LINGERFELT ACQUIRES BANK OF AMERICA PLAZA TOWER FOR $41.8M

NASHVILLE, TENN. — Richmond, Va.-based Lingerfelt Companies has purchased Nashville’s Bank of America Plaza Tower from Parkway Properties for $41.8 million. Located at 414 Union St. in the downtown submarket, the 21-story office tower contains 435,525 square feet of Class A space. Its anchor tenants, Bank of America and Louisiana Pacific Corp., occupy more than 50 percent of the tower. Total occupancy will be 70 percent by the end of the year. In the near term, Lingerfelt plans to complete capital improvements to the lobby and common areas as well as maintenance upgrades. Commonwealth Commercial Partners will manage the building, and CB Richard Ellis will handle leasing. This purchase more than double’s Lingerfelt’s Tennessee office portfolio, bringing it to 919,672 square feet.