Atmospheric gas and welding supply distributor nexAir announced on Friday that it has signed a letter of intent to lease office space in Crosstown Concourse.
The company's current headquarters are located near the airport area, but nexAir will move its operation and its 65 employees to a 33,000 square-foot space in the 1.1 million-square-foot former Sears headquarters. Dubbed a "vertical urban village," Crosstown Concourse will house multiple businesses related to health, education, and the arts. Other future tenants include the Church Health Center, Memphis Teacher Residency, ALSAC, Methodist Le Bonheur Healthcare, Crosstown Arts, and Christian Brothers University, as well as galleries, shops, restaurants, and other corporate offices.
The building will also include loft-style apartments. The Concourse is expected to open in early 2017. With the nexAir announcement, the building is 96 percent leased.
“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.”
"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, in an emailed statement. "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."