Was the Pinnacle headquarters deal in Memphis unlucky from the start?
Here’s a coincidence for you:
In 2010, Pinnacle signed a 13-year lease for 13 floors at One Commerce Square … On Dec. 13.
On a more serious note, city leaders already were talking amongst themselves about what happens if Pinnacle leaves even before Thursday’s announcement that the regional air carrier is moving its headquarters from Memphis to Minnesota.
Downtown Memphis Commission president Paul Morris emailed city council members in December that the city and various stakeholders were still right to do what they did to try and woo Pinnacle to stay in Memphis.
The city was still better off, he wrote, “having made possible the redevelopment of One Commerce Square, which has attracted not only Pinnacle’s HQ but also several other good businesses including the HQ of the Great American Steamboat Co. and the Memphis offices of Electrolux. Independent Bank put its logo atop One Commerce Square, enhancing the Memphis skyline.
“Before the City acted, One Commerce Square was owned by an out-of-town bank after foreclosure and the building was quickly emptying of tenants. We were at risk of having another major building in our skyline go dark. Now, because the City acted, One Commerce Square is a premier office tower that helps attract businesses to Memphis and can be a source of pride in our skyline. Pinnacle helped make that possible. Downtown is already better off having had them here over the past year.”