August 10, 2015
ServiceMaster’s Office Lease Is Largest Deal of Its Kind In Ridgeway Center History
ServiceMaster’s Consumer Services Division, headquartered in Ridgeway Center, includes Terminix, Merry Maids, TruGreen-ChemLawn and American Home Shield.5
ServiceMaster, a consumer and management services company, recently signed the largest office lease in Ridgeway Center history and one of the largest office leases ever signed in the Memphis area.
ServiceMaster’s Consumer Services Division, which includes Terminix, Merry Maids, TruGreen-ChemLawn and American Home Shield and represents approximately 50 percent of ServiceMaster’s business, is headquartered in Memphis. Because of the division’s recent dramatic growth, more space is needed for their employees.
The 15-year lease calls for ServiceMaster to nearly double its office space in Ridgeway Center, Boyle’s multi-use development at Poplar Avenue and Interstate-240, to 153,000 square feet. According to Mark Halperin, vice president of office leasing and management for Boyle, the lease with ServiceMaster is a huge vote of confidence in Boyle and Ridgeway Center.
"For approximately two decades we have had an ongoing relationship with Boyle," said Tom Scherer, senior vice-president of Finance and Administration for ServiceMaster. "Their trademark is always to achieve fairness to all parties, and we happen to agree that this is the way to do transactions—everyone has to win."
The increased demand for space will require moving ServiceMaster into more than one building in Ridgeway Center.
"To accommodate their space request, Boyle will move part of ServiceMaster from 855 Ridge Lake Boulevard to 860 Ridge Lake Boulevard," explained Halperin. "When the move is completed in the first quarter of 1995, ServiceMaster will occupy approximately 75 percent of 860 Ridge Lake and 40 percent of 855 Ridge Lake." However, Halperin added that even after the ServiceMaster move, 40,000 square feet of office space will be available for lease in 855 Ridge Lake Boulevard.
When asked why ServiceMaster chose to increase its presence in Ridgeway Center rather than to build new office space, Scherer explained that leasing the additional space in Ridgeway Center was much more cost-effective than new construction, and his employees liked the convenience of the East Memphis location.