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 Enterprises.
   “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 18,000.
   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 square feet.
   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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