Amstar sells Fifth Third Center for undisclosed sum

Unnamed buyer acquires prominent downtown office skyscraper

Denver real estate managers Amstar announced today it has sold downtown-based skyscraper Fifth Third Center.

The post-modern tower spans 490,000 square feet and located at the northeast corner of the Fifth Avenue North and Church Street intersection. Amstar acquired the skyscraper, which rises 490 feet and is Nashville's second-tallest building, in 2006.

The buyer and sale price were not disclosed in a release, though The Tennessean reports Amstar had a contract to sell the building to an affiliate of an affiliate of Dallas-based Lincoln Property Co. Of note, Lincoln Property is undertaking two multi-unit residential buildings within Nashville's urban core: 909 Flats in Hope Gardens and Aspire in Midtown.

Fifth Third Center tenants include Fifth Third Bank, Loews Hotels, Sony/ATV Music Publishing, Deloitte and Adams and Reese.

"Fifth Third Center represents the type of investment Amstar seeks to make," Della Wegman, Amstar senior vice president, said in the release. "We like to identify high-quality, well located properties that are underutilized and make them better. We performed an extensive capital improvement campaign during our ownership and as a result we stabilized the property with a host of high quality credit tenants. Fifth Third's diversified rent roll epitomizes Nashville's dynamic and flourishing economy."