Clipper Office Progresses Forward
MEMPHIS — New York-based real estate investment firm Somera Road Inc., its affiliate Somera Gibson Holdings (“Somera”) and local partner Orgel Family LP continue to advance their mixed-use developments at 0 Pontotoc Avenue—“The Clipper”—as well as at FedEx Logistics’ anticipated global headquarters in the former Gibson Guitar Factory building at 145 Lt. George W Lee Ave.
FedEx Logistics’ future global headquarters is actively under construction and tracking on schedule for a Q2 2020 delivery. Designed by LRK and constructed by Grinder Taber Grinder, the state-of-the-art campus will welcome nearly 700 employees and leadership to Downtown Memphis.
View latest construction video: https://www.memphisclipper.com/news/turning-industrial-space-into-creative-office.
Meanwhile, the adjacent 385-space surface parking lot at 0 Pontotoc Avenue, which Premier Parking (Premier Parking) presently manages for monthly, daily, and hourly users, is now being reimagined as ‘The Clipper' (memphisclipper.com), progressing through design and actively leasing.
The Clipper will include an approximately 300,000-square foot, 9-story Class-A modern office tower, the first such new office product built downtown in over 20 years, and more than 20,000-square feet of retail space. The building will sit on the eastern half of the site, while options are being weighed for the remaining western half of the site. Somera Road has signed an agreement with brokers Benjamin Orgel and Adam Slovis of Slovis Commercial to lease the development’s office and retail components.
“We continue to advance our efforts on this reimagined block of Downtown, between expeditious improvements to the former Gibson Guitar Factory site for FedEx Logistics Headquarters and exciting new office tenant traction for The Clipper,” said Joe LeMense, VP of Development for Somera Road, Inc.
“The Orgels have added great value through their vision and investment in this development, and now they are adding value from the brokerage side,” continued LeMense. “We’re truly working together in all capacities. We at Somera are confident in Benjamin and Adam's approach to this assignment and their shared vision for what a benefit the development, and its tenancy, can be to the City of Memphis”
Slovis Commercial, owned by Adam Slovis, is a specialized, full-service commercial real estate company that incorporates extensive experience and sophisticated methods to provide superior brokerage, development and investment services. Benjamin Orgel has served on Adam’s brokerage team since 2014.
The Clipper office tower, which will also include a 10-story parking garage, was unanimously approved in May by the Land Use Control Board for unique height exceptions.
“The reimagining of this block of Downtown Memphis will connect our community in so many ways,” said Adam Slovis. “The Clipper’s prime downtown location and proximity to FedEx are unmatched, and we’re ready to share the unique position with like-minded companies.”
All brokerage information as well as the development’s latest videos and renderings may be found at memphisclipper.com.