Fifth Third Center Finds $90M Buyer, While Palmer Plaza Starts Looking For One
By Eliza Theiss, Associate Editor
Palmer Plaza, the 284,000-square-foot office high-rise at the corner of 18th and West End Avenue, is set to go on the market due to the impending maturing of an outstanding loan on the property, reports The Tennessean. The 18-story West End office tower’s owner, entity Palmer Plaza Partners II, has close to $30 million in outstanding debt on the property, which matures in September 2015 and can be paid off by March 2016 without penalty. The ownership might also choose to refinance the loan, instead of selling the property. Real estate investment banking firm Eastdil Secured’s Atlanta office is expected to market the property.
Developed by the Alex S. Palmer-run Alex S. Palmer & Company, the namesake property offers 284,000 square feet of gross space with 15,970 square feet of space per floor. Amenities include an adjacent 700-space, nine-story parking garage, rooftop fitness center with sauna and sun deck and a three-story entrance lobby. The Class A office asset has efficiency features such as reflective glass curtain wall and computerized energy management system. It was designed by architecture firm Gould Turner Group PC.
According to The Tennessean, Palmer Plaza is 94 percent leased, anchor tenants including Marsh, Lend Lease and Bethel University.
In other office news, the 490,276-square-foot Fifth Third Center in Nashville’s downtown is set to sell in June for around $90 million, reports the Nashville Business Journal. The property’s owner, Amstar Group, has selected a yet-to-be-disclosed buyer who will pay in the low- to mid-$180s per square foot for the asset, which Amstar purchased for $62 million in 2007.
Downtown’s fourth largest building, Fifth Third Center’s amenities include an underground parking facility, high-end men’s barber shop, executive shoe shine and a Starbucks. Close to 80 percent occupied, the 31-story tower’s tenant roster includes Fifth Third Bank’s Nashville headquarters, Loews Hotels Shared Services Headquarters, Deloitte and Sony/ATV Music Publishing. According to the Nashville Business Journal, the property is being marketed by Mike McDonald, managing director of Eastdil Secured’s Atlanta office
Images via Alex S. Palmer & Company and Fifth Third Center NashvilleTags: Acquisitions/Dispositions, Alex S. Palmer, Alex S. Palmer & Company, Architecture/Design, Brokers, Developers, Downtown Nashville, Fifth Third Center, Finance/Investment, Financiers, Investors, leasing, Lend Lease, Local, Loews Hotels, Nashville Lead Story, National, Office, Owners, Palmer Plaza, Palmer Plaza Partners II, Regional, West End submarket