Growing New York Life set to move offices to TraVure in Germantown

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New York Life is moving its local offices to TraVure in Germantown. The insurance giant will occupy more than 8,400 square feet, with approximately $620,000 spent on renovations, according to a building permit. New York Life is currently located at 1715 Aaron Brenner Drive, less than a mile away from what will be its new location, at 6815 Poplar Ave. Scotty Hendricks, managing partner of the Memphis office, said the move was done for a wide variety of factors. For starters, New York Life is growing its local presence. The company had 30 employees at the start of the year and has risen to 45 as 2021 comes to a close. Hendricks said the firm hopes to grow another 30–50% by the end of 2022. Secondly, Hendricks said the building itself was an attraction. He praised TraVure as modern and vibrant, matching the culture Hendricks wants to build as managing partner. The development is home to several large tenants, including FirstBank, MAA, and JPMorgan Chase. “It's always good to be in a vibrant place where other large companies have staff coming in and out,” Hendricks said. “Who knows, one of our advisors might be on one elevator and, next thing you know, we've got a new client.” Hendricks also believes the location can help New York Life strengthen its local footprint. As part of that effort, Hendricks wants to engage with local nonprofits. “The building that we're going into has a very active courtyard area where we can hold community events, networking functions with banks that can support charities we work with,” Hendricks said. “Also, in the office, we will have conference rooms and training room capabilities, where nonprofit organizations can come in to have a board meeting. If they don't have a space, they could come in and use our space.” Keeping an eye on industry trends, Hendricks said the office will utilize hybrid functions, giving an office to those who prefer the office, and hoteling options to those who prefer hybrid or remote work. Hendricks said the decision was based on conversations with his younger workforce. “[Younger workers] don't want to be beholden to an office space from nine to five,” Hendricks said. “They realize that, in order to do business the way they want to, they have to be out. I call it being out in the streets, shaking hands and kissing babies.” Construction work has already begun on the new office and, barring any delays, Hendricks said they hope to move into the new office by March 2022. Walker General Contractors is the GC on the project, according to building permits.

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