July 22, 2015

SunTrust Moves East


– Memphis Business Journal –

In March 2007, SunTrust Banks, Inc., confirmed the bad news for Memphis’ Downtown office market: It was officially leaving, bound for 50,000 square feet in Boyle Investment Co.’s new 999 Shady Grove building in Ridgeway Center.

Most of the bank’s employees had already moved to East Memphis, as a result of office function consolidation.

The move was set in motion in 2004, when Atlanta-based SunTrust (NYSE: STI) bought National Commerce Financial Corp., the parent company of Memphis-based National Bank of Commerce.

SunTrust’s 170,000-square-foot lease in One Commerce Square is set to expire in January 2009, but the Atlanta-based bank is not leaving the Downtown sub-market entirely.

SunTrust will lease 15,000 square feet on the ground floor of Brinkley Plaza at 80 Monroe for its private wealth management group and banking branch.