UBS has signed a renewal of its lease at UBS Tower in Nashville, Tenn. The owner, Shorenstein Properties agreed to a 138,000-square-foot deal, which is set to expire in 2034.
Shorenstein acquired the 600,000-square-foot property in March 2019 out of its Fund Twelve. Wells Fargo provided $103.1 million in acquisition financing to the buyer. Shorenstein is set to upgrade and modernize the 29-story building, and planned amenities include a new fitness center, conference center and tenant lounge. The owner will also improve the lobby and the exterior. The lobby construction is expected to be completed in the third quarter of this year.
Shorenstein’s current portfolio totals 21.3 million square feet in 16 markets, with a gross value of $7.1 billion. In March, the firm sold a pair of Class A office buildings in Miami. The assets traded for $230 million.
Located at 315 Deaderick St., UBS Tower is within walking distance of the State Capitol. Nashville International Airport is 8 miles from the property.
Robby Davis from Cushman & Wakefield represented Shorenstein in the transaction, while Patrick Murphy from the same brokerage assisted the tenant. Recently, Cushman & Wakefield represented the tenant in a lease deal at a 410,114-square-foot office building in Long Beach, Calif.