Contact: Keith Britt
or Andrew J. Groveman
Belz Enterprises

Arthur Andersen Makes Their Move to
The Tower at Peabody Place

MEMPHIS, Tenn. (November 18, 1997) – Arthur Andersen, LLP, the largest accounting, tax and business consulting firm in the region, recently made their move into The Tower at Peabody Place. Previously located in the First Tennessee building, Arthur Andersen now occupies the 10th and 11th floors of The Tower.

"Our need for significant expansion coincided with the construction of The Tower at Peabody Place. We felt that this was a great opportunity to be part of an exciting and dynamic new project and move into a beautiful building," said Margaret (Mars) Widdicombe, director of marketing for Arthur Andersen.

Widdicombe added that the move was the very best course of action that Arthur Andersen could take for future and continued growth. As a part of Andersen Worldwide, Arthur Andersen has offices in countries all over the world.

The Tower at Peabody Place, a multi-tenant office building located on the northeast corner of Main Street and Peabody Place, is the first Class A building to open in downtown Memphis since 1985. Providing more than 155,000 sq. ft. of luxury office space to professional and business tenants, The Tower at Peabody Place comprises 15 stories: eight levels of office space, six levels of parking providing 700 spaces to the building's tenants and the public and one level of service-oriented retail stores. The Tower is more than 90 percent leased which demonstrates the pent-up demand for quality office space in downtown.

Peabody Place is the largest mixed-use development currently underway in the country. The first residential component of Peabody Place, the Gasyso House Apartments, opened in March 1995, and has since remained 100 percent leased. Other completed components include 50 Peabody Place, which houses office space and street-level retail shops, Pembroke Square, with space available for office and retail, and the Grand Lobby of The Gayoso House. Next door to the Grand Lobby is Ciao Baby Cucina, an Italian Mediterranean Trattoria, which has enjoyed great success since its opening in February 1996. Breckenridge Brewery and Restaurant, located in the former Majestic Theater, and The Flying Saucer, a beer emporium located in The Tower at Peabody Place, opened in May 1997. City Grocery, a specialty grocery store, will also open in Peabody Place in winter 1997.

Belz Enterprises is a leading innovator in real estate development with interests throughout the South and much of the country. Belz develops, owns and manages over 25 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels, including the Peabody Hotels in Memphis and Orlando.