MEMPHIS (AP) — Shipping giant FedEx Corp.'s logistics subsidiary has opened a new global headquarters in the building that once held the Gibson guitar factory in an entertainment district in downtown Memphis, Tennessee.

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

The new headquarters was announced in February 2019. At the time, FedEx officials said about 350 of the 680 projected jobs would be new positions.

Once a fixture in the Beale Street entertainment area, Gibson said in December 2018 that it was moving production to Nashville. 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. It is the city's largest private employer, with about 30,000 workers.

A subsidiary of FedEx Corp., FedEx Logistics provides air and ocean cargo, warehousing and distribution, customs brokerage and other services to customers.

When plans for the new headquarters were announced, Memphis and Shelby County officials said they hoped suppliers and other companies follow FedEx Logistics and bring offices and young urban professional workers to downtown Memphis.

FedEx Logistics received tax breaks and other incentives for the headquarters. The state of Tennessee provided a $10 million grant, The Commercial Appeal reported.

"This investment represents one of their latest and boldest commitments to our county," Shelby County Mayor Lee Harris said in a statement Tuesday.