MEMPHIS, Tenn. (November 11, 1997) - On Tuesday, November 11, 1997, Belz Enterprises will celebrate the Grand Opening of The Tower at Peabody Place, the first new multi-tenant office building to be constructed in downtown Memphis in more than a decade.

The Tower is the newest component of Belz Enterprises' project Peabody Place, the largest mixed-use development currently underway in the country. As of its grand opening, The Tower is more than 90 percent leased with tenants including Belz Enterprises, JMGR Architects, Arthur Andersen, Progressive Capital, CB Commercial/Interstate Realty Corporation, Less Getz & Lipman and Harkavy Shainberg,p Kosten, Kaplan and Dunstun.

The multi-tenant office building is the first Class A building to open in downtown Memphis since the Morgan Keegan offices opened in 1985. Providing more than 155,000 sq. ft. of luxury office space to professional and business tenants, The Tower at Peabody Place comprises 15 stories: eight levels of office space, six levels ofparking providing 700 spaces to the building tenants and the public and one level of service-oriented retail stores.

"The Grand Opening of The Tower marks the completion of the first modern construction project at Peabody Place and in downtown Memphis for many years," says Andrew J. Groveman, senior vice president marketing and administration, Belz Enterprises. "The fact that The Tower leased so quickly demonstrates a demand for premium office space downtown. Belz has helped fill that demand with a beautiful new addition to Memphis' skyline."

With a foundation of precast concrete and a polished granite base, The Tower is one of the few buildings in Memphis to have a seismic infrastructure. The glass towers at the four corners of the building enhance the verticality of the structure and are reminiscent of bay windows. Marble, granite and wood are used throughout the lobby and public spaces and the offices are comprised of brick and precast concrete.

The Tower offers all of the amenities of a Class A building including a card key access system for private entry after business hours. The garage and the building have separate high-speed, state-of-the-art elevator systems to avoid traffic congestion, as well as a state-of the-art fire and life safety system and a heating and air conditioning (HVAC) system with ample controls so zone temperatures can be easily adjusted. The offices have premium carpet, concealed splice grid ceiling systems and window treatments.

Upon completion, Peabody Place will resemble a city within a city, providing a large retail and entertainment center, apartments, office space, boutiques, gift shops, restaurants, a hotel and business services. The first residential component of Peabody Place, the Gayoso House Apartments, opened in March 1995, and has since remained 100 percent leased. Other completed components include 50 Peabody Place, which houses office space and street-level retail shops, Pembroke Square, with space available for office and retail, and the Grand Lobby of The Gayoso House. Retail components include Ciao Cucina, an Italian Mediterranean Trattoria, Breckenridge Brewery and Restaurant and The Flying Saucer Draught Emporium. City Grocery, a specialty grocery store, will also open in Peabody Place in November 1997.

Belz Enterprises is a leading innovator in real estate development with interests throughout the South and much of the country. Belz develops, owns and manages over 25 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels including the Peabody Hotels in Memphis and Orlando and various suburban communities.

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