Bank of America Plaza
Realized Bank of America Plaza is a 435,525 square-foot, 21-story, class-A office tower located in downtown Nashville, TN. The asset was acquired on July 17, 2013. The building was approximately 93% leased at the time of acquisition with known vacates drawing the building down to approximately 65% occupancy as of the beginning of the second year of the hold period. During 2014, the asset received $2.9 million in capital improvements and $2.1 million in tenant improvements for renewals and new leases completed during the first year of the hold period. LCP recapitalized the investment, bringing in a new institutional joint-venture partner in May of 2016.
Investment Info
- Status: Realized
- Market: Nashville, TN
- Property Type:
Office - Square Footage: 435,525
- Lingerfelt Role: General Partner
- Strategy: Acquisition
- Sub-Strategy: Reposition, Renovation, Lease-Up
Investment Metrics
- Entry Date: July 17, 2013
- Purchase Price: $42,750,000
- Total Capitalization: $45,000,000
- Exit Date: May 19, 2016
- Exit Price: $74,000,000
- Hold Period: 2.8 Years
