The tenants of one of downtown Nashville’s last remaining vintage office buildings have been given notice to vacate the mid-rise, as either a sale or a foreclosure looms, the Nashville Post learned late today.
According to multiple sources who asked to go unnamed, the foreclosure process has begun on the owners of Noel Place, which opened in 1929 and is located at 200 Fourth Ave. N. The handsome limestone and brick structure, which sits on .23 acres at the northeast corner of the intersection of Fourth and Church Street across from the L&C Tower, once served as a hotel but has long operated as a Class B office building.
A prospective buyer has examined the building, seeking to convert the century-old property into a boutique hotel. Relatedly, a source close to the matter said many boutique hotel operators are eyeing the property.
Metro property records list the owner as TRP Noel Place LLC & et al, which paid $4.95 million for the building in May 2003. TRP Investments LLC, located in Burr Ridge, Ill., could not be reached for comment.
First Bank serves as an anchor tenant in the building. Other tenants include Ayers Asset Management, Baker Campbell & Parsons and Page One Document Services.
"They gave us notice last week and it's still contingent on whether the sale materializes," said a tenant who asked to go unnamed. "It's a little bit of a hardship on the tenants at this point, but it could be a good thing for the city if the right buyer turns it into a nice boutique hotel."
Cushman/Wakefield Cornerstone, which manages the building, could not be reached for comment.