KBS Pays $175M for Nashville Tower
Capital One financed the downtown property’s acquisition.
Shorenstein Properties has completed the disposition of UBS Tower, a Class A office building totaling 602,312 square feet in downtown Nashville, Tenn. KBS acquired the high-rise for $175.5 million, according to CommercialEdge data.
Based on the same data provider, office sales volume across the Nashville metro has reached $387 million in the first two months of the year. This breaks down to $310 per square foot, slightly above the approximately $291 price-per-square-foot shelled out by KBS.
The new owner secured a $113.8 acquisition loan originated by Capital One for the purchase of the 29-story multi-tenant office building. Cushman & Wakefield represented the seller in the transaction, while the buyer selected the firm to market the office tower.
The Cushman & Wakefield team included Vice Chairs David Meline, Stewart Calhoun and Mike McDonald as well as Executive Directors Samir Idris and Crews Johnston. Global law firm Greenberg Traurig LLP also helped seal the deal with a team encompassing Attorneys Bruce Fischer, Tatyana Litovsky, Christine Fan and Howard Chu along with Paralegal Amanda Kennedy.
A downtown office tower
Located within the CBD at 315 Deaderick St., the 1972-built tower underwent several renovations over the years. The upgrades included a refurbished lobby as well as the addition of a tenant lounge, a coffee bar and conference and fitness centers.
The new owner plans further updates such as a new coffee bar within the lobby, a dog play area, a bike room and shower facilities along with cosmetic renovations, Allen Aldridge, senior vice president of acquisitions, dispositions & co-director of asset management for KBS, said in prepared remarks.
READ ALSO: Designs, Amenities and Upgrades for the New Office
UBS Tower features floorplates ranging from 4,935 square feet to 22,902 square feet, along with a multi-story parking structure with 1,230 spaces at a ratio of 2.33 spaces per 1,000 square feet. The high-rise also offers 58,925 square feet of retail space and 15,664 square feet of storage.
The tenant roster includes Houzz, Cavalry Security and Qualifacts Systems. Last April, the anchor tenant, investment bank and financial services company UBS, renewed its 138,000-square-foot lease. As of February, office vacancy in the metro reached 18.9 percent, well above the national average of 15.7 percent, CommercialEdge data shows.
