The Memphis Grizzlies have leased about a third of their 59 luxury suites at FedExForum .

"In rough terms we have 20 in the books and another 10, 15 in the works, " Mike Golub, senior vice president of business operations, said Thursday. "To have 20 solid ones now, a month into (the sales campaign), we're really pleased."

The suites are located on two levels of the $250 million arena, which is scheduled to open for the 2004-2005 NBA season. Prices range from $99,000 to $225,000 per year, with minimum leases run ning from five to 10 years.

The 11 most expensive suites - including FedEx's double suite - have been leased. The single "courtside suites" lease for $225,000 an nually with minimum 10-year contracts.

"It's a big nut, but those went first," Golub said. "It's a real encouraging sign."

The Grizzlies expect the suite sales campaign, which began in late July ,to continue into 2004,with the last 10 to 15 suites being "the big chal lenge," Golub said. That's be cause the most desirable suites will have been sold, and the largest corporations likely will have made their purchases.