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$41M Buys 334,196-SF Riverview Tower

KNOXVILLE, TN-Behringer Harvard REIT I Inc. acquires the 95% leased class A CBD office building from a joint venture that included HPW Family Partnership, Lawler Family Partnership and Riverview Partners, all of which are LLCs.

By Brian K. Miller | Updated on October 12, 2005

KNOXVILLE, TN-Behringer Harvard REIT I Inc. has acquired the 95%-leased Riverview Tower CBD office development here for $41 million, exclusive of closing costs and initial escrow. The development includes a 24-story class A office building with a four-level underground parking garage and an attached seven-level parking garage on 1.23 acres. The seller was a joint venture that included HPW Family Partnership, Lawler Family Partnership and Riverview Partners, all of which are LLCs.

Riverview Tower was originally constructed in 1985 at 900 South Gay St. The building occupies a prime site across the street from the city-county complex and two blocks from a federal office building. Four major tenants lease approximately 44% of the available space. They are Alcoa, Inc., formerly known as Aluminum Co. of America (Alcoa); Branch Banking & Trust Co.; Woolf, McClane, Bright, Allen & Carpenter PLLC; and Lawler-Wood LLC.

According to SEC filings, Alcoa, the world’s leading producer of primary aluminum, fabricated aluminum and alumina, leases 55,780 sf for an annual rent of $819,929 under a lease that expires in July 2012 with no renewal options available. BB&T, a financial holding company, leases 47,562 sf for an annual rent of $700,965 under a lease that expires in December 2013 but includes six five-year renewal options.

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