Madison's lawyer, David Wade of Memphis-based Martin Tate, said it is not disputed that people have been trapped in the elevators, but he said the system does not represent a safety concern and does not necessitate immediate action, nor does it represent a breach of its lease with Raymond James. A status conference set to include both parties and Judge John Fowlkes has been set for Friday, April Raymond James is requesting Madison Realties be forced to replace the elevators, admit it violated its lease with Raymond James and offset damages to the financial services firm caused by the breach of the lease.
Raymond James also wants to be able to terminate its lease early, for Madison to pay the costs of its relocation and for Madison to pay punitive damages for its negligence to keep the elevators safe. The lawsuit could have major implications for the Downtown Memphis office market, as Raymond James employees work from , square feet of the 50 North Front building.
If the company moved, it would be a prize catch for whatever new building, neighborhood or city it lands in. The original, page complaint submitted by Raymond James on Feb.
It is the alleged failure of the elevator system, though, that seems to be the firm's primary concern. The elevators, installed in , are "well beyond their useful life" and are "constantly malfunctioning," the lawsuit alleges. Some of the details of the malfunctions, based on the company's allegations, are listed below:. Repair attempts have taken certain elevators out of service for up to months at a time. An employee of Thyssenkrupp, the company responsible for maintaining the system, compared repair efforts to "polishing a turd," the financial firm claims in the litigation.
Though the lease runs through , Raymond James has the right to terminate it in This answer denies most of the complaint's allegations and states that the landlord had maintained the elevators in the manner required by the lease.
Each side plans to depose 10 or more people for the case, which is predicated on the alleged failure of the elevator system in 50 North Front. An elevator expert is set to inspect the system in early June, Prosser said. The lawsuit could have major implications for the Downtown Memphis office market, as Raymond James employees work from , square feet in the building. Submit your nomination now for the Health Care Heroes Awards! Deadline for nominations is Friday, June 8th!
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