NASHVILLE-The $152.8-million purchase of The Pinnacle at Symphony Place office building here by Highwoods Properties of Charlotte, NC set a new record for multi-tenanted downtown office space sales value.
The transaction between Highwoods Properties and seller Canyon-Johnson Urban Funds for the Nashville high-rise office building closed on Thursday and was valued at approximately $294 a square-foot, according to The Tennessean. Highwoods also intends to spend approximately $800,000 on short-term capital improvements to the 520,000-square-foot, 29-story tower.
“It's certainly the high-water mark for Nashville,” says Douglass Johnson, senior vice president with CBRE Capital Markets in Nashville. “With additional leasing, they will be able to enhance the value of the building.” The building is currently approximately 85% leased. Ed Fritsch, CEO of Highwoods Properties, says the building should be 93% leased within the next two years. See story in The Tennessean.
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