MBJ: LEDIC consolidates national headquarters in Memphis
After completing two acquisitions outside the state of Tennessee, Memphis-based LEDIC Realty Co. was faced with finding a location for its consolidated headquarters.
Through its recent acquisitions, LEDIC has acquired more than 9,000 apartment units in 2015, making it one of the fastest growing commercial real estate firms in the nation. It’s acquired companies with offices in El Paso, Texas; Albuquerque, New Mexico; Honolulu, Hawaii; Los Angeles, California; Washington, D.C.; Little Rock, Arkansas and Montgomery, Alabama.
On Wednesday, Randy Boyd, Economic and Community Development Commissioner for Tennessee, announced that the company would be consolidating its back office real estate management operations in Memphis with a $10.2 million headquarters and training facility at 555 Perkins.
Using a fiber optic network from Level 3 Communications and AT&T, LEDIC’s new headquarters will also include gigabit Ethernet speeds that are five times faster than Google City.
LEDIC’s goal is to occupy half of a four-story building. The other half of the building, roughly 30,000 square feet, will be leased for access to the fiber optic network.
The company is hoping to follow in the footsteps of MAA and EdR who have integrated technology to change the real estate industry, Ledbetter said.
LEDIC considered other cities in Tennessee, as well as outside the state, before deciding to stay in Memphis.
The Greater Memphis Chamber brought its “one-stop-shop team” together to come up with incentives that would make LEDIC’s decision to stay a little easier.
The Chamber sat down with LEDIC to assess the company’s needs, then brought together EDGE, Workforce Investment Network, the Tennessee Valley Authority, MLGW and the state economic development department.
Part of the incentives will go toward the state-of-the-art training facility. The company has created proprietary curriculum known as LEDIC University.
“Employees can come in as a leasing agent and rise through the ranks to have a management career,” Ledbetter says.
LEDIC now manages 40,000 apartment unit and employs more than 1,100 people nationwide. In Memphis, the company has about 200 employees. The expansion will result in 100 more employees in Memphis and an additional 200 throughout the state in positions such as management, construction, maintenance and leasing.
Ledbetter says LEDIC is planning to buy its new headquarters building, and has it under contract contingent on incentives being approved. The acquisition is anticipated to close in early 2016, he said.