| In May 1995, CB Richard Ellis was awarded the leasing and management of Nashville’s First Union Tower, a 384,602-square-foot, Class-A property that had been acquired by Teacher’s Insurance & Annuity Association. The market in a soft cycle at the time, properties in downtown Nashville averaged vacancy rates of 25 percent to 30 percent.
To enhance the property’s position in the market, our professionals partnered with the owners to identify site improvements: installation of a life safety system and new building automation controls; updates of the exterior entries and interior common areas; and the additions of a conference center and delicatessen snack shop.
Upon completion of the renovations and repositioning of the building, our professionals successfully closed lease transactions for Fortune 500 companies Merrill Lynch, Morgan Keegan, JC Bradford and NASBA, and leased six floors, increasing occupancy to 86.4 percent. First Union Tower has won BOMA’s Office Building of the Year award in the Class A high-rise building category for two consecutive years. |