UBS Renews Lease at Shorenstein’s UBS Tower in Nashville
SAN FRANCISCO, April 6, 2021 /PRNewswire/ -- Shorenstein Properties, LLC (“Shorenstein”), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced that it has executed a renewal of its existing lease for UBS Tower in Nashville, Tennessee with leading global wealth manager, UBS. Set to expire in 2034, the new lease at 315 Deaderick Street will include approximately 138,000 square feet in one of Nashville’s premier office buildings.
UBS Tower is a 600,000 square foot, 29 story property located in downtown Nashville. The property has unobstructed views of downtown or the Cumberland River from every office suite. The building is in the epicenter of Nashville’s entertainment and culture centers, with over 100 restaurants and a variety of fitness studios, clothing boutiques, salons, museums, art galleries, hotels, food markets and historic entertainment venues surrounding the property.
“We are very pleased to continue our partnership with UBS,” said Claude Esposito, Vice President, Investments Group at Shorenstein. “UBS’s long-term commitment speaks to the quality of this asset which will be further improved by our ongoing renovation project, including lobby and plaza upgrades along with the addition of several exciting amenities. We are eager to complete this renovation for the benefit of UBS and all of our current and future tenants.”
“Over the past decade, our expansion in Nashville has been fundamental to our overall growth strategy in the Americas,” said Wanda Lyle, President of UBS Business Solutions US LLC. “We are pleased that we can call UBS Tower our home for ten more years, providing a positive workspace for our employees and an opportunity for us to continue to be an active member of the local community.”
Shorenstein acquired the property in March 2019 out of its Fund Twelve and is in the midst of a robust renovation plan that will modernize the ground floor experience and add new attractive amenities to the building, including a new fitness center, conference center and tenant lounge. The lobby will have a contemporary professional design, with a new security desk, new security turnstiles and furniture, and upgraded lighting. The lobby construction is expected to be completed in the third quarter of 2021. Shorenstein is also updating the exterior of the building at the Deaderick Street entrance with a new canopy, columns and landscaping, and at Fourth and Union plaza there will be new seating and upgraded landscaping.
Robby Davis from Cushman & Wakefield represented Shorenstein in the lease negotiations. Patrick Murphy from Cushman & Wakefield represented UBS.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion. More information is available at www.shorenstein.com.
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS’s strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.
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SOURCE Shorenstein Properties LLC