Highwoods Properties Launches $59M Seven Springs West
- Sep 11, 2014
Raleigh, North Carolina-based Highwoods Properties, a publicly traded, fully integrated REIT, has announced it will be proceeding with the development of Seven Springs West, a 203,884-square-foot LEED-certified, multi-tenant office building. The seven-story Class A office tower will be developed in the sought-after Brentwood submarket, a best business district (BBD) of Nashville. The total cost of Seven Springs West will hover around the $59 million mark, which includes the project site, already owned by the company.
Set to break ground in the fourth quarter of 2014, the development is expected to be completed in under two years, in the third quarter of 2016. The glass and precast building will feature structured parking, on-site management and maintenance and signage opportunities. Located on the corner of Old Hickory Boulevard and Seven Springs Way, just off I-65, Highwoods’ newest project will be part of the existing 333,000-square-foot Seven Springs development. Seven Springs is 95 percent leased and houses LifePoint’s corporate headquarters and a 41,000-square-foot, fully leased retail amenity. Seven Springs West is currently 76 percent pre-leased, having signed a 154,000-square-foot lease agreement with the life insurance division of American International Group, Inc. According to the Nashville Business Journal, AIG’s expansion will create 200 new jobs over the course of three years. The same source reports that AIG has recently sold its existing campus in Davidson County to HCA for $65 million.
The addition of Seven Springs West now brings Highwoods’ development pipeline to 1.2 million square feet of 83 percent pre-leased space, representing an investment of $303 million.
Rendering courtesy of Highwoods Properties