NASHVILLE — California-based investment and development firm KBS has acquired UBS Tower, a 29-story office tower in downtown Nashville. The sales price was approximately $175 million, according to The Nashville Business Journal.
Located at 315 Deaderick St., the 605,000-square-foot UBS Tower is the second-tallest office building in the city and occupies a full city block. The property was originally constructed in 1972 and has been renovated several times over the ensuing decades. The namesake tenant and investment banking firm renewed its 138,000-square-foot lease in 2021 and will serve as the building’s anchor tenant until 2034.
The most recent capital improvement program delivered new and revamped amenity spaces, including the lobby, tenant lounge, coffee bar, fitness center and conference facilities. This project also upgraded the building’s mechanical systems.
“With a population quickly approaching 2 million, Nashville is a vital business, tourism and transportation center,” says Marc DeLuca, CEO and Eastern regional president at KBS. “Nashville boasts a thriving economy that is predicted to see a 3.9 percent growth in employment in 2022. This activity creates numerous office-using jobs and significantly increases the rental growth and demand in the market.”
According to CoStar Group, Nashville has approximately 80 percent more office-using jobs now than it had in 2010, a rate of growth that far outpaces the national average. Major users that have recently launched or expanded their office commitments to Nashville include Amazon, Oracle, Asurion and iHeartRadio.
Cushman & Wakefield’s David Meline, Samir Idris, Crews Johnston, Mike McDonald and Stewart Calhoun represented the seller, San Francisco-based Shorenstein Properties, in the transaction. Greenberg Traurig provided legal counsel to KBS, which has also tapped Cushman & Wakefield to manage and lease the building. Shorenstein originally acquired the asset in 2019.
— Taylor Williams