highwoods properties has agreement to buy pinnacle at ... · charlotte, n.c.-based group has plans...
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Aug. 23, 2013 |
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Highwoods Properties has a binding agreement to buy downtownʼsmost expensive office address for a record price for a multitenantoffice building in Nashville.
The Charlotte, N.C.-based real estate investment trust with asignificant Nashville presence could pay roughly $300 a square footfor The Pinnacle at Symphony Place. That would top the $206 persquare foot Toronto-based Sun Life Financial paid last year for theBaker Donelson Building at 211 Commerce St. — the currentrecord price since the Great Recession. Based on those numbers,the total deal would top $150 million.
Highwoods Properties has agreement to buy Pinnacle atSymphony PlaceCharlotte, N.C.-based group has plans for record-setting Nashville purchase
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A reception is held in the lobby for the grand opening of the Pinnacle at Symphony Place on Feb. 10, 2010. / File / TheTennessean
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Written byGetahn WardThe Tennessean
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Owner Canyon-Johnson Urban Funds put The Pinnacle up for salein the spring, generating strong interest frominstitutional investors . Highwoods was chosen as the buyer, andthe contract could close in September.
The Pinnacle, which opened in early 2010, is nearly 90 percentoccupied. The biggest tenants in the skyscraper south of Broadwayinclude the law firm Bass Berry & Sims, whose lease runs through
2025. Other large tenants include bankingcompany Pinnacle Financial Partners andother law firms, including Butler SnowOʼMara Stevens & Cannada PLLC.
“The asset is stabilized with excellent tenants and represents agreat long-term investment opportunity for the purchaser,” saidMike Jacobs, associate director with Cushman & Wakefield |Cornerstone Capital Markets Group, declining to confirm
Highwoods as potential buyer of ThePinnacle.
In Middle Tennessee, Highwoods owns just less than 3 millionsquare feet of mostly office space, including off West End Avenue,at Maryland Farms and its Seven Springs development in
Brentwood, plus in Cool Springs.
The publicly traded company also owns 79 acres for futuredevelopment, mostly at the Cool Springs site where Highwoods and
SouthStar LLC plan a project called Ovationthat will include 1.4 million square feet ofoffices, 350,000 square feet of retail storesand restaurants and a 300-room hotel.
Last year, Highwoods exited Nashvilleʼsairport submarket by selling its portfolio offive office buildings with 484,047 square feetfor $41 million.
Brian Reames, Highwoodʼs senior vicepresident and regional manager for MiddleTennessee, said the company doesnʼtcomment on market rumors.
With a sale to Highwoods, the 29-story,524,856-square-foot Pinnacle office andretail tower would become the latest majorNashville office building to change hands.Richmond, Va.-based Lingerfelt Cos. lastmonth paid $42.8 million for downtownNashvilleʼs Bank of America Plaza. Regions
Center and the four-building Grassmere Business Park portfolioare among the other office properties under or soon to be undercontracts.
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Related LinksAnother downtown Nashville office tower, 4th andChurch Building, to be listed for sale
Highwoods' $152M acquisition of The Pinnacle setsrecord
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The Pinnacle at Symphony Place / File / Submitted
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Getahn Ward covers growth and development.. He can bereached at 615-726-5968 or at [email protected]. Followhim on Twitter: @Getahn.
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