Major Renovations & Rebrand Announced for Downtown Nashville Office Tower
Posted on September 10, 2020
-The 21-story NorthCap Center (formerly Parkway Towers) will be renovated with new exterior and windows, lobby improvements, and new tenant amenities-
Nashville, Tenn. (September 10, 2020) – Joint-venture partners Wheelock Street Capital and Commonwealth Commercial Partners, LLC announced plans to relaunch what has been known as Parkway Towers at 404 James Robertson Parkway, Nashville, TN 37219. Rebranded NorthCap Center, the 21-story office tower anchors the northeast quadrant of downtown’s central business district. NorthCap Center also features a 450-space on-site parking garage and prominent visibility along the Nashville skyline.
With 220,000 square feet in the building, the building’s new owners intend to funnel approximately $15 million into building renovations and upgrades, including exterior façade updates, new windows, and extensive outdoor amenities including an activated rooftop and street-level plaza. The partners also plan to update the first-floor lobby, add a lower-level amenity floor featuring conference rooms with video conferencing capabilities, a fitness center and locker rooms, and renovate elevator lobby areas on each floor. The property will also be updated to include touchless elevators, and the latest UV light HVAC systems to maintain optimal clean air throughout the interiors of the building. The estimated timeline for completion of all renovations is the second quarter of 2021.
Commonwealth Commercial will handle all aspects of the day-to-day asset and property management for NorthCap Center. Foundry Commercial has been tapped to manage leasing for the property, with Andrew Maxwell and Shelby Hall leading the team assigned to the property. At this time, the property has office availabilities ranging from 5,000 to 150,000 square feet, including full-floor leasing opportunities.
“Our team is thrilled to be working alongside Foundry for what we know will again become one of the signature buildings in downtown Nashville,” said John Mason, Managing Director of Asset Management for Commonwealth Commercial. “Given their knowledge of the market and the improvements that we are undertaking to make the property one of the most desirable office buildings in downtown Nashville, we know that the right businesses will be calling NorthCap Center home in the very near future.”
“Foundry is excited to be a part of this project – working with great partners at Wheelock and Commonwealth Commercial – affording our team the unique opportunity to lease an historic tower in Nashville’s revitalized and desirable Central Business District,” stated Jason Holwerda, Nashville Market Leader for Foundry Commercial.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with over 350 employees and more than 58 million square feet of management and leasing across the Southeast and Texas. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services, and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.
About Commonwealth Commercial Partners, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Charleston SC, Greenville SC, Kansas City MO, St. Louis MO, Houston TX, Columbus OH and Minneapolis MN. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.
About Wheelock Street Capital
Wheelock Street Capital (www.wheelockst.com) was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $3 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. The firm may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations. Wheelock’s investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 10-year track record of demonstrated and consistent outperformance over industry benchmarks.