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Smith & Nephew Inks 72,000-SF Office Lease

MEMPHIS-The fast-growing medical device manufacturer from London leases a multi-story building at Nonconnah Corporate Center here that has been vacant since 2000.

By Brian K. Miller | Updated on November 18, 2004

MEMPHIS-Smith & Nephew has signed a long-term lease here for a 72,000-sf building at Nonconnah Corporate Center that has been vacant since 2000. The four-story building was formerly a headquarters building for Federal Express Corp. The 33-year-old office and warehouse complex is located adjacent to Interstate 240.Headquartered in London and traded on the NYSE, Smith & Nephew specializes in advanced treatments for hard to heal wounds (wound management), hip and knee implants (orthopedics) and products for minimally invasive surgery (endoscopy). Earlier this month, the company exceeded expectations with a 15% rise in third-quarter earnings per share. S&N leases nearly 700,000 sf in the region. Don Danis of Atlanta-based Parthenon Realty, the asset and property manager for about half of the 2.2-million-sf Nonconnah Corporate Center, tells GlobeSt.com that S&N’s newly acquired building is less than a mile from its existing space in the local market, which the company will continue to occupy, and a similar distance from the Memphis airport. Danis declined to get too specific with the lease rate, but said the going rate for a lease this size in this type of building would be in the “upper mid teens” per sf per year.The building is located at 1980 Nonconnah Blvd. S&N’s move-in date is scheduled for early next year. Earl Blankenship and John Wiggins of CB Richard Ellis in Memphis represented Parthenon in the lease negotiation. Morris Thomas of Belz Realty Co. represented Smith & Nephew.

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