A pair of office buildings in Cool Springs sold for $200 million earlier this month.
According to public records, an LLC connected to Northwood Investors, a real estate firm with offices across the U.S. and Europe, bought the office buildings from an LLC connected to banking giant JPMorgan on Oct. 21.
The Nashville Business Journal first reported that the property was under contract in September. According to the Business Journal the per square foot sale price of about $360 represents a record for a suburban office building in the Nashville area.
The Franklin Park buildings have more than half a million square feet of office space between them. Some of the major tenants include Franklin American Mortgage, HCA and Schneider Electric.
The original proposal for Franklin Park included five office towers. Developer Spectrum | Emery submitted plans for a 330,000 square foot office building in 2018, but construction hasn’t started yet.
The property is 71 acres, much of which is still open space. The property includes an outdoor amphitheater, a pond and walking paths. Spectrum | Emery broke ground on the project in 2012.
The sale comes as a combination of new construction and concerns about the coronavirus are pushing up vacancy rates in Cool Springs. The vacancy rate for the Cool Springs submarket was 15.4 percent at the end of the third quarter, according to research by Avison Young. That’s up from about 10.4 percent at the end of 2019.
According to the company’s website, Northwood has a portfolio of more than 270 properties worth $15 billion in total.