DRA Acquires 535,000-SF Office Building, Assigns Mgmt, Leasing to CBRE

NASHVILLE, TN-DRA Advisors LLC of New York has acquired the 535,000-sf One Century Place building from San Francisco-based Shorenstein Inc. and handed the management and leasing assignment to CB Richard Ellis.

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.