Executive Suites, Inc., owner and operator of Clark Tower Executive Suites, Memphis’ oldest and largest executive suite facility, has leased 35,000 square feet of space in Pembroke Square, part of Belz Enterprises’ Peabody Place in downtown Memphis.
    Scheduled to open in January, 1999, the space, which will be called Peabody Place Executive Suites, includes a portion of the fourth floor and the entire fifth floor of the historic building that once was Goldsmith’s Department Store. The agreement is one of the largest for office space in the downtown area in recent years.
    C.P. (Pat) Bomar, president and CEO of Executive Suites, Inc., said the space, which will convert to 106 office suites, could accommodate up to 200 entrepreneurs and executives. Clark Tower Executive Suites currently supports 115 office spaces on the 27th and 28th floors of the Clark Tower building in East Memphis.
     “When we saw what Belz Enterprises was doing downtown, with its high energy level, we wanted to be a part of it,” Bomar said. “The dynamics of Peabody Place fits well with our concept of providing professional office space combined with the opportunity to live, work, and play in basically the same facility. Peabody Place is the only location downtown that has this atmosphere.”
     Peabody Place includes apartments, restaurants, work-support retail outlets, a grocery store, a health spa, and a museum containing one of the country’s most extensive and rare collections of Chinese art.
     In addition to professional administrative services such as desktop publishing, color prints and copies, Bomar’s company will provide high-tech telecommunications, including high-speed Internet access, digital phone service and customized voice mail.
     Peabody Place Executive Suites will offer flexible lease terms, beginning with a minimum six-month commitment.
     “This will be ideal for businesses that cannot justify a long-term commitment to conventional office space,” said Bomar. “At our Clark Tower location, we provide offices for entrepreneurs, small businesses, and even large corporations wanting a Memphis presence.
     “It is also ideal for entities such as a law partnership that do not have the time to deal with hiring office staff, purchasing a phone system, negotiating a long distance contract, dealing with a janitorial service, and all the other time-consuming details that go into running an office.”
     Pembroke Square, located at 119 Main Street, offers between 9,000 to 18,000 square feet per floor of prime downtown office or retail space. The historic Memphis landmark with classic architectural detailing circa 1890, has been beautifully restored. The eight-story building runs the length of Gayoso Avenue between Front Street and the Main Street Mall.
     The elegant building with ornate limestone columns, high ceilings and magnificent bay windows has state-of-the-art operating systems and an impressive grand corridor stretching from Main Street to City Grocery, located on the Front Street side of the building.
    Peabody Place is the country’s largest mixed-use development, providing apartments, retail, restaurants, entertainment and office space. Peabody Place includes The Tower at Peabody Place, The Gayoso House Apartments, The Apartments at Pembroke Square, Pembroke Square, 50 Peabody Place, and the recently opened Peabody Place Museum and Gallery.
     Belz Enterprises plans to break ground this year on the 300,000-square-foot Peabody Place Urban Retail and Entertainment Center, featuring a 21-screen movie complex, plus a 500-seat IMAX Theater and retail space.
     Headquartered in Memphis, Tennessee, Belz is a national leader in real estate development. The company owns and manages more than 25 million square feet of industrial warehouse and distribution centers, shopping centers, office buildings, mixed-use centers, and corporate campuses.
     Belz also owns a group of premier hotels including the Peabody Hotels in Memphis and Orlando, Florida.