MEMPHIS, Tenn. (AP) — Shipping giant FedEx Corp. said its logistics subsidiary has opened a new global headquarters in downtown Memphis, Tennessee.

FedEx Logistics held an event Tuesday to mark the opening of its offices in the former Gibson guitar factory, just steps from historic Beale Street and the FedExForum sports and concert venue in Memphis, a news release said.

FedEx Logistics said it invested more than $50 million to renovate the building.

“Great cities have great buildings,” said Udo Lange, president & CEO of FedEx Logistics. “From this magnificent facility, our employees will collaborate, innovate, and serve our global customers.”

FedEx Corp. is based in Memphis, with operations at Memphis International Airport. A subsidiary of FedEx Corp., FedEx Logistics said it provides air and ocean cargo, warehousing and distribution, customs brokerage and other services to customers.