Memphis in May has sold its Downtown office building.

On Jan. 10, Memphis Tourism purchased the 14,600-square-foot building at 56 S. Front St. for $1.55 million, according to the Shelby County Register of Deeds.

Memphis in May and Memphis Tourism released a joint-statement regarding the transaction on Jan. 18:

"The building at 56 S. Front will remain as the Memphis in May headquarters with the organization maintaining its suite of offices in the building as a tenant, while Memphis Tourism will occupy the remaining square footage," the statement read.

"This move is viewed as a win for both organizations, bolstering the financial resources and ensuring the longevity of Memphis in May in the community, while giving Memphis Tourism the ability to utilize two floors of unused space."

Memphis Tourism is headquartered nearby at 47 Union Ave. The two-story building, which dates back to the 1840s, is undergoing renovations and will reopen in June 2024. The tourism organization acquired the property in 1992 for $250,000, according to the Shelby County Register of Deeds.

MEMPHIS IN MAY: With Memphis in May's longtime leader set to retire, what's next for beleaguered festival?

Memphis in May has had its fair share of headlines recently. In October, Memphis in May announced it was canceling its Beale Street Music Festival and relocating its World Championship Barbecue Cooking Contest from Tom Lee Park to Liberty Park. In its annual report, the organization reported a $3.48 million loss in operations during the 2023 season. In 2022, Memphis in May reported a (then) record loss in operational costs worth $2.23 million.

Previously, in August the Greater Memphis Chamber of Commerce announced it would be engaging in a larger role during the Memphis in May International Festival and handling all of the festival’s international, economic development and diplomatic activities. (The 2024 festival’s host nation will be France.)

Additionally, in November, Memphis in May announced president and CEO James Holt would retire. Holt will be succeeded by Memphis in May executive vice president Mack Weaver on Feb. 1. Weaver will serve as interim president.

Neil Strebig is a journalist with The Commercial Appeal. He can be reached at neil.strebig@commercialappeal.com, 901-426-0679 or via X: @neilStrebig

This article originally appeared on Memphis Commercial Appeal: Memphis Tourism buys Memphis in May's Downtown building: Here's why