Nashville, TN (PRWEB) June 23, 2014
Amstar today announced the sale of the iconic Fifth Third Center, a 490,000-square-foot class “A” office building located in downtown Nashville. The buyer and sale price was not disclosed.
Amstar acquired the Fifth Third Center office tower in 2006 and completed a comprehensive renovation program in 2007 including the lobby, outdoor plaza, and common area elevator lobbies. The property is 80% leased to notable tenants Fifth Third Bank, Loews Hotels, Sony/ATV Music Publishing, Deloitte LLP, and Adams and Reese.
Featuring a timeless Kohn Pedersen Fox design, the 31-story Fifth Third Center was built in 1986 and features an elegant two story lobby, expansion outdoor plaza, unimpeded views of the city, valet parking, and popular on-site amenities including Starbucks and Jimmy John’s. The building is prominently situated in the center of downtown on Church Street at the intersection of 5th Avenue, an area with a growing urban amenity base. Michael McDonald of Eastdil Secured represented the seller in this transaction.
“Fifth Third Center represents the type of investment Amstar seeks to make. We like to identify high- quality, well located properties that are underutilized and make them better. We performed an extensive capital improvement campaign during our ownership and as a result we stabilized the property with a host of high quality credit tenants,” remarked Amstar Senior Vice President Della Wegman. “Fifth Third’s diversified rent roll epitomizes Nashville’s dynamic and flourishing economy.”
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of March 31, 2014). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices. For more information, visit http://www.amstar.com.