Highwoods Acquires Nashville Development Site
- Feb 07, 2018
Highwoods Properties Inc. has purchased nine acres of land in Nashville, Tenn., for $50.3 million, financed by proceeds from 1031 tax-deferred transactions which occurred last year. On one 5.4-acre parcel, the REIT plans to break ground on a $252 million, 479,000-square-foot build-to-suit office development for Asurion, a Nashville-based electronics insurer. The company will consolidate its four locations, spread across Nashville, into the new property.
The project, anticipated to commence construction in the first quarter of 2019, will sit on the site of The Tennessean’s current headquarters. Highwoods expects to complete the development by the third quarter of 2021. The newspaper is currently seeking new office space in the area, according to The Tennessean.
A central and accessible location
Located in central Nashville’s Gulch district at the corner of 11th Avenue North and Broadway, the development site is situated two blocks from Interstate 40 and is a five-minute walk from the city’s downtown. The project will consist of two seven- and eight-story buildings above a parking structure podium containing three above-ground and three subterranean levels. The property plans also include street-level retail.
“This signature project, being designed by the very talented team at Hastings Architecture Associates, is intended to reflect Asurion’s vision and forward-thinking culture, fostering collaboration and bringing many of its team members under one roof,” said Ed Fritsch, president & CEO of Highwoods Properties, in a prepared statement.
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