Archon Closes Memphis's Biggest Office Deal

MEMPHIS, TN-Cooper Realty Investments of Bella Vista, AR owns two trophy class A office properties today in the prime East Memphis, TN submarket after paying Irving, TX-based Archon Group $54.9 million or an average $110.13 per sf for two landmark suburban structures.

“This combined 500,000-sf sale marks the largest office transaction in Memphis history,” broker Eric Everett of CB Richard Ellis Inc.’s Memphis office tells GlobeSt.com. CBRE negotiated for Archon.

Cooper Realty paid $15.7 million or $96.44 per sf for Forum 1, a 19-year-old, 162,800-sf, 73.3%-leased building. For Crescent Center, a 15-year-old, 335,700-sf, 90.6% leased property, Cooper paid $39.2 million or $116.77 per sf.