Downtown Nashville’s 810 Broadway building — a traditional structure home to the local office of national law firm Morgan & Morgan and located near Nashville Yards — has been offered for sale for approximately $40 million.
The listing comes after the current ownership group paid $16.5 million for the property in October 2021 (read here).
Nashville-based Magnolia Investments Partners is one of the owners of the five-story masonry building, the name of which derives from its address. In addition to anchor tenant Morgan & Morgan, the structure accommodates six other tenants.
Opened in 1904 and sitting near other architecturally noteworthy structures — including Christ Church Cathedral, Hume-Fogg Academic High School and The Customs House — the building offers 86,000 square feet and the potential for a rooftop space.
The 2021 deal was the equivalent of almost $191 per square foot, while the current offering is the equivalent of about $465 per foot (many Lower Broadway buildings have sold for $800 per foot or more the past two years). For context, the building sold in 1982 for $665,000, according to Metro records.
A source with information about the offering and who asked to go unnamed said the building’s various tenants will see their leases expire at 2024’s end. The source said the tenant transition could allow for a change of usage to entertainment and/or hospitality.
Nearby in a building located at 800 Broadway, Dallas-based Milkshake Concepts is planning to eventually open Mexican restaurant Vidorra (read here). A Huntsville-based company paid $6 million for that building in December 2021 (read here).
Charlie Gibson and Crews Johnston — vice chair and vice president, respectively, at the local office of Chicago-based Cushman & Wakefield — have been handling the marketing of the roughly 10,000 square feet of available for-lease space. The two are also overseeing the for-sale offering.
