S P R I N G -- 1 9 9 9P A G E1
Diverse Client Mix Driving Continued
Success of Peabody Place
Operated by Lifestyle Ventures, World's Fare is an upscale, diverse food court, occupying 2,500 square feet of The Market at Pembroke Square. Six food kiosks feature Italian, Asian, Mexican, "American Picnic" (Southern dishes), a large salad bar and a dessert station. Upon entering World's Fare, customers are given magnetic swipe cards that allow them to purchase food at various eateries, but ring up their bills at one cash register.
"World's Fare helps Peabody Place appeal to varied tastes in food as well as products and services," said Andrew Groveman, senior vice president of marketing and administration for Belz Enterprises. "This food bazaar offers the kind of diverse menus that will draw all types of people to the development. With World's Fare, we come closer to providing a complete lifestyle experience for visitors and tenants."
However, World's Fare isn't the only tenant spicing up the business environment at Peabody Place.
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 the Pembroke Square Building.
Scheduled to open in spring 1999, the Peabody Place Executive Suites will occupy a portion of the fourth floor and the entire fifth floor of the historic building.
"This agreement is one of the largest for office space in the downtown area in recent years," said Morris Thomas, vice president of brokerage and leasing. "We're very excited about this project. It's another step in continuing the rejuvenation of downtown Memphis. What is important about this project is that this is not a move or relocation, but a new operation."
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.
"This will be ideal for businesses that cannot justify a long-term commitment to conventional office space," Bomar said. "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 an entity such as a law partnership that does 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."
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.
"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 fit 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."
Other businesses that recently have leased space at Peabody Place include First American Bank, which has established a 1,500-square-foot branch on the northeast corner of the Pembroke Square Building, Ridgway's Legal Services, Rivertown Gallery and Viking Culinary Arts Center.
"With every new tenant, we move closer to establishing the thriving community downtown Memphis should be," Groveman said. "Peabody Place provides people with the very finest facilities and downtown amenities and the people have come."
The Pembroke Square Building, located at 119 S. Main Street, offers between 9,000 and 18,000 square feet per floor of prime downtown office or retail space. The historic Memphis landmark with its 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.