Raymond James Financial : extends lease on tower in Memphis

June 26, 2014

ST. PETERSBURG, Fla. - Raymond James has reached an agreement with Parkway Properties to extend its lease to March 2024 on the Raymond James Tower at 50 Front Street in Memphis, resulting in a nearly 10-year commitment to remain in downtown Memphis.

"This agreement allows us to redistribute our workforce in the 21-story building for increased efficiency while providing ample space for ongoing growth," said Raymond James CEO Paul Reilly. "Memphis represents our largest concentration of associates outside of the firm's headquarters in St. Petersburg and is an important component of our long-term plans."

Raymond James conducted extensive due diligence in and around Memphis to determine the best real estate option for continued growth while continuing to build on its commitments to the Memphis community. Those options included potentially partnering on other existing real estate options and new developments.

"At the end of the process, it is clear that we are in the best possible location to meet our objectives and continue to support Memphis's development," said Raymond James President John Carson, who led the search from his Memphis location. "Our Public Finance business has been a partner in municipal and government growth for decades, and we're pleased to be able to build on those successes as a partner in the downtown core.

"We appreciate the support provided by Mayor A C Wharton and his staff throughout this process. Their leadership and vision have been instrumental in cultivating a vibrant downtown community which we're proud to be a part of," added Carson.

The approximately 600 Raymond James associates will occupy 12 floors of the building and more than 185,000 square feet of office space.

"We are pleased that Raymond James has done its due diligence and discovered that downtown Memphis is the place to be for a business environment that has the most desirable amenities for its employees," Mayor Wharton said. "Raymond James is a valuable asset to our City and we are glad they are staying downtown."

The firm will execute a redistribution and capital expenditure plan over the next 12 months to optimize the space.Current operations in the tower include Public Finance, Fixed Income sales and trading, Equity Capital Markets, Private Client Group and Operations and Administration support.

Construction of the tower was completed in 1983 and immediately occupied by Morgan Keegan, which Raymond James purchased in April 2012.