Lake Worth firm buys into Memphis office market

The Clark Tower in Memphis, Tennessee
The Clark Tower in Memphis, Tennessee

A company based in Palm Beach County bought an office building in Memphis, Tennessee, and started a a multi-million-dollar renovation of another office building next door.

Lake Worth-based In-Rel Properties paid $19.25 million for the iBank Tower in East Memphis and started a $6 million renovation of the next-door office building, called the Clark Tower.

Dennis Udwin, president of In-Rel Properties, told the Commercial Appeal, a Memphis newspaper, that the occupancy rates of the two buildings are 80 percent to 85 percent at iBank Tower and 65 percent at Clark Tower.

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With the two office buildings and adjacent parking lots, In-Rel Properties has an opportunity to develop the area into a commercial campus, the newspaper reported.

Lease rates range from $18.50 to $20 per square foot at Clark Tower, a 44-year-old building, well below rates in excess of $30 per square foot for Class A office space in Memphis. [Commercial Appeal]Mike Seemuth