Bank of America Plaza sells for $42.75M

New owner plans to invest in Nashville's 14th-tallest building

UPDATED with exact price and info on buyer.

The 20-story Bank of America Plaza at 414 Union has sold for $42.75 million.

The tower's previous owner, Parkway Properties, announced it sold three buildings today — two in Atlanta and the BoA Plaza, which is anchored by the national bank and construction materials company Louisiana-Pacific.

The buyer of the 14th-tallest building in Music City — and the only one Parkway had owned here — was Richmond, Va-.based Lingerfelt Cos., which also owns a number of office buildings near Nashville International Airport. Lingerfelt officials plan to upgrade the building's lobby and common areas and invest in "maintenance upgrades in order to continue to maintain the asset as a Class A office tower."

"We are excited about doubling our portfolio in the Nashville office market through such an iconic downtown asset.  Bank of America Plaza will allow us to uniquely market up to 100,000 square feet of contiguous, available space to companies looking for headquarters, regional expansions or relocations into the downtown Nashville market," stated Brian Witthoefft, Principal at Lingerfelt Companies.

According to a release, the sale was completed last night. Bank of America Plaza, built in 1977 and renovated by Parkway in 2002, is 93.1 percent leased but that occupancy number will drop to about 70 percent by year's end. Commonwealth Commercial Partners will manage the property and CBRE will market it.