Developer Buys Land for Music Row Office Building
Tuesday, September 16th 2014
NASHVILLE, TN – Panattoni Development Co. has paid $3.5 million for land on Nashville’s famed Music Row.
Excavation of the site began weeks ago, laying the groundwork for what is the first sizable addition of top-rated Class A office space on Music Row in at least a decade.
A property deed filed Tuesday reports the purchase Panattoni made from SESAC, a performance rights organization for the music industry. In that role, SESAC collects and distributes royalties for artists and also works on licensing.
Panattoni is developing 95,000 square feet of office space. As we reported in July, the project is a window into the evolution in Nashville’s music business and signals a key change in Panattoni’s business model in Nashville.
SESAC will lease some space in the building, which will serve as its new headquarters — keeping the company on Music Row. Chad Poff and Lee Paradise, brokers at the firm Colliers International, are working on leasing.
The site covers four lots, totaling about 0.85 acres.
SESAC Realty LLC sold the land to 35 Music Square East LLC, an entity which reports a principal office address that is the same as Panattoni’s Nashville office.