{"id":1004306855,"date":"2019-03-08T02:05:43","date_gmt":"2019-03-08T10:05:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004306855"},"modified":"2019-03-08T02:11:49","modified_gmt":"2019-03-08T10:11:49","slug":"shorenstein-properties-pays-135m-for-nashville-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shorenstein-properties-pays-135m-for-nashville-high-rise\/","title":{"rendered":"Shorenstein Properties Pays $135M for Nashville High-Rise"},"content":{"rendered":"<div id=\"attachment_1004306858\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/UBS-Tower.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004306858\" data-attachment-id=\"1004306858\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-properties-pays-135m-for-nashville-high-rise\/ubs-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/UBS-Tower.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Jeffrey Hamann&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1552035170&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"UBS Tower\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;UBS Tower&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/UBS-Tower.jpg?w=800\" class=\"wp-image-1004306858 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/UBS-Tower.jpg\" alt=\"UBS Tower\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/UBS-Tower.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/UBS-Tower.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/UBS-Tower.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004306858\" class=\"wp-caption-text\">UBS Tower<\/p><\/div>\n<p>Rubicon Equities has sold UBS Tower, a 602,312-square-foot Class A high-rise in Nashville, Tenn., to Shorenstein Properties for $135 million, according to Davidson County records. The deal marks the metro\u2019s highest-dollar office transaction this year. Wells Fargo provided $103.1 million in acquisition financing to the buyer, through a three-year, variable interest note.<\/p>\n<p>According to Yardi Matrix, the 1974-built tower last changed hands in September 2013, when Rubicon bought the asset for only $14.5 million from Wells Fargo, which had purchased the building through a foreclosure in 2011. Following the acquisition, Rubicon invested $60 million to completely renovate the property.<\/p>\n<p>Located at 315 Deaderick St. in downtown Nashville, the 28-story building is within a quarter mile of more than 3.5 million square feet of office space. The State Capitol is a short distance to the west and multiple hotels and retailers operate in the immediate area. A block away, the roughly 436,000-square-foot Philips Plaza&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/wheelock-street-capital-pays-112m-for-nashville-office\/\">traded for more than $110 million<\/a>&nbsp;earlier in March.<\/p>\n<p>UBS Tower is 9.4 percent vacant, per Yardi Matrix data, and the high-rise\u2019s tenants include UBS, Qualifacts Systems, Houzz and Intelligent Office. Building amenities include bicycle storage and on-site parking at a ratio of 2.3 spaces per 1,000 square feet. In addition to the office component, the asset also contains 58,925 square feet of retail space, home to a number of restaurants including the high-end Jeff Ruby\u2019s Steakhouse.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo Bank provided the buyer of the 600,000-square-foot Class A office tower with more than $100 million in acquisition financing.<\/p>\n","protected":false},"author":861,"featured_media":1004306858,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,13,36077,21742,21747],"tags":[36351,33448,36053,33277],"class_list":["post-1004306855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-midwest","category-nashville-knoxville","category-latest","category-office","tag-capital-improvement","tag-shorenstein-properties","tag-ubs","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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