Andrew J. Groveman
The Tower at Peabody Place
100 Peabody Place/Suite 1400
Memphis, TN 38103
Bob Phillips or Keith Britt
Thompson & Baker
FOR IMMEDIATE RELEASE
Belz Experiences Extremely Strong First Half In
Office Real Estate Market, Says Official
MEMPHIS, Tennessee, August 5, 1998 Two major projects one at
The Enclave in Germantown and the other at Windyke Office Park in Southeast Memphis
have highlighted an extremely strong first half of the year for Belz
The first six months of 1998 have been an extremely strong first half
as demand for office space has been vigorous, and we have received our share of
deals, said Andrew J. Groveman, senior vice president of marketing and
administration for Belz Enterprises.
In keeping with Belz Enterprises slogan of any space any
place, the company has interest not only in downtown, but other strategic locations
throughout the city the Poplar Corridor, Goodlett Farms, the Medical Center in
Midtown and Shelby Oaks, Groveman said.
At The Enclave, Belz Enterprises has just completed a 6,500-square-foot
office building to serve the Germantown office market. There is the potential to build two
additional buildings there which would bring the total square footage of The Enclave to
Located on Walnut Grove Road just east of Germantown Road, The Enclave is
well positioned for convenience and accessibility. It is unique, upscale office space
designed for professional firms such as attorneys, accountants, or financial services.
Groveman said Belz will begin construction within the next 60 days on a
75,000-square-foot office building in Windyke Office Park. This building will mark the
beginning of the development of Windyke Office Park, a 15-acre facility with the potential
for 275 square feet of office space.
Groveman said Shelby Oaks Corporate Park, with 200,000 square feet of office
space, is 100 percent full. The most significant lease was 16,000 square feet to Concorde
EFS. Belz is beginning the expansion of Shelby Oaks Office Plaza with an additional 20,000
Another success story, Groveman says, is the renovated Park Place Centre
which now offers 25,000 square feet of office space. This year Belz has leased 17,500 of
this space with 14,000 being used by the Tennessee Spine Clinic.
The activity level in our Midtown holdings has been especially
strong, Groveman said. We are literally 100 percent leased at our property at
2400 Poplar Avenue and 1451 Union Avenue. Our Memphis Professional Building at 1211 Union
in the heart of the Medical Center with 170,000 square feet is 98 percent leased.
Downtown Memphis at Peabody Place is growing stronger every day,
Groveman continued. About 95 percent is leased with a number of leases now in the
works. The lease to NationsBank on the main floor of the Belz Office Tower was a welcome
addition to what has become a signature icon to downtown Memphis.
NationsBank leases 8,000 square feet.
To sum up, Groveman said, with the economy surging,
companies expanding, and new businesses coming into the marketplace, Belz Enterprises has
benefited in a most positive fashion. Our forecast for the second half of the year is: the
market will have a continued strong demand with very little supply.
Having the ability to offer to potential office-users various
geographical locations from downtown to out east to everything in between
along with various price ranges in rent, has contributed to our success, he said.
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