The deal includes a 13.7-acre adjoining parcel where the company is erecting a 10-story, 250,000-sf headquarters at an estimated cost of $37 million. Bell will continue to house workers in its current Northway Parkway building.
Based on the building's 108,000 sf alone, Bell paid CV Northlake about $50 per sf or $5.4 million for the 20-year-old asset, construction industry sources tell GlobeSt.com. The price of the 13.7 acres adjoining the building would have been about $3.6 million, or $262,773 per acre ($6.03 per sf). A price breakout of the building and land was not disclosed.
However, even if the $9 million price were based on the building alone, that would equate to $83 per sf, which is below current replacement cost of class A office buildings. CV Northlake is a partnership comprising an affiliate of Carter & Associates and Vanderbilt University of Tennessee.
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