The Somera Road team is proud to announce our newly acquired controlling interest in SouthSide Works – Pittsburgh, PA, a mixed-used development located on Pittsburgh’s South Side Neighborhood. As the new owner and operator we are excited to reintroduce the project with a renewed vision, plans for re-development and plans for new development. In total, Somera Road will invest over $37 million in capital improvements including an adaptive-reuse conversion of a former cinema into a modern 77K sf, open floor plate, creative office space called, “The Box Office”.
We are also deep in planning of the construction of a new multifamily development which includes 230 Class-A apartments on developable waterfront land controlled by the venture. Somera Road’s SouthSide Works will be a wholistic re-envisioning of what a modern live-work-play community should look like along the riverfront of one of America’s fastest growing, most exciting cities. Our goal is tointegrate the best that Pittsburgh already has to offer with Somera Road’s specialty – adding new thinking, an entrepreneurial approach, and creative innovation.
We are excited to share that Somera Road was honored at last night’s Memphis Business Journal’s Best Real Estate Deals (BRED) 2020 Award Ceremony, for Best Deal of the Year – Office Category and Best Deal of the Year – Overall. The BRED awards acknowledge and celebrate the largest and most impactful commercial real estate transactions negotiated and closed by the Memphis area’s commercial real estate professionals, property owners, and lessees that occurred in 2019.
Somera Road’s winning deal was the signing of FedEx Logistics’ 15-year lease and Headquarters move to downtown Memphis’ former Gibson Guitar Factory.
When Gibson Brands, Inc. announced their intent to vacate the 140,000-square-foot building in 2017, Memphis was facing a large, unsightly vacancy in the heart of its Downtown. That is until early 2019, when Somera Road and FedEx Logistics announced plans to make the space the latter’s new headquarters. The move will fill the building, which is located across the street from the FedEx Forum and one block from Beale Street, with nearly 700 FedEx Logistics team members—a number that is expected to grow. More than 350 jobs were created within FedEx Logistics as a result of this business decision.
Per FedEx Logistics,
“This new FedEx Logistics HQ will be a landmark site within the FedEx family of notable company locations. By combining offices into a dynamic campus, the space became economically attractive to provide this fantastic environment for team members. It will be a great space for collaboration among the different aspects of our business and a true home as we attract new talent for the future of FedEx Logistics. Team members from around the world can take enormous pride in working in — and visiting — our global headquarters, which will combine elements of our company history and world-class office amenities. Immersing ourselves in the heart of Downtown Memphis will benefit the company and the city. With hundreds of team members commuting to work in Downtown Memphis, the benefit to area businesses, restaurants and the local economy will be astounding.”
Somera Road is proud of theoutcome achieved to date on the FedEx Logistics’ Headquarters deal and is honored to be recognized so publicly for its positive impacts on the Memphis area.
Thank you always for your support.
Celebrating Mid-South dealmakers at 2020 BRED Awards
FedEx Logistics HQ won Deal of the Year at the 2020 BRED Awards.
While the finished product often garners the accolades, the road to completion is both vital and under-appreciated.
Because of that, the Memphis Business Journal created the Best Real Estate Deals (BRED). The awards recognize the developers, landlords, real estate brokers, attorneys, bankers, government entities — all the people who come together to execute a plan for a commercial real estate asset to become something more.
MBJ celebrated those dealmakers and their projects at its second-annual BRED event Tuesday, March 3, at The Cadre Downtown.
“Three of my counterparts in other markets called in the past two weeks to say, ‘I am coming to Memphis. Where are some cool places to stay? Where are some cool places to eat? What should we do while we are there?’ That didn’t happen a decade ago,” Joanna Crangle, market president and publisher for the MBJ, said during Tuesday’s event. “That is really, really exciting.”
Finalists were recognized across Hotel, Industrial, Mixed-Use, Office, Residential, and Restaurants/Retail categories, and a winner was named in each. An overall Deal of the Year was also awarded. Finalists and winners were selected by MBJ’s editorial staff. The complexity of the deal as well as its potential for positive impact on the community were weighed in the decision process.
Doug McGowen, COO for the City of Memphis, congratulated the finalists for their vision and for investing not only in the core of Downtown but in some of the area’s most disinvested neighborhoods. He called the work happening in Frayser, Raleigh, Binghampton, South Memphis, and South City “catalytic.”
“I’d like to congratulate all the dealmakers, all the closers, all the risk-takers, and all the true believers who know that not only do we have momentum, not only are we investable — but, truly — Memphis is a city where anything can be made to happen,” McGowen said.
MBJ lead reporter Jacob Steimer, who covers commercial real estate and economic development, also took to the stage.
Steimer told attendees it was his goal to help the city grow by learning the things known by the few and disseminating that information to the many.
“A basic tenant of economic theory is that more value is created when there is perfect information,” Steimer said. “When both sides of a deal know what the other side knows. When information becomes too concentrated that can lead to things like monopolies, which raise inequality and slow down growth.”
That growth will be on full display in a special BRED edition of the MBJ out Friday, March 6.
2020 BRED awards winners:
Hotel – City gets Loews hotel
Industrial – Hyosung makes electric buy
Mixed-Use – Intrator hits Pinch with $1.1B plan
Office – FedEx Logistics ships HQ Downtown
Residential – City and partners appreciate Binghampton project