Nashville real estate's been in the national spotlight for a while now—and it was only a matter of time before international investors started betting big on the city.
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This week Partners Group, a Swiss investor with offices all over the world, ponied up $74M to buy Bank of America Plaza in the CBD. "We felt the timing was right," Partners Group managing director, private real estate Americas Ron Lamontagne tells us.
"Nashville's very appealing right now–its population is rising at twice the national average, business is doing well in a pro-business environment, and there's a shortage of Class-A office space in the city, with occupancy at 92%."
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Nashville checks all the boxes, in other words. The building was right as well, Ron adds. "We like to make investments where we can concretely add value for our investors, and Bank of America Plaza exactly fits this profile.” The seller, Virginia-based Lingerfelt Cos, acquired it in 2013 for $43M.
The deal is the latest in a wave of acquisitions in markets the company considers strong. Recently Partners Group bought a portfolio of 19 multi-tenant, light industrial assets in the greater Chicago area and an office park in Austin.
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