United Artist Tower to Become Boutique Hotel
- Aug 28, 2015
Music Row’s tallest building, United Artist Tower, sold its first eight levels for $3.8 million. According to the Tennessean, the new owners of the property located at 50 Music Square West in downtown Nashville are planning to convert the former office space into a boutique hotel.
The 56,700-square-foot structure built in the 1970s by Elvis Presley’s back-up group The Jordanaires was designed as an office building, but served as condos since 2006. The property offers 137 parking spaces.
The buying entity Sai Ram 009 LLC is a group of investors led by local hotelier Jay Patel. They were represented in the transaction by an Adaro Realty team formed by Chip Kandrach and Bobby Buchanan. The transaction didn’t include the building’s ninth-floor, a 6,000-square-foot penthouse and office space. The recently acquired eight floors within the octagonal-shaped United Artist Tower reach little more than 51,000 square feet.
Frank Bryant, the owner of the ninth floor, is not planning to sell the penthouse and the office space.
Broker John Gifford along with colleague Tom Davis from Colliers International‘s Nashville branch represented the selling entity Box Seat Properties LLC in the transaction.
Image courtesy of CoStar. via Music Row