Vanderbilt paid $5.4M for the half-acre at 2900 Vanderbilt Place, which is near the university's football stadium and across from an employee parking lot. The move comes as a part of VU's agglomeration of neighboring land; earlier this year, Vanderbilt paid more than $1.6M for 0.64 acres near the property the school just bought.

Nashville-based American Constructors was the seller. Concurrent with the sale, the company inked a long-term lease with Vanderbilt to remain in the two-story office building on the site. The land banking strategy by the university is in response to the mad dash to develop sites in Midtown, the Nashville Business Journal reports.

For instance, Nashville developer John Eakin is pursuing plans for a 12-story office building only a block from the property Vanderbilt just acquired. [NBJ]