Search
 

Law Firm Stays Put at Crescent Center

MEMPHIS-The long-term deal for more than 50,000 sf is the firm's second major expansion in five years. It initially signed on for 6,000 sf in 2001.

By Melissa Kress | Updated on June 14, 2006

MEMPHIS-A Southeast law firm has signed a long-term deal to not only stay but also expand its presence at Crescent Center. Butler, Snow, O’Mara, Stevens & Cannada, PLLC will now occupy more than 50,000 sf across a portion of the fourth floor and the entire fifth floor of the 339,000-sf, class A office building at 6075 Poplar Ave.

The deal marks the law firm’s second expansion in five years, with the firm initially signing for 6,000 sf in 2001. Studley, which represented Butler Snow in the transaction, could not release the lease terms–including length and rate–but did confirm for GlobeSt.com the deal comes in below market rate. In addition, a Studley representative says the firm looked at several other buildings in Memphis, including build-to-suits, before deciding to stay at Crescent Center.

Colliers International office market numbers put average year-end lease rates at $16.02 per sf, for all classes. That figure equals an approximately 1.6% increase from $15.76 per sf at year-end 2004.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.