One of the country’s foremost woman-owned development firms has announced that the class-A office condos at 347 S. Royal Oaks Blvd. are complete and now for sale at competitive rates.
Dubbed the Allston office condos, the 3.21-acre property offers 79,000 square feet of space at $350 per square foot, which a press release describes as a bargain compared to rent in the local market. The space is divvied between two towers with flexible layouts for 19 units modeled to range from 2,700 to 7,300 square feet. The designs supplement flexibility with size as some units also include terraces of up to 1,200 square feet.
Allston is among the first in the Greater Nashville office space market to come fully customizable for sale and not for rent, and these offerings let buyers turn their offices into an asset by way of long-term gains in equity, tax savings and a seven-percent yield over renting based on CBRE estimates.
“This is one of the hottest, fastest appreciating markets in the country and it’s exciting to put forward cutting-edge office condos that feature layouts specifically designed for, and customized by, our buyers,” said Meg Epstein, CA South founding CEO and a leading female real estate developer nationwide. “Our city’s business sector is rapidly expanding; competitive company owners want to capitalize on every aspect of their business and so we conceived, designed, and built that option. Allston office condos allow businesses to turn their workspace into an asset, rather than a monthly expense, and customize their condo exactly how they want it.”
The customizability of the spaces offered at Allston stems from buyers’ ability to curate their own workspace and crop it to fit their unique business needs. CA South markets these customizable features as a means of maximizing productivity, which can be representative of a company’s brand and image.
This comes after Kastle Systems — a security provider for commercial properties — published its own in-house data, which found office attendance to have only returned to about a third of the rate organizations were seeing prior to the pandemic. Kastle reported that many such organizations have only lured workers back to the office via hybrid models of in-office and remote work. Kastle’s report shows that the third-lowest rate of in-office work — at 17.5 percent — came within the last five months when the Omicron variant surged during the holidays.
The option to buy an office rather than lease space is now what CA South presents as a means to entice personnel back to in-person collaborative spaces at Allston. The development also brings the advantage of proximity to several key retail establishments like Best Buy, Costco, Lowes, Publix, Walmart and Whole Foods. It bears the convenience of being positioned right off Interstate 65 near Cool Springs Galleria and Historic Downtown.
The property — backed onto an aesthetically pleasing, more than 10-acre woodland — affords business owners and their guests ample parking spaces with a below-grade parking garage consisting of some 150 spaces that yield direct access to the owner’s space.
Epstein’s CA South, which bought three neighboring Eighth Ave. S. properties in downtown Nashville a year ago for $7.5 million with plans for a 102-unit residential project, is an Inc. 5000 commercial real estate development company with a more-than-$1 billion portfolio.