Shorenstein Properties Pays $135M for Nashville High-Rise
- Mar 08, 2019
Rubicon Equities has sold UBS Tower, a 602,312-square-foot Class A high-rise in Nashville, Tenn., to Shorenstein Properties for $135 million, according to Davidson County records. The deal marks the metro’s highest-dollar office transaction this year. Wells Fargo provided $103.1 million in acquisition financing to the buyer, through a three-year, variable interest note.
According to Yardi Matrix, the 1974-built tower last changed hands in September 2013, when Rubicon bought the asset for only $14.5 million from Wells Fargo, which had purchased the building through a foreclosure in 2011. Following the acquisition, Rubicon invested $60 million to completely renovate the property.
Located at 315 Deaderick St. in downtown Nashville, the 28-story building is within a quarter mile of more than 3.5 million square feet of office space. The State Capitol is a short distance to the west and multiple hotels and retailers operate in the immediate area. A block away, the roughly 436,000-square-foot Philips Plaza traded for more than $110 million earlier in March.
UBS Tower is 9.4 percent vacant, per Yardi Matrix data, and the high-rise’s tenants include UBS, Qualifacts Systems, Houzz and Intelligent Office. Building amenities include bicycle storage and on-site parking at a ratio of 2.3 spaces per 1,000 square feet. In addition to the office component, the asset also contains 58,925 square feet of retail space, home to a number of restaurants including the high-end Jeff Ruby’s Steakhouse.
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