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MEMPHIS, Tenn. — FedEx is in negotiations to move one of its divisions out of East Memphis and into a new headquarters downtown.

FedEx Trade Networks could move into the Gibson Guitar factory downtown. The FedEx subsidiary employs more than 18,000 people.

Jennifer Oswalt, with the Downtown Memphis Commission, says recent moves downtown by other big companies like Service Master has been a catalyst for development.

“The economic impact of business is great when they relocate. There investment means a lot to our downtown.”

She says the relocations have created a positive domino effect.

“There’s about $6 million in tax that comes off of that in the development around that. And there’s over $172 million in overall economic impact from all the people who are now downtown frequenting businesses and potentially living downtown.”

Beyond the numbers, any move like that carries a symbolic meaning.

“Anytime one of our companies chooses to relocate downtown it’s a statement that they believe in Memphis and that they want to show that to the world,” Oswalt said.

We reported that Gibson announced it was leaving the building last year, but will remain in the area.

FedEx won’t comment on the negotiations other than to say the move is possible.