TVA's 11-year lease is for an estimated $20 per sf with an aggregate rent of about $12.85 million, area brokers familiar with the submarket tell GlobeSt.com on condition of anonymity.
Area asking rents for class A office are $17.90 per sf to $21.50 per sf, according to GlobeSt.com research. The lease takes One Century to 100% occupancy.
Meanwhile, TVA has subleased its space in Highland Ridge to locally based Bridgestone/Firestone. Rates for both transactions are undisclosed. Office rates throughout the Nashville CBD softened in the second quarter of this year, and class-A properties in particular came under pressure, brokers tell GlobeSt.com.
San Francisco-based Shorenstein Company owns One Century Place, which is among the Nashville area's most distinctive buildings. The 540,000-sf property was completed in 1991 and acquired by Shorenstein in 1995.
Janet Sterchi of the Nashville office of CB Richard Ellis Inc. represented Shorenstein. Len Leiser of the same office negotiated for TVA.
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