Shorenstein Buys Trophy Office Tower in Nashville

San Francisco-based real estate investment company Shorenstein Investment Advisers (Shorenstein) recently announced the acquisition of premier office asset in midtown Nashville, Tenn.

The property in question is the Moore Building, which was completed in 2003 and boasts a best-in-class amenity suite, as well as a high-quality tenant roster. Amid sustained demand for premier office space in Nashville, the property continues to see strong leasing momentum.

Located on 19^th Avenue South in the Music Row-Vanderbilt submarket, the Moore Building incorporates 231,000 square feet or rentable office space that is LEED-certified and graded class A+, complete with on-site amenities including: an indoor-outdoor tenant lounge and event space; a fitness center; conference facilities; ground-floor retail; and five levels of parking.

Building on Shorenstein’s recent acquisition activity in high-growth markets across the country, the purchase of the Moore Building is consistent with the company’s investment strategy, as it offers durable in-place cash flow and long-term tenancy.

The new owner plans to leverage its curated tenant programming and high-touch service model to make the most of the growth potential of the asset’s home — one of the nation’s fastest-growing office markets.

“Nashville continues to be one of the most compelling office markets in the country, supported by strong demographic and investment trends, and the Moore Building is positioned to capitalize on this broader growth,” said Claude Esposito, senior vice president of the Investments Group at Shorenstein. “This transaction reflects our strategy of investing in best-in-class assets in submarkets with strong fundamentals, and we look forward to building on the Property’s momentum to drive long-term value for our tenants and investors.”

Nashville office sales closed during the first five months of the year totaled $317 million, according to data analyzed for our monthly national office report. Notably, Nashville was one of only three markets in the Southern U.S. region where vacancy was below the national average of 17.6% in May. Full-service equivalent listing rates for office space in Nashville also rested below the national average of $33.61 per square foot.

The Moore Building at 827 19th Avenue South incorporates more than 231,000 square feet of premium midtown Nashville office space.