Office for Sale in Memphis, TN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Memphis, TN 38115
  • Year built: 1985

Description

Marcus and Millichap is pleased to exclusively offer to qualified investors the opportunity to acquire Fox Plaza Office Park (the “Property” or “Asset”), a two-property value-add office park investment located in the active 385 Corridor submarket of Memphis, Tennessee. The 385 Corridor is ideally positioned near Memphis International Airport, home to FedEx World Hub, generating +$10.7 billion in annual economic output, and supporting more than 67,000 jobs. The Turner Joint Venture is currently leading the completion of a $700 million terminal modernization project for the airport. Fox Plaza is minutes away from State Route 385, an active corridor with 140,677 AADT providing easy access and infrastructure for firms based in supply chain management and logistics. The Property is positioned as executive suites and leased to a diversified roll of small business owners. The 385 Corridor office market boasts a 90% occupancy rate, with limited to no new construction across the Memphis Trade Area. Current ownership has invested $100,000 for property improvements, and is open to staying on board in a management capacity for buyers looking to employ an “Executive Suites Business Model”. Fox Plaza provides investors with the opportunity to create significant and immediate value via renovations and lease-up, as well as a seamless transition by partnering with current management. Investment Highlights: • $1.2 Billion Project "The Walk on Union" A major revitalization project in downtown Memphis creating +700 apartments, office space, retail, and green space • $700 Million in Terminal Upgrades Commencing at Memphis International Airport • $659 Million Data Center Cluster Delivered xAI super computers, Colossus 1 & 2, recently delivered in Memphis, driving AI infrastructure development in the region • 90% Occupancy Rate for 385 Corridor Office Assets High tenant demand for entrepreneurs & small business owners with acquisition requirements in Memphis submarket • Stagnant Offic

Market Context

This office in Memphis, TN is listed for sale. The building dates to 1985. It has been on the market for 68 days. Compare it against other office listings for sale in Memphis, TN — <a href="/search/sale/office/tennessee/memphis">view the full market</a>.

As of Q1 2026, the Memphis office market showed a 6.0% vacancy rate, average asking rents near $55.08/SF/yr, and rents up 0.4% year over year. Source: CBRE Q1 2026 market report.

Tight vacancy keeps competition for quality space elevated.

Office market FAQ

Is the Memphis office market tightening or softening?
Vacancy is around 6.0% (Q1 2026).

Unified Estimate

Very Low Confidence

$36.98/SF – $50.02/SF

Mid: $43.50/SF

Rate-first confidence-weighted blend with cost-of-business adjustment.

No local comparable sales were available, so this estimate is transferred from a comparable peer market — treat it as a rough indication only. Transferred from peer market chicago (similarity: 100%) with 11 comparable listings.

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