Brokers familiar with the deal tell GlobeSt.com the property was acquired for around $53 million. A source at DRA would neither confirm nor deny the sales price. Tom Frye, managing director of the Nashville office of CB Richard Ellis, also declined to confirm the sale price, but did tell GlobeSt.com the building was 98% leased at the time of sale.

The building sits on the Airport North submarket of Nashville in a park with other office buildings. After topping out at 18% three quarters ago, Frye says the submarket now has a vacancy of 11% as of the end of the first quarter. The Nashville Market as a whole is around 15%, he says.

In an early April editorial on the company's Web site, Frye describes the submarket as "one of the bright spots in the office market" now that the area has become more attractive due not only to the presence of big hitters like Dell, but also due to the industrial growth along the Wilson County/Davidson County line. "Growing commercial strength in the I-40 East corridor will feed the airport office market," he writes. "The airport is no longer the eastern boundary of our business community, as it was in the early nineties. (New owner-user developments) are beginning to draw the population eastward. This is a trend that we expect will continue through this decade."