John Hussey following the Trend of Office Condos Reports Nashville Business Journal
One type of owner less likely to be affected by such a scenario might be an attorney. It’s no coincidence that’s just the type of client that Orlando-based RealTrend Inc. is courting. In July, RealTrend purchased Wachovia Plaza, an 80,000-square-foot building at 232 4th Ave. N. The company paid $5.6 million and plans to spend another $1.3 million converting the plaza to office condos.
“If we were able to offer ownership to some of these smaller business entities – for example, architectural firms and attorneys – they would want to buy, because of just the increasing value of real estate in downtown Nashville,” says RealTrend’s John Hussey.
Hussey says that after his company bought the building in July it was decided that creating more leasing interest would mean lowering prices.
He says the lease rate at the building was $16 to $17.50 per square foot, while the cost to purchase a condo unit will be anywhere from $125 to $150 per square foot.
With the newly renovated courthouse just down the street, the company is planning a marketing blitz and hoping the option to buy condos at the location – as well as new amenities, including a new coffee shop – will revive a building that’s only about 50 percent leased.