Nashville Trophy Office High-Rise Under Contract for $89 Million

High Rise Facilities | June 5, 2014
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An affiliate of Dallas-based Lincoln Property Co. is under contract to buy downtown Nashville’s 31-story office high-rise Fifth Third Center for about $89 million. The transaction is the largest for an individual office building in the Nashville area this year.

The deal comes seven years after Denver-based Amstar acquired the 490,281-square-foot office building at 424 Church St. for $62 million and invested $6 million into upgrades.

Fifth Third Center was constructed in 1986 and is located on Church Street and Fifth Avenue North. It was the tallest building in both Nashville and Tennessee for eight years, until it was surpassed by the AT&T Building in 1994.

Amstar Group renovated the plaza, building entrance, lobby, elevators, multi-tenanted floor elevator lobbies and restrooms in an effort to return the building to one of Nashville’s only true trophy office towers.

In March, when the building hit the market, Michael J. McDonald, the Eastdil Secured broker handling the listing, said the building was 79 percent leased.

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Category: Intelligence

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