Last spring, big news spread that the Sterick Building downtown, the 1920s neo-Gothic skyscraper that was once the South’s tallest building, was sold to ECS alumnus and current ECS dad, Stuart Harris (’95), of Constellation Properties. In March, Harris navigated a complicated century-old lease agreement to purchase The Sterick, distinguished as the 2024 Best Real Estate Dealmakers Deal of the Year by the Memphis Business Journal.
The History
In the Roaring ‘20s, Memphis was on the move with a booming commodities economy and a bustling downtown. Many buildings were under construction, beginning to carve the skyline of the Bluff City we appreciate today. Fort Worth-born Ross Sterling, founder of Humble Oil Company (a predecessor of present-day Exxon-Mobil) and later governor of Texas, brought his architect son-in-law, Wyatt Hedrick, with him to Memphis to examine the real estate market and get in on the ground floor of this growing economy. In search of the busiest intersection of the city, the two Texans landed on the corner of Madison and Third Street (now B.B. King Boulevard) but found resistance to the sale of the property.
Wealthy Memphis merchant Napoleon Hill built his mansion on this corner lot years before, and his heirs were not keen to surrender it. So, the two parties agreed to a deal: Sterling and Hedrick would build and own the structure on this property, but the Hill family would own the land, leasing it to the owner of the building for 99 years, after which time, the building title would transfer to the Hill estate, “in good working order,” according to the contract. With an agreement inked, the Texans razed the mansion and set to work. Fifteen months and twenty-nine floors later, Sterling and Hedrick, whose merged names identify the skyscraper, The Sterick, was open for business.
When The Sterick was completed in 1930, it was the tallest building in the South, later called the Queen of Memphis for its commanding size and impressive neo-Gothic architecture. Its stone and concrete exterior with elaborate hand-carvings by local artisan Christie Cut Stone Company also makes it stand out downtown.
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