The Maclellan Foundation has bought an office building in the center of downtown and sold a floor of the nearby Lovemans on Market landmark.
The foundation purchased the Market Center building at M.L. King Boulevard and Broad Street from Chattanooga Land Co., which raised the four-story building in 2001. The purchase price wasn’t disclosed.
The foundation has its headquarters in the structure, occupying about half of the 40,000-square feet.
“We have been interested in owning our own building,” said Maclellan Foundation President Hugh O. Maclellan Jr. The foundation has had its offices in Market Center since 2005. Mr. Maclellan said foundation officials “have been extremely happy with this location, so the purchase makes sense.”
Incorporated in June 1945 by Robert J. Maclellan, his son Robert L. Maclellan, and his sister, Dora Maclellan Brown, the Maclellan Foundation has served the evangelical community for more than 60 years.
Bill Sudderth, Chattanooga Land president, said Market Center is 100 percent leased. Wachovia Securities, Lupton Co. and Barge Waggoner Sumner & Cannon Inc. are the other tenants.
The deal also includes the Burchay’s building on Market Street and a surrounding parking lot, which had been identified as a potential location for a second office building.
“There’s enough room to do a second building,” Mr. Sudderth said. “They haven’t indicated they’re planning on doing that now.”
Chris Crimmins, Chattanooga Land vice president, called Market Center a cornerstone development for both the renewed downtown and the company. When it was built, it was the first stand-alone office building erected in downtown’s core in about two decades.
“We are delighted the building will stay in local ownership, especially one with the reputation of the Maclellan Foundation,” Mr. Crimmins said.
Mr. Sudderth said the Lovemans space, which makes up the 30,000-square-foot second floor, is the last undeveloped part of that structure, which was formerly the Loveman’s department store.
He said the floors above it are residential while commercial tenants occupy the ground floor, including a soon-to-open Cohutta Bank.
“We’ll start now taking a look at the best way to finish that (building) out,” Mr. Sudderth said. “It’s a great old building.”
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...