Chicago, IL (November 9, 2017) – Pearlmark closed on the acquisition of a 65,000 square foot office building located at 49 Music Square West in Nashville, TN, the company announced today. The acquisition also includes a 450-stall five-level parking garage on an adjacent parcel. Two leases signed during the contract period have taken the building to 100% leased. The office building is located in Nashville’s historic Music Row district and one block from RCA’s Studio B. Numerous new developments, including the Virgin Hotel, United Artist Tower redevelopment, and the 18th and Chet mixed-use project are all located within two blocks of the building.
Pearlmark will immediately implement both interior and exterior improvements that will enhance the tenant experience within the building and further contribute to the greater Music Row’s growing amenity set and walkability. Rob Lowe and Robby Davis with Cushman and Wakefield have been retained to handle leasing and Cushman will also take over property management of the asset. John Toomey with Urban Grout represented the seller, Spiva-Hill, on the sale. Acquisition financing was provided by locally-based Franklin Synergy Bank.
Stephen Quazzo and Matt Milich were the lead executives on the transaction for Pearlmark. Mr. Quazzo, CEO of Pearlmark, stated, “We are excited to have acquired an asset in such a dynamic sub-market as Music Row and will look to continue to grow our office portfolio in Nashville.”
“Pearlmark is looking forward to creating a building worthy of its irreplaceable location and one that contributes to the on-going renaissance of the Music Row sub-market. The large site and underutilized space within the property allow for meaningful flexibility in our business plan and we are excited about delivering a unique offering to our tenants,” said Matt Milich, Vice President of acquisitions with Pearlmark.
Chicago-based Pearlmark is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of nearly $13 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed over $5.0 billion of equity capital to the firm’s investment activities. The company currently employs approximately 20 professionals. For more information, please visit www.pearlmark.com.