August 03, 2015
54-60 Music Square East Office Building Purchased
– The Tennessean –
54-60 Music Square East, a three-story, 40,879 SF office building, located centrally in the heart of Music Row and Midtown, has been purchased for $4,851,200. The purchaser is 60 MSE, GP and the seller is Principal Life Insurance Company.
54-60 Music Square East was formerly substantially occupied by Universal Music Group, which is moving into the new SunTrust building. With UMG moving out, the purchaser will seek to re-tenant the building. Tenants have already been secured for 20,000 SF in 54 MSE, with an additional 20,000 SF for lease mostly consisting of the 17,200 SF 60 MSE building. According to McDaniel, “We were initially attracted to the building because of its prime location and quality construction. The 60 MSE building offers a single tenant the ability to have a standalone 17,200 SF building with its own exterior signage and a private parking garage.”
Jeff Haynes and Thomas McDaniel of Boyle Investment Company represented the Purchaser and Crews Johnston and Whit McCray of Colliers, Turley, Martin, & Tucker, represented the Seller. Boyle Investment Company will handle leasing and management. According to Crews Johnston, “In a financial environment where closing transactions is very difficult, this deal demonstrates the relative strength of Nashville, and especially the Midtown market.
54 Music Square East was built in 1984, and 60 Music Square East was added atop the structured parking garage, which serves both buildings, in 1994.