UBS Tower is one of the city’s most recognizable office properties in the heart of downtown Nashville
NASHVILLE, Tenn.–(BUSINESS WIRE)–KBS, one of the largest investors in commercial real estate in the U.S., announces the acquisition of UBS Tower, a 29-story, 605,000 square-foot Class A office building located at 315 Deaderick Street in Nashville, Tennessee, on behalf of a large pension fund.
“With a population quickly approaching two 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% growth in employment in 2022. This activity creates numerous office-using jobs and significantly increases the rental growth and demand in the market. Now was the opportune time for us to make this investment.”
Nashville has been consistently ranked a top city for businesses over the last several years, with companies migrating to the area in favor of its diverse economy, low cost of living, and well-educated talent pool. According to CoStar, Nashville has over 80% more office-using jobs now than it had in 2010, a rate of growth that far outpaces the national average. The city has also seen several tech businesses relocate 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 major offices in the city.
Built in 1972, UBS Tower is ideal for office and retail businesses seeking an optimal location in the Nashville area. Several renovations have been made to the property, including a revamped lobby, new tenant lounge, coffee bar, conference center, and fitness center, along with extensive infrastructure upgrades, making the building an attractive location for companies looking to provide their teams an amenity-rich and sustainable workplace.
“There is strong ongoing demand for premier office space located within walking distance to downtown amenities, and UBS Tower is well positioned to benefit from significant tenant in-migration,” says Allen Aldridge, senior vice president of acquisitions, dispositions, and co-director of asset management for KBS. “The property offers unobstructed views of Downtown, move-in ready full floor spec suites, and superior access to executive housing to the West and South via Charlotte Avenue.”
“We plan to make UBS Tower even better by adding in-demand features such as a coffee bar located in the lobby, bike room and shower, dog recreation area, and modernized facade,” continues Aldridge. “We also plan to add electric car charging stations and verify the building with UL Healthy Buildings since we are constantly looking for ways to incorporate eco-friendly property amenities that elevate the tenant experience while reducing our carbon footprint.”
Attorneys Bruce Fischer, Tatyana Litovsky, Christine Fan and Howard Chu, and paralegal Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office represented the firm as legal counsel in the acquisition.
“We were extremely pleased to represent KBS in the acquisition of this desirable asset,” says Fischer, Greenberg Traurig’s Chair 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.
Cushman & Wakefield’s David Meline, Samir Idris, Crews Johnston, Mike McDonald, and Stewart Calhoun arranged the sale of UBS Tower and represented the seller, Shorenstein Properties, LLC. The commercial real estate services firm has also been retained by KBS to oversee overall management, leasing, and project management for the building.
UBS Tower is located at 315 Deaderick Street in Nashville, Tennessee.
Please click here for photos of UBS Tower.
About KBS
Celebrating 30 years in business this year, KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $44 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships, and its constant focus on exceeding the expectations of its investors, partners, and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
This 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 relating to KBS’ ability to invest in and manage a diverse portfolio, and the performance of UBS Tower and of the Nashville, Tennessee, real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause UBS Tower’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Contacts
Lexi Astfalk or Jenn Quader
The Smart Agency
(949) 438-6262
KBS@thesmartagency.com
Ginny Walker
KBS Public Relations Director
949-417-6535
gwalker@kbs.com
