NASHVILLE, Tenn., July 18, 2013 /PRNewswire/ -- Today, Richmond, Virginia-based Lingerfelt Companies announce the acquisition of the Bank of America Plaza Tower in Nashville's downtown market. Bank of America Plaza, located at 414 Union Street, totals 435,525 square feet, is 21 stories and occupies a half city block in the central business district. The seller was Parkway Properties (PKY) and this is Lingerfelt's second acquisition from Parkway in the last two years.
The Class A office has been institutionally owned and maintained by Parkway Properties since 2003. The building is solidly anchored by credit tenants including Bank of America and Louisiana Pacific Corporation, occupying over 50 percent of the tower. The property will be approximately 70 percent occupied by year end 2013.
The $41.75 million acquisition will take Lingerfelt's total Tennessee portfolio holdings up to 919,672 square feet, which include a portfolio of Class A suburban office buildings in the Nashville Airport North submarket.
"We are excited about doubling our portfolio in the Nashville office market through such an iconic downtown asset. Bank of America Plaza will allow us to uniquely market up to 100,000 square feet of contiguous, available space to companies looking for headquarters, regional expansions or relocations into the downtown Nashville market," stated Brian Witthoefft, Principal at Lingerfelt Companies.
Plans for the building include capital improvements to enhance the lobby and common areas, and maintenance upgrades in order to continue to maintain the asset as a Class A office tower. The property will be managed by Commonwealth Commercial Partners and CBRE has been retained to handle the leasing and marketing of the property.
About Lingerfelt Companies
Lingerfelt Companies is a quality full-service, self-administered and self-managed real estate company with a deeply rooted history of successful real estate acquisition and development. Spanning three generations and more than 55 years in the real estate business, the Company has built and acquired in excess of 12.5 million square feet of commercial real estate valued at over $1 billion. Property types include: medical and professional office, industrial and distribution facilities, data and call centers, elderly housing and nursing homes throughout the Mid-Atlantic and Southeast, primarily in Virginia, North Carolina, South Carolina, Tennessee, Maryland. The Company has an exceptional reputation for quality acquisition, development, and institutional asset management, providing unparalleled service to major corporate tenants, Fortune 500 companies, and government agencies throughout its history.
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FOR MORE INFORMATION CONTACT:
Lingerfelt Companies, 804.270.0015, www.LingerfeltCo.com
SOURCE Lingerfelt Companies