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nashville is corporate hot spot


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Most of these corpoare relocations have moved into existing towers. 5/3 Bank is now in the 424 Church Street. LP is in the Bank Of America Plaza, and others have moved into other existing towers. I asked some of them who stayed in my hotel and none of them had plans of building new towers. Richard Fletcher of the Nashville City Center Partnership told me that all he needed was one or two anchor tennants to get NCC2 built, and he cant get one large enough, so therefore no banks will talk to him.

Remember, Signature will be a mixed use tower and not just an office tower. Most of the tennants in Cool Springs and Maryland Farms are not large enough to anchor a skyscraper downtown. Companies like Comdata, Primus, Verizon and others need floorplates of 30,000 to 50,000 square feet to house their call centers so they will not be moving downtown either.

Almost 90% of tower development across the country now is residential. With the exception of NYC and Chicago, most is residential. The upswing in NYC are firms that were in the twin towers now are starting to rebuild and heal. They are looking for office space. The other thing in NYC is older towers converting to residential and those companies are moving to newer towers.

Since our L&C Tower is only 6000 square feet per floor, look for it to be residential 5 to 10 years from now.

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