The UBS Tower is one of the city’s most recognizable office buildings, located in the heart of downtown Nashville
NASHVILLE, Tennessee, April 25, 2022–(BUSINESS WIRE)–KBS, one of the largest investors in commercial real estate in the United States, announces the acquisition of the UBS Tower, a 29-story, 605,000 square foot Class A office building at 315 Deaderick Street in Nashville, Tennessee. on behalf of a large pension fund.
“With a population fast approaching two million, Nashville is a major business, tourism and transportation center,” said Marc DeLuca, CEO and Eastern Regional President at KBS. “Nashville has a thriving economy, which is projected to have job growth of 3.9% in 2022. This activity creates numerous office jobs and significantly increases rental growth and demand in the market. Now was the right time for us to do this facility.”
Nashville has consistently been ranked as a top city for business in recent years, with businesses migrating to the region due to its diverse economy, low cost of living and pool of well-educated talent. According to CoStar, Nashville has over 80% more office jobs today than it did in 2010, a growth rate well above the national average. The city has also seen several tech companies move to or expand in the area in search of prime office space, with global companies such as Amazon, Oracle, Asurion and iHeartRadio planning to open new large offices in the city.
Built in 1972, the UBS Tower is ideal for office and retail businesses looking for an ideal location in the Nashville area. The property has undergone multiple renovations, including a remodeled lobby, new tenant lounge, coffee bar, conference center and fitness center, as well as extensive infrastructure improvements that make the building an attractive location for businesses looking to provide a convenience to their teams. rich and sustainable workplace.
“There is continued strong demand for prime office space within walking distance of downtown amenities, and UBS Tower is well positioned to benefit from significant tenant influx,” said Allen Aldridge, senior vice president of acquisitions, dispositions and co-director of the Wealth management for KBS. “The property offers unobstructed views of downtown, fully-equipped turnkey suites and prime access to west and south executive housing via Charlotte Avenue.”
“We plan to make UBS Tower even better by adding in-demand features like a coffee bar in the lobby, bike storage and shower, a dog rest area and an updated facade,” Aldridge continues. “We also plan to add electric car charging stations and have the building verified with UL Healthy Buildings as we continually look for ways to incorporate green real estate features that improve the tenant experience while reducing our carbon footprint.”
Attorneys Bruce Fischer, Tatyana Litovsky, Christine Fan and Howard Chu, and paralegal Amanda Kennedy of Orange County global law firm Greenberg Traurig, LLP represented the firm as legal counsel on the acquisition.
“We were extremely pleased to represent KBS in the acquisition of this coveted asset,” said Fischer, Greenberg Traurig’s chairman of the West Coast Real Estate Practice and co-managing shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS .
David Meline, Samir Idris, Crews Johnston, Mike McDonald and Stewart Calhoun of Cushman & Wakefield arranged the sale of the UBS Tower and represented the seller, Shorenstein Properties, LLC. The commercial real estate services company was also retained by KBS to oversee the overall management, leasing and project management for the building.
The UBS Tower is located at 315 Deaderick Street in Nashville, Tennessee.
Please click here for photos of the UBS Tower.
Celebrating its 30th anniversary this year, KBS is one of the largest investors in prime commercial real estate in the United States. A private equity real estate firm and SEC-registered investment adviser, KBS and its affiliates have completed more than $44 billion in transactions on behalf of individual and institutional investors worldwide. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial properties in some of the nation’s most prosperous epicenters. The company is committed to its business ethics, business relationships and constant focus on exceeding the expectations of its investors, partners and tenants. SEC registration as an investment adviser does not imply any particular level of qualification or education. For more information about KBS, visit www.kbs.com.
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a private real estate company that owns and operates premium office, residential and mixed-use properties throughout the United States with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end mutual funds with total equity commitments of $8.8 billion, of which Shorenstein has committed $723.5 million. The firm leverages its integrated investment and operational capabilities to capture opportunities that offer the most attractive returns at any given point in the investment cycle. Investments included land development, asset repositioning and stabilized assets; Investment structures have included asset purchases, mezzanine loans, preferred stock investments and structured joint ventures. Visit www.shorenstein.com for more information.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding KBS’s ability to invest and manage a variety of Portfolio and the performance of UBS Tower and the Nashville, Tennessee real estate market. These statements are subject to known and unknown risks, uncertainties and other factors that could cause UBS Tower’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.
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Lexi Astfalk or Jenn Quader
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