The lease agreement with 100 Oaks Plaza LLC, the Dallas-based investment group which acquired the 850,000-sf mixed-use property in December, calls for Vanderbilt University Medical Center to occupy the entire second floor of the mall, the third level of the mall and the entire office tower. "When we purchased 100 Oaks Mall in December 2006, we recognized the property's tremendous potential as a mixed-use retail and office development," Anthony T. Ruggeri, a partner in 100 Oaks Plaza LLC and M&R Investors LLC, says in a statement. "Its location near Downtown at the I-65 and Armory Drive interchange is one of its many desirable features. Obviously, the presence of Vanderbilt will create more day traffic for retailers, resulting in positive benefits for the community."

Ruggeri declined to reveal the rental rate; however, he tells GlobeSt.com that the rate for the 12-year deal is consistent with the Nashville office market. CB Richard Ellis puts the average office rate in Nashville at $17.01 per sf for the second quarter.

With the deal, Vanderbilt plans to move 20 medical clinics to 100 Oaks. Accounting, patient billing and other administrative offices will also call the address home. Build out of the space is under way.The Vanderbilt lease brings the property to approximately 95%; however, Ruggeri says they are negotiating several leases to put the property at 100%--and beyond with outparcel space the owners are creating.