Company signs letter of intent to lease space beginning Spring 2017
Memphis, Tenn. (June 17, 2016) – nexAir, one of the largest distributors of atmospheric gases and welding supplies in the United States, today announced that it has signed a letter of intent to lease office space in Crosstown Concourse , the mixed-use re-development of the former Sears, Roebuck & Company Crosstown catalog order plant and retail store in Memphis. The agreement signifies a move of nexAir’s headquarters, currently on Corporate Avenue, to the historic, 1.1 million-square-foot structure on Watkins Street due to open in early 2017.
With a lease agreement for 33,000 square feet, nexAir will be the largest for-profit tenant at Crosstown Concourse, which currently boasts organizations including St. Jude Children’s Research Hospital, Methodist Le Bonheur Healthcare, Crosstown Arts and Christian Brothers University as future tenants. When completed, Crosstown Concourse will be comprised of galleries, shops, restaurants, corporate offices and loft-style apartments. Amenities include a 30,000-square-foot professional fitness facility, a ten-story atrium and several open plazas and green spaces.
“Our company was founded here in Memphis in 1940, and as we began to outgrow our current offices, we were looking to relocate somewhere that spoke to our city’s rich culture of innovation and creativity,” said Kevin McEniry, CEO at nexAir. “We look forward to moving to Crosstown Concourse and becoming a part of this exciting new community. Additionally, the vibrant new area will give our team members the opportunity to participate in the local music, arts and wellness scenes and further contribute to the revitalization of our city.”
After sitting vacant for more than 20 years, the former Sears Crosstown is being transformed into one of the largest historic adaptive reuse projects in Tennessee history. More than $200 million from philanthropic and private sources, as well as public funding, has been secured to complete the project. An estimated 3,000 people will pass through the building each day, making Crosstown Concourse a hub for commercial, artistic and civic activity in the city.
“We are elated to have nexAir join the Crosstown Concourse community in such a significant way,” said Todd Richardson and McLean Wilson, Co-Leaders of the development. “nexAir is one of Memphis’ strongest homegrown companies with a passionate leadership team that quickly embraced the vertical urban village vision. Their investment in Crosstown is another huge vote of confidence for center city Memphis.”
Construction of nexAir’s new offices at Crosstown Concourse is underway, and nexAir plans to move into the space in early spring of 2017. Approximately 65 employees will relocate to the new headquarters; nexAir fill plants, distribution centers and retail stores will not be affected by the move.
With nexAir’s move, the 620,000 square feet of commercial space at Crosstown Concourse is now 96 percent leased.
About Crosstown Concourse
Crosstown Concourse is the unprecedented regeneration of the historic Sears Crosstown building in midtown Memphis, TN. Building on three of Memphis’ strongest community assets—arts, education, and healthcare—Crosstown Concourse is being preserved and redeveloped as a mixed-use, vertical urban village with a purposeful collective of uses and partners, transforming a national hub for the distribution of goods into a local heart for the cultivation of well-being. Plans include restaurants and retail, health and wellness facilities, a high school, contemporary art center, commercial office, and a diverse range of loft-style apartments. For more information about Crosstown Concourse, visit crosstownconcourse.com