Boyle Files $24M Loan To Build SunTrust Site

– The Daily News –

Boyle Investment Co. has filed a $24 million construction loan for the 155,000-square-foot office building that will house consolidated offices for SunTrust Banks Inc. Boyle filed the loan under the name Boyle 999 Shady Grove LLC, and SunTrust was the lender.

The building is one of two 155,000-square-foot Class A office structures planned in Boyle’s Ridgeway Center near Poplar Avenue and Interstate 240. SunTrust is slated to lease 50,000 square feet on three floors of the 999 S. Shady building – now dubbed the SunTrust Bank Building – and will occupy the space Feb. 1, 2009, said Mark Halperin, Boyle executive vice president.

No other tenants have been announced, he said. Atlanta-based SunTrust earlier this year confirmed plans to move to East Memphis from its 170,000-square-foot space in the One Commerce Square building Downtown, The Daily News reported in April. The plans included consolidation of five existing office buildings in three locations.

Halperin said construction is ahead of schedule due to the dry weather. Steel is on site and framing will begin next week, he said.

The building will have surface parking and one level of underground parking.

The SunTrust Building and its twin will occupy the last site in the 200-plus-acre, mixed-use Ridgeway Center development according to a Boyle news release. Halperin said construction on the second building could begin as early as an anchor tenant signs on that project.