900,000 SF Mixed-Use West End Summit Brings 2,000 Jobs to Midtown
By Eliza Theiss, Associate Editor
Nashville’s Midtown is about to see one of the biggest developments and investments in the city’s and region’s history: the long-marketed, two-tower West End Summit by Alex S. Palmer & Co. featuring a 900,000-square-foot Class A office space component.
After years of aggressive marketing, the project is finally ready to go into preconstruction, as its two anchor tenants have signed their leases for a combined 475,000 square feet of office space, according to the Nashville Business Journal. Parallon Business Solutions and Sarah Cannon Research Institute (SCRI), both HCA Holdings Inc. affiliates, were officially announced in late September 2012 as anchor tenants for the twin tower megaproject, located at the corner of West End Ave. and Sixteenth Ave. Both companies will establish corporate headquarters at West End Summit as well as consolidate area operations into one location, bringing approximately 2,000 employees to Midtown. Parallon, which will be taking up 350,000 square feet of office space, will consolidate 750 jobs from Williamson County to the new location. Furthermore, the company plans to increase its workforce by 800 by 2017. SCRI will relocate 200 jobs in the area to its new corporate headquarters, and it plans to double its workforce by 2017. SCRI will lease 125,000 square feet. Both companies have signed 15-year leases starting March 2015. The remaining 300,000 square feet of office space will be leased either to Parallon and SCRI—to accommodate possible future expansions—or to other interested parties.
Both high-rises, one boasting 17 levels, the other 22, will also feature other commercial components such as high-end retail, signature restaurants, a state-of-the-art fitness center, and a luxury boutique hotel. A 2,800-car parking facility will also be incorporated. West End Summit is expected to cost $265 million.
Nashville-based HCA is one of the leading providers of health care services in the US. Parallon supplies health care providers with business solutions services, while SCRI is a global research organization focused on therapy and drug-advancement in the fields of cardiology and oncology.
Click here for more Nashville market data
Image courtesy of Alex S. Palmer & Co
Chart courtesy of CBRETags: Alex S. Palmer & Co, Architecture/Design, Class A office development, corporate headquarters, Developers, Development, Economy, Finance/Investment, Financiers, green, high-end retail space, hospitality, Investors, Leasing, Local, Mixed Use, Nashville Lead Story, Nashville office tower, National, Office, office lease, Operations, Owners, Regional, Retail, West End Summit