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.
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