The rebirth of this integral part of downtown Memphis has been recognized with numerous awards, including the prestigious 2002 Urban Land Institute Award for Excellence in the Special Category. The building is home to GTX, Looney Ricks Kiss Architects, and the Memphis Redbirds.

Prospero Place has an exterior of mostly restored original materials, including brick and terra cotta masonry and wood windows. Custom replications were used where necessary. The grand lobby spans the length of the building with south and north double door entrances. The soaring lobby walls are trimmed in mahogany with a stone wainscot of black Impala granite with the flooring featuring the same granite. Three passenger elevators feature polished stainless steel doors and frames, mahogany wood panels and black granite tile flooring.

Hertz Investment Group acquired this prestigious property in 2012.