Nashville's Bank of America Plaza sold for $74M
Swiss investor Partners Group is new owner after Nashville's biggest office investment deal so far this year.
- Nearly three years ago, Lingerfelt CommonWealth Partners paid $41.75 million for Bank of America Plaza.
- Lingerfelt will continue to operate Bank of America Plaza for the new ownership entity.
- Bank of America Plaza is roughly 80 percent leased with the namesake bank among tenants.
One of the world's largest private markets investment managers has acquired downtown's Bank of America Plaza for $74 million in Nashville's biggest office investment transaction so far this year..
Baar-Zug, Switzerland-based Partners Group bought the 435,525-square-foot building at 414 Union St. from Richmond, Va.,-based Lingerfelt CommonWealth Partners.
Under the terms, Lingerfelt will continue to operate Bank of America Plaza for new ownership entity LCP Nashville LLC. Commonwealth Commercial Partners, a Lingerfelt affiliate, will manage the building with commercial real estate firm CBRE continuing to handle leasing and marketing.
Partners Group's acquisition of Bank of America Plaza comes nearly three years after real estate investment manager Lingerfelt acquired one of downtown Nashville's largest and tallest office towers for $41.75 million.
Bank of America Plaza is roughly 80 percent leased with the namesake bank, building products maker Louisiana-Pacific Corp. and global human resources and financial consulting firm DayNine Consulting among key tenants. Third party logistics company Nolan Transportation Group and the Clarksville-based Lasaters Coffee and Tea chain were recently announced as new tenants.
While Partners Group's Bank of America Plaza deal is Nashville's largest office transaction year-to-date, Irvine, Calif.-based Steadfast Income REIT Inc.'s $110 million purchase this week of The Landings of Brentwood apartments is the largest overall real estate investment purchase. That's based on tracking by New York-based research firm Real Capital Analytics Inc.
Partners Group, which has U.S. offices in New York, San Francisco and Houston, announced plans two months ago to open a temporary office this month in Denver with plans to build its North American headquarters in that Metro area. The investment manager has more than $50 billion in investment programs under management in private equity, real estate, infrastructure and debt.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.