Marketplace: City Center sale soon?

Monday, June 2, 2008 at 2:40am

The Nashville City Center downtown is in the process of being sold.

Talk in broker circles is that the 500,000-square-foot building could fetch in the neighborhood of $100 million. Brokers say one buyer fell out of a contract already.

Richard Fletcher, who leases and manages the office tower, wouldn’t comment on it.

But if and when it sells, that price would be one of the highest per square foot in Nashville, rivaling the sale of 2525 West End, Caterpillar Financial and Burton Hills IV.

City Center is owned mostly by the Dallas-based Bass brothers. The 27-floor building was constructed in 1988. A second phase had been planned but the real estate market collapsed.

Waller Lansden Dortch & Davis is the largest tenant in the building with 180,000 square feet. Greshman Smith & Partners is another large tenant.

Market must be good

The Greater Nashville Association of Realtors broke ground on an expansion of its five-year-old headquarters building next to Grassmere Business Park.

It is adding 2,100 square feet, just under one square foot per new member that has joined the association over the past five years. In announcing the expansion of the 10,300-square-foot headquarters, the association noted that membership has grown from less than 3,000 people to nearly 4,500.

The expansion should take four or five months to complete. Once finished, the new space will be filled with new and current staff members and provide additional meeting space.

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Filed under: City Business