even more ambitious projects such as the 443-acre Schilling Farms community in Collierville.  The company also developed numerous retail centers in the Memphis area during this period, including Regalia, Shops of Humphreys Center, Shops of Forest Hill, and Gallina Centro, as well as Preston Shepard Place and Southwest Crossing in Texas.   Boyle Nashville, LLC was formed in 2001 and has grown to be the largest developer in the region.  Boyle Insurance Agency, headed by Cindi Gresham, continues to thrive and offers both commercial and personal lines of insurance.

Our grandfather, Bayard Boyle, Sr., and his two brothers initially focused their efforts on buying land and developing residential subdivisions and shopping centers,” says Paul Boyle, President. “He had a remarkable ability to identify and acquire properties in areas that would soon become major growth corridors.  Today, we still stick to these same principals of careful research and planning, whether it’s a residential subdivision, a shopping center, or an office building that we are developing.”

While the company focuses a great amount of resources in the office and retail sectors of the commercial real estate market, the company also is known for its high-end residential communities including River Oaks, The Cloisters, Chartwell, Green Shadows, Blue Heron, the Gardens of Southwind, Golfwalk at Southwind, Riveredge, Bedford Plantation, and Spring Creek Ranch just to name a few.  Boyle is currently active in the Germantown market with development of The Pinnacle of Germantown and Allelon, and is moving forward with additional phases at Spring Creek Ranch in the Collierville Reserve and Twin Lakes of Piperton.

“We’ve built a strong company because the family, from the beginning, has been committed to developing for long-term value,” says Henry Morgan, Co-Chairman.  “We operate on the belief that properties are long-term investments that should be carefully planned, built, and maintained.  With all of our activity in Memphis and Nashville, we think the future looks mighty bright.”

 

 

 

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Skills Prevail: New Projects Have Cemented Boyle Investment as a Premier Developer

By Tim O’Connor

Construction Today Magazine

February 2017

By Tim O’Connor

 

Boyle Investment Co.’s most valuable asset is its experience. The 84-year-old company has an extensive portfolio that includes most any kind of development imaginable, from suburban subdivisions to massive downtown mixed-use projects, hotels, and office and retail facilities. .

 

“Boyle is one of Memphis’ oldest real estate developers and has a longstanding reputation for quality developments that stand the test of time,” Vice President Les Binkley says. “We are a long-term holder of real estate and are known for our attention to detail.”

 

The faces behind that reputation for quality have been a lasting presence even as the company has grown. Many of Boyle’s executives have worked at the company for 40 years or more. “Boyle has a deep bench of experts who have been with the company for years and provide the necessary expertise and experience to ensure the long-term success of our real estate projects,” Binkley says.

 

Experience has guided Boyle well even in the most difficult of times. Three brothers, Bayard, Snowden and Charles Boyle, formed their namesake property management firm in 1933, just as the nation began its slow recovery out of the Great Depression. By the end of the decade, the company joined with National Life, Provident Life and other insurance providers to issue commercial and residential loans.

 

Following World War II, Boyle fed the development of Memphis by providing loans for residential, commercial and industrial projects throughout the Tennessee city. In the late 1940s, the company expanded into developing subdivisions in Memphis.

 

For six decades, the company flourished in the Memphis market, undertaking major projects such as the conversion of the Ridgeway Country Club into a 204-acre multi-purpose development and the 650,000-square-foot headquarters for electrical component manufacturer Thomas & Betts. The company gradually took on developments and holdings in Tennessee, Florida, Mississippi, Illinois, Arkansas, Kentucky, Texas and Missouri, but it wasn’t until 2001 that it opened its second office, located in Nashville, Tenn.

 

The Nashville division has since grown to encompass about 30 employees and 2.8 million square feet of commercial space. Another 5 million square feet of projects are in the development and planning stages. “The Nashville office has become one of the foremost real estate development and acquisition firms in middle Tennessee by partnering with local land owners, investors and growing businesses to create value in real estate,”  said Jeff Haynes, Partner of Boyle Nashville, LLC.

 

Diverse Developments

 

Diversification fueled Boyle growth for much of its history and remains a core part of the company’s strategy. Boyle has years of experience in developing complex, large-scale mixed-use communities and high-end neighborhoods. The company’s notable projects include Ridgeway Center in the East Memphis neighborhood, which has 1.5 million square feet of office space; Humphreys Center, also in East Memphis, an office, retail and residential development with a medical center; and Schilling Farms, a 443-acre mixed-use community in the Memphis suburb of Collierville.

 

Several projects underway will continue to advance Boyle’s position as a leading developer in Memphis and Nashville. In 2016, the company broke ground at Ridgeway Center on 949 Shady Grove, Memphis’ first new Class A office building since 2009 and the new home of Pinnacle Financial Partners’ Memphis headquarters. Binkley says the building is on schedule to be completed in the fall of 2017 .

 

Boyle just recently completed three projects at Schilling Farms: a 50,000-square-foot Class A office building, a 9,000-square-foot retail center and the second phase of a multifamily community of boutique flats and townhomes called Carrington West.

 

In Nashville, Boyle is overseeing the construction of Capitol View, a 32-acre mixed-use project featuring offices, shops, restaurants, hotels, upscale multifamily residential units and a 2.5-acre urban activity park. Capitol View will also be home to the corporate headquarters of at least two companies. Hospital Corp. of America (HCA) opened a 500,000-square-foot office in the development last October to house subsidiaries Health Trust, Parallon and Sarah Cannon. Meanwhile, a new 250,000-square-foot headquarters for Christian publishing company LifeWay is under construction.

 

Work on phase two of Capitol View has already begun.  Haynes says the development is adding a new mixed-used building with retail and office space and 378 multifamily units. A second building for restaurants, specialty retail and 300,000 square feet of Class A offices is also planned.

 

The development at Schilling Farms also continues to grow. The project’s upscale multifamily community, The Carrington at Schilling Farms, opened two years ago and Boyle is already leasing a second phase, called Carrington West, which will add another 125 boutique apartments and townhomes.

 

Building Communities

 

In the past, Boyle used an in-house construction company to build the vast majority of its projects , but today the company chooses to work in close relationship with select third party general contractors . “We currently contract out the construction of our projects and aim to build long-term relationships with firms specializing in the various building types that we develop instead of  of working on a strictly transactional basis,” Binkley explains. “We only engage with companies that maintain the highest standards of quality and pay the same attention to detail that we do at Boyle.”

 

No matter where its developments are located, Boyle strives to design projects that benefit the region beyond the project site. “We think it’s important to make sure that quality of life is maintained and enhanced in all of the communities in which we develop,” Binkley says. Boyle has provided financial and land donations to the Wolf River Conservancy, which is part of the Mid-South Regional Greenprint initiative, a 25-year government-funded plan to create 700 miles of trails and cycling paths in the Memphis area. Additionally, the company contributed to the Big River Crossing, a 4,827-foot long pedestrian boardwalk that opened in 2016 and is built along the Harahan Bridge, a rail bridge spanning the Mississippi River just south of downtown Memphis.

 

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Commercial Real Estate Group Sees Quick Growth


By Lance Allan
– The Daily News –

It can be a competitive business, but for Memphis commercial real estate professionals, a little competition doesn’t stand in the way of working together.

With that thought in mind, the Memphis Area Association of Realtors formed the MAAR Commercial Council in an effort to unite the industry. The group, which officially began in January with 100 members, has come a long way in a short time, growing to its current 230 members.

“The association was formed to give better representation to a group of people who practice commercial real estate who had not had it before,” said Joel Fulmer, senior vice president of Boyle Investment Co. and president-elect of the council. “The commercial broker community does have special needs of its own. This organization was put together to recognize those needs.”

Next steps. The idea has caught on within the commercial real estate community.

“We are not at the point where the majority of commercial real estate firms have joined the organization,” said Melanie Blakeney, technology services director for MAAR and staff executive for the council. “It shows that there is a need for the council and some sort of collaborative effort between all of them. Now that we have them involved, we can see what else needs to be accomplished.”

New trend. By better organizing its commercial real estate industry, Memphis is keeping step with other areas of the country. Five years ago, there were only five commercial divisions associated with local real estate associations such as MAAR. Today, that number has grown to 44.

“Realtor associations equated to residential Realtor associations,” Blakeney said. “They just did not provide a lot of service to commercial brokers five years ago. It’s dramatically growing. And what we’re doing locally is paralleling what is happening on a national level.”

The National Association of Realtors has been a catalyst for growth in commercial divisions providing support and organizational advice.

Industry resource. MAAR CommLink an online database that will feature commercial properties for sale and for lease in Metro Memphis, will serve as a highlight for the council when it is launched this fall. The new resource will include a members-only site and a limited access public site.

“It will serve as a one-stop shop for not only all of the real estate brokers, but also the general public to look and see what space is available in Memphis.” Fulmer said. “If it takes off like what we think it’s going to, it’s going to be far and above the most comprehensive source of information that we’ve ever had.”

In a pool of council members on various issues respondents were receptive to the idea of a commercial information exchange.

“We surveyed our commercial practitioners here locally, and one of the really desirable survey results was that we needed a commercial information exchange.” Said Will Barden, principal broker with Barden Commercial Realty and chairman of the committee working to launch CommLink.

Providing a voice. A primary objective of the council is to provide a voice for commercial professionals to government entities.

Real estate organizations on the local, state and national level have always provided a lobbying voice for Realtors. But that history has focused primarily on residential real estate.

“In perception, I think there’s quite a bit of commercial representation, but it probably hasn’t been maybe as widely recognized as the residential side.” Barden said.

And now seemed like a good time to bring a more focused voice to the table. Blackeney added.

“We realized if a council is formed to represent commercial interest in the community, we’re a lot more likely to be effective regarding legislative issues on a local, state and national level.” Blakeney said. “We can better understand what the needs of the commercial brokers are, so in turn we can convey that to elected officials.”

The group has already gotten its feet wet.

“One of the first things we did was partner with the (Memphis Regional Chamber’s) group, the Commercial Alliance, to work with loosening proposed seismic code guidelines that would have had a devastating effect on new construction and retrofitting of commercial building,” Blackeney said. “We were able to at least get a stay on that so we can work to come up with guidelines that are more reasonable.”

Uniting the industry. Several resource organizations are available for Commercial Realtors, including professional associations such as the Society of Industrial and Office Realtors and the Institute of Real Estate Management. But a local group that brought professionals together from all facets of the industry just didn’t exist prior to the Commercial Council.

“In all those groups, we have our own mission, but there was a lot of crossover and overplay.” Barden said. “So MAAR reached out and created this Commercial Council … I think we can collectively speak with a louder voice when we’re all mobilized and have the same goal.”

United industry leaders has been an important early success for the council.

“What is gratifying is because of the Commercial Alliance, we were able to bring some major new members into the overall MAAR membership and membership in the commercial group,” Fulmer said of firms such as CB Richard Ellis and Belz Enterprises. “Those were big key pieces to the overall puzzle that had been missing.”

Bringing commercial real estate professionals together has not only helped build a strong foundation for the group, but also has provided valuable information for its members.

“The council provides a place for all of us to meet, deliberate, kind of prioritize what the commercial Realtor’s needs are, and then to go about creating committees or lobbying people, or whatever it takes.” Barden said.

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Building a Family Firm


By Nick Patterson
– Southern Living Magazine –

This family leaves its footprint all around Memphis. You see and feel it everywhere, from beloved Belvedere Boulevard to Ridgeway Center and other trademark office complexes to the fine homes and offices at Schilling Farms, River Oaks, and The Cloisters.

And that same family makes just as big an impression inside its firm’s own corporate headquarters. Here, young people come for summer jobs; decades later, they’re still here.

“My dad encouraged me to work different places to see what I wanted to do,” recalls Henry Morgan, Sr., president of Boyle Investment Company and son-in-law of the founder. “I was still in college. I got a summer job here, and they asked me to come back. That was 40 years ago.”

That’s a story repeated with slight variations over and over again at Boyle. It’s a lesson in the loyalty inspired by a firm where even new employees can develop ideas and are allowed to make mistakes, learn from them, and grow.

“It’s the only job I’ve had other than odd jobs in high school and college,” says executive vice president Mark Halperin. “Boyle employs a unique group of men and women who treat each other with great respect and thoughtfulness.”

Not a bad commentary on the internal workings of a development company known for its long heritage in this iconic Mississippi River town.

Russell E. “Rusty” Bloodworth, Jr., now executive vice president, recalls meeting founder Bayard Boyle, Sr. for the first time. “I walked in off the street; I was about to go into the military,” Rusty recalls. “They took me up to meet him, and he was just so gracious. They didn’t have a spot for me, but they asked me what I could do. I said I would do anything they asked me to do. They said, ‘You’re on.’” The company held his position while he served in the Marines.

“We have tremendous freedom to do the things we have a passion for,” Rusty continues. “The company trusts us to do good for both Boyle and the community.”

Through the years, the firm has frequently hired people before establishing clear-cut responsibilities for them, Mark says. “But they were perceived as people who would fit into our culture,” he explains.

“There’s an interesting lack of second guessing,” he adds. As a young employee, he made an error that cost the company a lot of money. He soon was summoned to a meeting with the then-retired Bayard Senior. “He invited me in and wanted to hear about the mistake. I thought I was going to have an opportunity for a new career,” Mark says.

Instead, the company elder listened to the young man’s explanation. “He said, ‘I can sort of see how you made that mistake,’” Mark recalls. “He said, ‘Would you do me a big favor? Would you try not to make that mistake again?’ I’ve made lots of mistakes over the 35 years,” Mark says. “But I’ve never made that one again.”

The Boyle Company Beginnings: A Boyle family ancestor, John Overton, founded Memphis in 1819 with Andrew Jackson. In 1906, Edward Boyle designed and developed Belvedere, a neighborhood regularly considered as a Memphis favorite for its spacious, tree-lined promenade and elegant manor homes.

The modern firm, established in 1933, took shape under the direction of Bayard Boyle, Sr. The company grew into a major proponent of mixed-use development, including massive office complexes and upscale residential areas around the city. It also incorporated elements of New Urbanism in its design philosophy. A map of Memphis could show nearly 60 Boyle developments, ranging from retail to industrial. Recent years have seen the Boyles expand into Nashville as well as in Mississippi and elsewhere.

Bayard Sr. knew his way around a piece of land, says his son, company chairman Bayard Boyle, Jr. “He had a gift for figuring out where the best stuff was going to go,” the junior Boyle remembers.

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Depot Property Ready for Buyer

By:  Andy Ashby
Memphis Business Journal
The time is right for Memphis Depot Business Park to hit the market, with Memphis and Shelby County economic development and taxpayers being the ultimate beneficiaries.
Joel Fulmer, senior vice president at Boyle investment Co., is working with John Robinson, executive vice president with CB Richard Ellis Austin, to market part of the 400-acre property for sale.

Depot Redevelopment Corp., which owns the property on behalf of the city and county governments, is looking to sell 275 acres of the property just north of Memphis International Airport.

This land includes 4.2 million square feet of improved second- and third-generation industrial property that is 80 percent leased.

The property’s remaining 125 acres consist of undeveloped land which will be retained by the city and county for future development or economic growth.
Jim Covington, vice president of logistics and aerotropolis development for the Greater Memphis Chamber, has been president of the Depot Redevelopment Corp. since its beginning.
“Our goal from 1997 was to renovate, rent the property up, get a good cash flow up through our tenants and then sell it,” he says. “Our business plan was to go out of business.”
The organization had planned to put the property on the market in 2009, but the recession slowed that plan down.
“Now, as it appears the economy is better, it brought us back to our goal, which is to sell the property,” Covington says
.
The property isn’t being marketed at a set price, according to Tommy Farnsworth III, president of Farnsworth Holdings and chairman of the Depot Redevelopment Corp.

“It’s sort of like an auction,” he says. “You go to contract with the group that you think has the best opportunity to perform and offers the highest price.”
Farnsworth says the past few years have been a terrible time to sell real estate, not just in Memphis but nationally.
“We’re starting to come out of that,” he says. “There is pent-up demand from funds that are looking to acquire quality real estate and this certainly is that. There are also many more lenders looking to make loans to qualified buyers.”
Opened in January 1942 as the Memphis General Depot, the property was used as a supply point for the U.S. Army in World War II.
Over the years, various military agencies used it for everything from logistics to a prisoner of war camp. It was closed in September 1997 as a casualty of the U.S. Army’s Base Realignment and Closure program. At one time, it employed 1,500 people.
“The Depot had been a productive presence in Memphis since the 1940s,” Fulmer says. “It went through a couple of generations of people whose lives were centered around working at the Depot.”
In 1997, the city, county and the local economic development community formed the Depot Redevelopment Corp. to purchase the property from the Army and return it to productivity.

Shelby County commissioner Mike Ritz was the first chairman of a diverse board of directors, which runs the gamut from real estate professionals to community activists. Fulmer did the appraisal work for the purchase from the Army.
The board took advantage of economic development grants to take out rail service, convert some buildings and tear down others. All of this work was done to make it economically viable.
The Depot Redevelopment Corp. is a nonprofit organization and the U.S. Army doesn’t pay property taxes, so the property hasn’t been on the tax rolls since the 1940s. If an investor or end user buys the property, it could produce $1 million in annual taxes for the city and county, according to Fulmer. That’s in addition to the proceeds of the sale, which the city and county would split evenly.
“The other payoff is that this property will go forward in a renovated state and be a working piece of the Memphis economy for another 50 years,” Covington says. “We took it from a state of disrepair to a modern industrial park. We’ve given it another 50 years of good, quality life.”
The property has perimeter fencing, 24-hour security and is adjacent to a police precinct.
“It’s one of the most secure pieces of property in Shelby County,” Fulmer says. “It’s become a real selling point.”

The property has 2 million square feet of cotton storage. These buildings have 14-foot clearance, the tallest height allowable for cotton storage. The buildings also have high density sprinkler systems and firewalls, which are government and industry requirements for storing cotton.
Once the property is sold, the Depot Redevelopment Corp. could continue while there is still property left in the Depot. It could also eventually be assimilated into the city and county’s new joint economic development entity, the Economic Development and Growth Engine, or EDGE.
Either way, it will have served its purpose.
“We all see, hear and read about government programs and how wasteful they are and how poorly managed they are,” Fulmer says. “Well, this is one that actually worked. It’s an incredible success story.”
 

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Commercial Real Estate 101


By Alexei Smirnov
– Business Tennessee –

If there is a vacant street corner anywhere in Tennessee, it’s probably because developers and real estate brokers have been too busy with their current workload.

Look in each major, and minor, market across the state, and you’ll see plenty of activity.

In Cleveland, Bradley County (pop. 100,000 souls), the value of new building permits shot up from $15 million to $29 million between January and September.

A couple of hours to the northwest, in Nashville, a class A office space happens to be in short supply (due to a seemingly endless stream of corporate relocations). In other words, there is plenty of money to be made.

And the 101 business people listed here – the most influential movers and shakers in Tennessee commercial real estate – are doing a large percentage of the work behind major commercial developments in the Volunteer State.

They might even teach you, but they’ll have to charge.

Rusty Bloodworth • Executive Vice President of Boyle Investment Co. in Memphis Builds large-scale multi-use communities he calls “new towns.” Studied community development in Scandinavia where he got enamored with European ideas of New Urbanism. Bloodworth’s firm Boyle built Farmington, one of the earliest New Urban communities.

Mark Halperin • Executive Vice President of Boyle Investment Co. in Memphis At Boyle since 1973, Halperin is responsible for leasing and management of all office properties at Boyle Memphis, overseeing some two million square feet of class A space. Built and now manages Ridgeway Center, which spans nearly one million square feet.

Jeff Haynes • Chief Manager of Boyle Investment Co. in Nashville Oversees Boyle’s Nashville operations, where he came after 17 years at Trammell Crow Co. In charge of Boyle’s aggressive build-out and acquisitions in the Nashville area, including 40 acres near I-65 in Cool Springs and Meridian business park.

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Custom Business Enviroments


– Boyle Report –

“Boyle continues to maintain its bulk distribution presence in all areas of the city,” says Joel Fulmer, vice president of commercial and industrial real estate for Boyle Investment Company. Three signature buildings ranging from 102,000 to 120,000 square feet are complete and available for occupancy.

Johns Creek Business Center is located on the west side of Mendenhall north of Raines Road. The exterior of the 102,500-square-foot building resembles an 18th Century loft warehouse and provides an unusually attractive work environment. The two-story glass windows at each end of the building allow for mezzanined offices and save on floor area.

Also available is a 117,000-square-foot freestanding, multiple-occupancy warehouse building in South Perkins Industrial Park. Boyle manages and leases the building for the ACEE Company. Approximately 27,000 square feet of land are available at the rear of the building for additional storage or parking.

The Raines Distribution Center, located at 5585 East Raines Road, contains a total of 120,000 square feet and also is expandable by an additional 120,000 square feet. Up to seven acres are available for outside storage.

In addition, Boyle has been retained by the Defense Depot Redevelopment Agency  provide appraisal and consulting services in their acquisition of the six-million-square-foot surplus facility from the Department of Defense.

Plans also are underway for a 63,000-square-foot office service building and a 120,000-square-foot distribution facility at Schilling Farms in Collierville. The facility will have an attractive brick-and-glass exterior, extensive landscaping and a large parking lot that will accommodate 300 cars.

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Despite So Many Players, Really Big Deal Works Out


By Amos Maki
– The Commercial Appeal –

As senior vice president to Boyle Investment Co, Joel Fulmer has worked on some pretty complicated real estate transactions.

But the most recent deal takes the cake: Boyle sold a 535,000 square-foot warehouse occupied by Hunter Fan Co., in Byhalia, Miss., along with the lease on a 400,000 square foot addition to First Industrial Realty Trust Inc., one of the largest publicly traded real estate investment trusts in the county.

Terms of the deal were not released.

Chicago-based First Industrial which trades on the New York Stock Exchange under the symbol FR, will also develop the addition.

First Industrial leases, develops, buys, sells and manages industrial facilities in the nation’s top 25 industrial markets. It has an office in Nashville.

Hunter Fan cut a 10-year lease on the 535,000 Square-foot facility, along with the 400,000 square-foot addition.

“Isn’t it fun when things work?” Fulmer said. “Because of the demands and special needs of so many involved parties, it was an extremely complex transaction. We were able to achieve a solution that satisfied everyone.”

The 535,000 square-foot facility in Byhalia was purchased by Boyle in 1997 from Memphis-based Thomas & Betts when Boyle developed a build-to-suit headquarters building for Thomas & Betts at Southwind.

Boyle leased the facility to Hunter Fan, which uses the building as its international distribution headquarters.

Founded in 1886 and based in Memphis, Hunter Fan is a leading ceiling Fan manufacturer. The company also manufactures high-performance air purifiers, low maintenance humidifiers, vaporizers, portable fans and energy-saving thermostats. Hunter Fan is owned by Lehman Brothers.

“Our effort here is to get it consolidated into one site so we can maximize efficiency,” said Hunter Fan CFO Dave Wangsness. “We think that is the most efficient way to run the operation.”

Fulmer and Wangsness said it was a deal that worked for everybody involved.

“Boyle was able to make a profit on the purchase of the original building, Hunter Fan Co., got the space it needed at an attractive rent rate and FIRT got a new investment property and a long-term, credit-worthy tenant,” Fulmer said.

Henry Morgan, president of Boyle, said the transaction was remarkable because of the number of moving parts involved.

Boyle worked with Hunter Fan to design the 400,000 square-foot addition, entered into the extended lease agreement and negotiated the sale of the entire package to FIRT. Robert Milner of Colliers Wilkinson Snowden was involved in the negotiation of the lease.

At one point or another in the process, more that 50 people visited the site and were in some way involved in the deal.

“This is one of the most complicated real estate transactions I have ever witnessed,” Morgan said. “It was a amazingly creative process. It is a textbook case for the real estate world.”

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Building Starts on First Offices in Schilling Farms


By Laure Johnson
– The Daily News –

Construction is set to begin this week on the first office building planned for Collierville’s Schilling Farms development.

Collierville Business Center, designed as a one-story, flexible-use facility, will contain 62,000 square feet of office and light industrial space, said Cary Whitehead, senior vice president of Boyle Investment Co., the project’s developer.

For construction of the project, Schilling Business Center LLC financed $4.9 million through First American National Bank, securing the loan with 6.5 acres of Schilling Boulevard East, according to a trust deed filed May 26 in the Shelby County Register’s Office.

The building is scheduled for completion in early 2000, Whitehead said, and will be expandable to 84,000 square feet.

Increased demand in the area for this type of project prompted its construction, Whitehead said.

“We think that, with the FedEx technology campus and the substantial growth that Collierville has experienced in the last 10 years, there is demand for high-finish office space,” he said. “We think it ought to be a big success.”

Located at 1125 Schilling Boulevard, the Business Center is the first office project planned for the Schilling Farms development, and it will serve as a transitional building between the development’s office and light industrial sections, said Gary Thompson, director of planning for Boyle.

Most of the business center’s office space will be concentrated in the front of the building, which will have a high-finish, brick and glass exterior.

Its warehouse-type space, which will have truck access and docking, will be toward the back.

“As you go around the boulevard, the topography rises up to a kind of ridgeline on the east side,” Thompson said. “What we’re trying to do is keep that appearance very ‘officey’ from the street.”

Over the crest of the hill is the Carrier facility, which marks the beginning of the development’s industrial sector.

“So, we’re trying to kind of use that building as an endcap to set the stage so that, toward the heart of the project, it’s very high-finish, and as you get around towards the back it’s more industrial, with truck access.”

The flex-style building can accommodate several different types of users, Thompson said.

“It will really depend on the user,” Thompson said. “If you have some type of user who has some kind of expensive equipment they keep in their service vehicles, they can have a garage and park that vehicle inside at night.

“Or, they could have warehouse type space with a truck dock.”

The center’s office space will be ideal for general office users, such as medical, technical or sales enterprises, Whitehead said.

No leases have yet been signed for space in the he building, he said.

Tenants must lease a minimum of 3,600 square feet. No lease rates have been set for the building, which was designed by The Crump Firm.

The general contractor for the project is Mid-America Construction Co., Inc.

The Collierville Business Center is the first of several office buildings planned for Schilling Farms, Whitehead said.

“There will be other office buildings in the development, but right now we don’t know when they will be built or how big they will be,” he said.

Schilling Farms, located on 443 acres of former farmland, is being transformed into a $350 million mixed-use development.

The development, located on the south side of West Poplar Avenue on the western edge of Collierville, eventually will include 1.5 million square feet of office space, as well as a significant amount of retail space, 90 acres of distribution space, 700 homes and 700 apartment units.

Work on the development will be completed in phases, and it is estimated the project will take 20 years to finish.

Office space will be located in the northwest quadrant of the development, with the distribution and light industrial in the northeast quadrant. Most of the residential areas will be south of Winchester Road.

A number of projects are under construction or in the planning stages, Thompson said.

“There is a ton of activity out there right now,” he said.

Projects underway in Schilling Farms include:

• Schilling Farms Middle School, which will accommodate up to 1,000 students in grades six, seven and eight, will be completed this summer. • Homes in The Neighborhood, located between the new middle school and Winchester Road, are now under construction. The subdivision has been chosen as the site for this year’s Vesta Home Show. • South of Winchester, construction of Sterling Square, Patton, Taylor & Ryan’s 75-lot residential subdivision of single-family detached homes and townhouses is expected to start later this month. • The Collierville YMCA, located just north of Winchester near the business center site, opened Saturday. • The Kid Tech Child Care Center, located southeast of the new YMCA, is now under construction. • Patton, Taylor & Ryan has started construction on a 324-unit apartment complex located just south of the YMCA.

Methodist Hospital recently purchased a 7.5 acre site for a new primary care facility, Thompson said. Two banks, the BankTennessee and National Bank of Commerce, also have plans to build in the development.

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Boyle Celebrates 80 Years, Sponsors Art Exhibit

By:  Sarah Baker
Memphis Daily News
Boyle Investment Co. turns 80 this year, and has partnered with the Memphis Brooks Museum of Art to celebrate.
           
Boyle, one of Memphis’ oldest real estate development firms, is the title sponsor of the “The Crossroads of Memory: Carroll Cloar and the American South” exhibit from June 8 through Sept. 15.
           
Stanton Thomas, curator of the exhibit, said Cloar is the best-known artist to have come out of the Mid-South. Childhood memories, familiar Delta scenery, blues songs and photographs of ancestors inspire his paintings.
           
Boyle has had one of Cloar’s paintings displayed in its office at 5900 Poplar Ave. in Ridgeway Center since the office was built in the early 1970s and several Boyle executives also own Cloar paintings. Cloar’s painting “Bridge and Bayou,” owned by Boyle executive vice president Rusty Bloodworth, is included in the exhibition at the Brooks.
           
“This significant exhibit of Cloar’s paintings, marking the centenary of the artist’s birth, was the perfect fit for Boyle, which is celebrating 80 years of business in Memphis,” said Cameron Kitchin, director of the Memphis Brooks Museum of Art. “Boyle’s real estate projects have transformed the local landscape and made a profound impact on the city’s footprint.”
           
Boyle’s history dates back to the founding of the city of Memphis. A Boyle family ancestor, John Overton, founded Memphis in 1819 in partnership with Andrew Jackson.
           
In the early 1900s, Edward Boyle developed the then considered stately Belvedere Boulevard, which is still one of Memphis’ highly dense residential areas.
           
Boyle Investment Co. was founded in 1933 by three of Boyle’s sons – Snowden Boyle, Charles Boyle and Bayard Boyle Sr. After World War II, the company, led by Bayard Boyle Sr., began buying land and developing it into residential subdivisions and shopping centers.
           
By the 1950s, the firm had become a full-service real estate investment operation, adding commercial and industrial properties and a long list of services including sales, leasing, management, construction, mortgage banking and insurance.
           
In the 1970s, Boyle accelerated the city’s growth eastward with one of Memphis’ first mixed-use office parks, Ridgeway Center.
           
In the 1980s, Boyle began development of Humphreys Center, a large-scale, mixed-use development that includes office, retail, medical and residential uses. That was followed by Boyle’s development of the 443-acre mixed-use Schilling Farms community in Collierville in the 1990s.
           
In 2001, partners Phil Fawcett and Jeff Haynes opened Boyle’s Nashville office, which has since expanded to 19 employees, two of whom, Mark Traylor and Thomas McDaniel, have joined Phil and Jeff as partners. This team oversees the development of several large-scale projects, including Meridian Cool Springs – a 60-acre mixed-use development in Franklin, Tenn., that offers more than 900,000 square feet of office space, 70,000 square feet of retail and restaurant space, and two hotels.
           
Boyle Nashville is also developing the 600-acre Berry Farms community in Franklin at the first Interstate 65 interchange north of Tenn. 840, where Phase I construction is under way.
           
Over the past several decades, Boyle has developed high-profile office projects in both the Memphis and Nashville markets including headquarters facilities for the Southeast Region of the U.S. Postal Service, Marsh USA, Raymond James, SunTrust, Thomas & Betts, Baptist Memorial Health Care Corp., Helena Chemical Co., Health Corp. of America, Community Health Systems, and Podiatry Insurance Corp. of America.
           
Boyle’s office team oversees the leasing and management of 2 million square feet of office space in Memphis, and Boyle Nashville leases and manages more than 1.2 million square feet of office space.
           
High-profile retail projects developed over the years include two national tenant big-box power centers in Texas: Preston Shepard Place in Plano and Southwest Crossing in Fort Worth.
           
Shopping centers in the Memphis region include the Shops of Forest Hill in Germantown anchored by Target; the Regalia specialty center in East Memphis with upscale tenants such as Oak Hall, Vineyard Vines and Ruth’s Chris Steakhouse; Gallina Centro at Poplar Avenue and Houston Levee Road; and Southcrest Market in Southaven, anchored by Best Buy and Longhorn Steakhouse. Boyle also owns and manages several retail properties in Nashville.
           
Boyle’s industrial projects include the development of the 175-acre South Perkins Industrial Park, 154-acre Century Center Business Park, and light industrial facilities at the 443-acre Schilling Farms development.
           
Boyle also is known for its development of upscale residential communities including Farmington, several neighborhoods in River Oaks, Spring Creek Ranch, The Pinnacle of Germantown, Washington Gates, Green Shadows, Blue Heron, Southwind, Riveredge and Bedford Plantation, to name a few.
           
Boyle is in its third generation of family ownership and management. President Paul Boyle, grandson of the founder, leads the company. His father, Bayard Boyle Jr., and Henry Morgan are co-chairs. Henry Morgan Jr. and Bayard Morgan, also grandsons of Bayard Boyle Sr., are executive vice presidents.
           
“My father started with managing property for New York Life Insurance Co. and buying land and developing residential subdivisions and shopping centers,” Bayard Boyle Jr. said. “He had a remarkable ability to identify and acquire properties in areas that would become major growth corridors. We still stick to careful research and planning, whether it’s a residential subdivision, a shopping center, or an office building.”
           
Boyle has 31 people who have been with the company for more than 20 years. Bloodworth has been with Boyle for 44 years; Mark Halperin, chief operating officer and executive vice president, for 40 years; Joel Fulmer, senior vice president, for 41 years; and Cary Whitehead, executive vice president, for 18 years.
           
“We operate on the belief that properties are long-term investments that should be carefully planned, built and maintained, and that our people are by far our greatest asset,” Paul Boyle said.
 
 

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MUS Alumni Power Top Development Firm

 
MUS Today/July 2008
 

Nearly everywhere you look in Memphis, you can see the unmistakable touch of Boyle Investment Company – from the development of mixed-use communities to the architectural features that add value to each building. Founded 75 years ago by three brothers, the company is responsible for some of the most celebrated streets, office complexes, and neighborhoods in the city. Many MUS alumni have their history intertwined with Boyle, including members of the Boyle family.
 
Patriarch Edward Boyle set the standard in the early 1900s with the development of Belvedere Boulevard, still a Midtown icon. His sons, Bayard, Snowden and Charles, carried on his work and, in 1933, Boyle Investment officially began. Bayard Boyle was named president of the company, and under his inspired leadership, the company flourished. His son, Bayard Boyle, Jr. joined the company right after college.
 
Today, Boyle is still a family-owned company, adhering to the standards of integrity and careful planning set so long ago. And as the company has grown, others have joined the company, and have come to know Boyle as family. But it is not just the history of a company that makes it so compelling; it is a history of the unique individuals that comprise it. Many of our own alumni have their history intertwined with Boyle, including members of the Boyle family.
 
Of the MUS alumni currently at Boyle, Henry Morgan ’61 has the most seniority, joining Boyle in 1965. Rusty Bloodworth ’63 began just three years later. Joel Fulmer ’67 and Mark Halperin ’67 started in 1973. Paul Boyle ’87 joined the family business in 1992. Cary Whitehead ’68 came on board in 1995, and Tom Hutton ’91 in 2001. The threads that bind them are multi-generational. Fulmer’s father was a long-time, valued Boyle employee; Morgan attended MUS with Hutton’s dad. Morgan hired Halperin and Halperin hired Hutton. Some joined Boyle right after graduation from college, others had a few more turns in their career paths, but all agree that Boyle is a place to stay.
 
To Morgan, Boyle is more than just a company – the name truly stands for family. Three years after starting work, he joined the Boyle family when he married Snowden Boyle, daughter of Bayard Boyle, Sr. and sister of Bayard Boyle, Jr.
 
His connection with Boyle began in the summer of 1960, when he worked in Boyle’s insurance affiliate for his uncle. “I was just a guy in college trying to figure out what he wanted to do with himself,” Morgan related. “I loved working for Boyle, but I wasn’t crazy about the insurance business. I asked if I could come back and perhaps get into real estate or mortgage banking. At that time, Boyle had a mortgage subsidiary and I worked briefly in the residential mortgage department and then went into the commercial mortgage department, which is where I wanted to be to begin with.”
 
He then got the opportunity to move into the development aspect of the company. “One of the earliest developments I worked on was suburban office buildings at Ridgeway Center in the early 1970s,” he continued. “Rusty and Mark were both involved – Rusty in the overall planning, and Mark as a leasing specialist.”
 
Bloodworth knew Morgan from their MUS days, though they were not classmates. Morgan was a member of the first 7th grade class of the new MUS, and Rusty came in the ninth grade, in 1959. But they did share a European History class taught by Travis Campbell. “We were both lucky to survive the class,” Bloodworth adds, although Morgan claims that Campbell was much fonder of Bloodworth than of him.
 
“I came in the doors [at Boyle] in 1968,” Bloodworth says. “I had planned on taking a job in Baltimore and I had two months to make some money before I went. I knew Henry’s wife, and there were plenty of signs around town for Boyle, so I knew the name and the reputation, and I wanted to be involved in residential development. So I asked off the street, cold, if they might have a spot for me for the summer. I told them I would do anything they wanted me to do. And they took me up on that. I got to meet Paul’s granddad (founder Bayard Boyle, Sr.), and I was hooked. And I never thought about going to Baltimore after that.”
 
Boyle at that point was fairly top-heavy with older employees who were ready to turn over the reins to the next generation. Morgan was the first MUS hire, followed by Bloodworth, then Fulmer and Halperin, as well as Jack Roberts ‘66, who ran and later bought Boyle’s landscape maintenance business and continues it today.
 
“So in the space of about six or seven years, there was an influx of MUS graduates, which provided a foundation for a younger generation,” Bloodworth said. “It has proved to be a valuable asset. Everyone from MUS came very well prepared, thanks to our teachers.” English instructor William Hatchett in particular was remembered as “one of the finest teachers you could have had.”
 
Besides academic preparation, the shared MUS experience contributed to a camaraderie and cohesiveness that aided each individual and group success. All agreed that there is a level of confidence when working with fellow alumni, a confidence that one will be treated with respect and honesty – a work ethic that fits in very well at Boyle.
           
“If you look around, you see that not just those of us from MUS but others as well have been here for years,” Fulmer said. “It is unusual to have the longevity at a company that we have.” Fulmer himself knew about Boyle first-hand from his father. “Henry, Bayard and Bayard, Sr. had known me since I was in short pants. They were kind enough to offer me an opportunity to come and work with them.” Prior to Boyle, he did a stint in the army, and worked a short time for First Tennessee.
           
“It’s really been kind of like a marriage. I’ve been here 35 years, and it has been a very enjoyable experience. For the company to keep as much talent as they have for as long as they have, it obviously has to be a very nice place to be. Henry, Bayard and Paul are very supportive of us and of the things that we want to do. They find ways to help us do our jobs well,” he concluded.
           
Halperin found Morgan’s support necessary well before he began at Boyle – in fact, he found himself approaching Morgan for help on a college project. “A fellow MUS graduate, Boyle cousin Jack Erb, Jr. and I have been very close friends since the seventh grade,” Halperin said. “We were at the University of Tennessee, taking real estate courses, and had a project that we didn’t know how to handle. Jack’s grandmother (Boyle, Sr.’s sister Margaret) somehow got involved, and told us to see Henry Morgan at Boyle. Big Bayard probably told Henry he should see us, so he did. He helped us a lot. 
 
“I was impressed with him and grateful for the time he gave us,” he went on. “The following year, I was at a dove hunt in September, right before I went back to school, and I ran into Henry. I had an edict from my dad that I was graduating from school in December. Henry asked me what I was going to be doing, and I said I didn’t know, but I was going to be looking for a job. So I came back at Thanksgiving and met with him. He offered me a job at Boyle, and I started in February, 1973.”
 
Morgan said, “In spite of all the nasty things Mark said about me, I have to tell you that I was struck by his rapid understanding of what we were talking about on his project. That made an impression on me. That was one of the reasons why I was interested in him.”
 
Paul Boyle, of course, has been connected with the company all his life. Grandson of founder Bayard Boyle, Sr. and son of current Chairman, Bayard Boyle, Jr., Boyle spent his summer jobs in maintenance – picking up trash, changing light bulbs – and found it, as he says, amazingly enjoyable.
 
“My father had always told me that when I graduated from college, I had to come work for the company,” he tells us. “But when I came back to Memphis after graduating, he told me there was nothing for me to do at the company! I finally persuaded him to let me work as a construction laborer on the post office building we were building just north of Christian Brothers High School. I started out picking up trash.”
 
He eventually got to work on the site, and then at an office job for the construction company. “I loved that,” he said. “They let me bid on and build a building for Baptist Hospital. Then Rusty had lined up The Cloisters subdivision at Sweetbriar and Shady Grove. I got out of construction to work on developing this subdivision with visionary builder Russell Kostka `67, and that was a lot of fun. I’ve been around ever since, doing whatever I’m asked.” 
          
Whitehead joined the company three years later, after working several years for a competitor. “My job prior to Boyle entailed working with all kinds of office tenants,” Whitehead explained. “When someone outgrows their space, you try to accommodate them, or when they downsize, you accommodate that. Or if they are unhappy with their landlord, you try to attract them to your company. The only company I never had any success at prying tenants away was with Boyle tenants. They just wouldn’t leave. I never could pry them away.”
“Our company was sold, and Bayard and Henry offered me a position. I’ve been here ever since,” he went on. “I’ve enjoyed it very much, including the comfort level of working with MUS graduates. When you run across another MUS alum, you assume a certain level of character. Unless he proves you wrong, you give him credit for having those characteristics.”
 
Hutton grew up with the MUS characteristics modeled in the home. His dad Tom Hutton, Sr. `61 is the longest-sitting member on the school’s board of trustees. A longtime friend of the elder Hutton, Morgan recalls the time he saw young Tom kick a football. “I never will forget it. He was only about 10 years old, and boy, did he kick that football! It is remarkable that he took it as far as he did.”
 
Very far, indeed – Hutton’s football prowess enabled him to play professionally for five years, four with the Philadelphia Eagles and one with the Miami Dolphins. “It was fun while it lasted,” Hutton said. “It was a good experience. But it is good to be home. I always felt that there are a lot of great things that Memphis has to offer, and I always wanted to come back. I felt like this was the best real estate company in town – and I still do.”
 
“I actually consider this the first job I’ve ever had,” he said. “The job I had before was sort of unrealistic. Growing up, I knew Paul and Henry [Morgan], Jr. and I knew the friends my dad had that worked here. I always looked at Boyle as a company that stressed quality and integrity.”
 
“I worked for Trammel Crow part-time after my last season with the Eagles was over. One day Henry, Jr. told me I ought to consider coming over to ‘our shop.’ I said, “Thanks, I’ll think about it.” The next week, Miami signed me and I was playing on Monday Night Football against the Buffalo Bills the following week. After five years, though, I knew that I didn’t have much left in my leg. I had knee surgery a couple of years before, and I knew it was time to hang up the cleats and go back home. That’s when I gave Henry, Jr. and Mark a call. I’ve been learning under Mark for seven years now.”
 
The stories are varied, as are the personalities and strengths of each Boyle employee that gathered to share their tales. But from these starter positions, each has risen high in his field. The young man who was just trying to figure out what to do with himself, Henry Morgan, is now the president of Boyle Investment Company, with the development of over 6 million square feet of commercial space under his belt. Rusty Bloodworth, who walked in cold to get a job for the summer, is an executive vice president currently working on a 600-acre mixed-use development in Franklin, Tennessee.   The little boy in short pants who knew Boyle through his father is now a senior vice president; Joel Fulmer is responsible for the leasing and managing industrial properties. Mark Halperin, the college student who couldn’t manage a real estate project for college, now manages and leases in excess of two million square feet of full-service office buildings as an executive vice president. Paul Boyle has grown from an expert in picking up trash to expertise in the development and sale of multiple-use projects as executive vice president. Cary Whitehead, who used to try to pry away Boyle clients, now serves the company as a senior vice president with both development and financial responsibilities. And the young man who once measured success by how many yards he kicked a football now views measurements differently. As an assistant vice president, Tom Hutton handles the leasing and management duties in over one million square feet of office properties.
 
Thanks to the skills and talents of these executives and others like them, Boyle is a respected and responsible company that has left its footprint all over Memphis. The company’s success can be attributed in part to the treatment of its employees. “The freedom with which we are allowed to operate has allowed us to do a lot in the business world and a lot in our private lives,” Halperin said. “No one is ever looking over your shoulder, questioning the amount of time you spend doing one thing or another. You have your responsibilities and you’re expected to do them.”
 
“In many ways, it is like MUS,” he concluded. “One of the things we learned at school was to be independent, think on your feet, and be responsible for your actions. We have the luxury at Boyle, because of the kind of leadership we get from the owners of the company, to act independently. We’re proud to have gone to MUS; we are equally proud to work at Boyle.”
 
Editor’s Note: Bayard Erb `77 works for Boyle Trust and is connected to the Boyle family through his grandmother, who was Bayard Boyle, Sr.’s sister. He was unable to sit in on the interview.
 
 
 


             

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