Nashville R2D2 Sells for $99M
- Dec 11, 2014
By Eliza Theiss, Associate Editor
One Nashville Place, the 393,328-square-foot Class A office tower in downtown Nashville that hit the market late this summer has sold. Boston-based TA Associates Realty dropped $98.75 million on the property, after several months of rumors surrounding the deal, according to the Nashville Business Journal. The $251 per square foot sale price marks the highest office sale rate of 2014 in Nashville, and the second-highest in metro Nashville, coming in behind the $319 per square foot sale rate of the IRS office building in Cool Springs that fetched $43.25 million earlier this year, according to the Nashville Business Journal.
Although Colliers is still providing leasing services, multiple media sources predict that Boyle Investment Co. will take over management and leasing duties in the future. As of December 10, One Nashville Place had only 2,024 square feet of available space, renting at a rate of $24.5 per square foot. According to The Tennessean, the sale also included the adjacent parking garage.
As previously reported, seller NNN Realty Investors LLC had listed the property with CBRE’s Atlanta and Nashville offices. Formerly known as Triple Net Properties, the seller paid $80 million for One Nashville Place in 2005.
The 25-floor tower is one of downtown Nashville’s most iconic structures. Due to its octagonal shape, One Nashville Place is commonly referred to as the R2D2 building. Located at 150 Fourth Avenue North, construction was finished in 1985. Onsite amenities include 24-hour security, on-site banking, on-site building management, FedEx and UPS Drop Boxes, computerized energy management security that lowers energy costs, and a building conference center with seating for 75, outfitted with a catering kitchen. The property boasts state-of-the-art communications and building electronics, such as a technologically advanced telecommunication system and fiber optic data connections. Regions Bank is the property’s anchor tenant, having occupied 100,000 square feet in the first part of 2013 under a 12.5 year lease, as previously reported.
Click here for further Nashville market data
Image credit: Kaldari via Wikimedia Commons