Franklin Financial lease another sign of property market's health

So it turns out the glitzy parts of Nashville — downtown, West End, The Gulch and the like — aren't the only area office submarkets where space now costs more than $30 per square foot.

The leaders of Franklin Financial Network last week signed 15-year lease papers for almost 17,000 square feet that's been built onto their downtown Franklin headquarters by a company controlled by bank directors Henry Brockman and David Kemp.

Franklin Financial's starting rent is $33.25, which is $4.50 more than Spectrum Emery Properties is asking for its big and shiny One Franklin Park building located a few miles northeast. Even taking into account the "friendly" nature of the deal — which includes a clause allowing that rental rate to rise between 1.5 percent and 3.5 percent annually — the lease tells us the Nashville-area property market is in fine fettle, to say the least.

Check out the deal's details here.

SEE ALSO: Franklin Synergy in branch sale-leaseback with directors from late last year

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