October 06, 2016
Boyle Starts Construction on E. Memphis Office Building
The Commercial Appeal
By Tom Bailey
Construction has begun on Boyle Investment Co.’s $40 million building, a rare site for the Memphis office market.
“The first Class A, multi-tenant spec building that’s been built in our market in the last six or seven years,” Mark Halperin, Boyle’s executive vice president and chief operating officer, said Tuesday above the rumble of Linkous Construction’s dirt-moving equipment.
Pinnacle Financial Partners will be the anchor tenant, taking 1.5 floors — 35,000 square feet —- of the 6-story, 155,000-square-foot building at 949 Shady Grove Road. “We’ve got several other very good prospects that we’re talking to about taking additional space in the building,” Halperin said.
Boyle and Pinnacle had revealed their plans for the building in late July. Pinnacle, which provided the construction loan, will have its name on the building at the southwest corner of Shady Grove Road and Briarcrest.
Construction on the 7-acre corner is scheduled to be finished by next fall.
While the Memphis market as a whole has experienced relatively weak demand for office space since the Great Recession, the East Memphis sub-market enjoys the lowest vacancy rate and commands the highest leasing rates in the area.
Boyle Investment develops, manages and leases real estate, specializing in office, retail, industrial and high-end residential properties.
The 949 Shady Grove Road office building claims the last lot that can be developed in Boyle’s 206-acre Ridgeway Center, at Poplar Avenue and I-240.
Hnedak Bobo Group is the architect for the project.