Aug 10, 2005. /Lesprom Network/. The Memphis office market could see a shake-up in the wake of International Paper's announcement of a company transformation plan. The company is narrowing its portfolio to focus on its uncoated paper and industrial and consumer packaging businesses. Those two businesses represent more than 70% of IP's sales, but the remainder of the company will be sold or spun off, including the coated and supercalendered papers business, the beverage packaging business, the kraft papers business, Arizona Chemical, the wood products business and segments or potentially all of its 6. 8 million acres of U. S. forest land. The sale of those business units could have local implications as many of IP's 3,200 Memphis employees work within those units. IP moved the wood products group to Memphis from Savannah, Georgia, in late 2004, creating 300 new jobs for the city and absorbing about 70,000 square feet of vacant office space in the process. While IP placed its wood products employees in space already leased by the company, the move took valuable sublease space off the market and granted the market a much-needed break. IP spokesman Stacy Wygant says the company has no idea what the impact on Memphis will be until it understands what potential buyers are interested in. "Obviously if we sell some of these businesses, people are going to go with the businesses," she says. The people who work for these business units in Memphis are office employees, people who manage the businesses including marketing, sales, finance, human resources, IT and communications staff. Wood products employs 300 people in Memphis but has more than 5,500 employees at manufacturing sites. Memphis also stands to gain some high level executives if the company decides to relocate its corporate headquarters from Stamford, Connecticut. Those executives would move into International Place, and in order to make room, some tower employees would be moved out to Lenox Park. Nick Clark, Clark & Clark principal, says IP is developing contingency plans for the headquarters relocation. He has had conversations with IP in regards to that contingency plan. Clark says IP would need at least 25,000 square feet, which Lenox can accommodate on either of two full floors within the park at Building A and Building D.