Posted Nov 6, 2014, 1:26 AM
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Registered User
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Join Date: Jun 2013
Location: Nashville, Tn
Posts: 479
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The big news keeps pouring in.
Bridgestone rules out convention center site; expected to land in SoBro
http://www.bizjournals.com/nashville...te.html?page=2
 
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Nashville-based Bridgestone Americas has ruled out moving its corporate headquarters to what is downtown's most high-profile real estate, where the city's original convention center stands today.
There's a $400 million development teed up for that location, anchored along Broadway, across from the arena bearing the Bridgestone name. The co-developers are longtime Nashville developer Pat Emery and national firm OliverMcMillan. In addition to office space, they are planning luxury retail, high-end apartments, an entertainment venue and a home for the new National Museum of African American Music.
According to multiple real estate sources, the convention center location became untenable for Bridgestone because construction would not be able to begin until summer 2015. That start date would mean an office building couldn't be ready before spring 2017, which is when Bridgestone's lease expires on its current headquarters. Among the many challenges with the convention center site is the fact that the adjoining Renaissance Hotel has to honor booked events in the convention center space.
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Instead, according to sources, Bridgestone is in talks with developer Highwoods Properties — and is expected to occupy a future office tower on land in SoBro that Highwoods acquired over the past few days.
Bridgestone, best known for making tires, is headquartered in Japan. Its U.S. subsidiary is among Nashville's 25 largest employers, with roughly 1,800 full-time equivalents, according to Nashville Business Journal research.
Bridgestone's relocation would be a coup for downtown, particularly if the company lands in fast-changing SoBro, the part of downtown south of Broadway. Presently, Bridgestone Americas is headquartered at 535 Marriott Drive, eight miles east of downtown, near Nashville International Airport.
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Within the past week, Highwoods spent $8.54 million buying land in SoBro. There were two separate purchases, totaling 0.98 acres. Combined, the moves give Highwoods control of the entire block bordered by Demonbreun Street, Fourth Avenue South, and Molloy and Almond streets.
The site sits between the Country Music Hall of Fame and Museum, and the Encore condo tower. Across Demonbreun Street is the Schermerhorn Symphony Center. One block away is the Pinnacle at Symphony Place office tower.
Highwoods bought the bulk of the land from Nashville developer Tony Giarratana, who for years had pursued an office tower he named Sheet Music.
"Highwoods doesn't do anything without a strong plan, so it would make sense they've got one in place for the Sheet Music site," said Chris Grear, a partner at Colliers International's Nashville brokerage firm.
It's been seven years since Nashville had so little top-grade Class A office space available to rent. Highwoods has done its part to contribute. The company paid $153 million in fall 2013 for the Pinnacle at Symphony Place office tower. In less than a year, Highwoods took the tower from 85 percent occupied to basically full, at an asking rate of $34 per square foot — the most expensive rent that exists in Nashville today.
Calls to Brian Reames, a senior vice president at Highwoods and the company's top Nashville executive, were not returned. Emery declined comment.
Currently, Bridgestone leases about 180,000 square feet. Bridgestone is seeking more than twice that amount of space, about 400,000 square feet or slightly more than that, according to sources.
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