Nashville-based Rubicon Equities has completed its $14.5 million purchase of the 40-year-old Regions Center tower downtown at 315 Deaderick.
With the purchase came the announcement that the tower will be re-named as the UBS Tower as the international financial-services giant is slated to occupy 98,000 square-feet on two floors of the 29-story building. Work will begin on UBS' space soon with the company moving in the second quarter of 2014.
Rubicon — which purchased the building as 315 Deaderick Owners LLC — will began a broad renovation which will include "an expansive retail program leveraging the property’s surrounding plazas, large glass lobbies, roof terraces, proximity to green space, abundance of parking and ease of access," according to a release.
The seller, LNR, attempted to sell the building via online auction last year, with the winning bid coming in at $15.5 million, which was below the reserve price. LNR took ownership after lenders foreclosed on a previous owner.
Concurrent with the purchase, Rubicon took out a $24.5 million loan from Doral Bank.