L&C Tower owner 401 Church Street, LLC, announced today it has partnered with New York-based office property investor Shelbourne Global Solutions, LLC, to fund a revitalization of the modernist high-rise.
The announcement comes after 401 Church Street previously pondered converting the iconic skyscraper’s office space to residential.
The work is expected to start and be completed this fall.
401 and Sherbourne have enlisted the Washington, D.C., office of international architect Gensler to spearhead the renovations. Gensler will focus on updating the streetscape, lobby and common areas. Some office space will be upgraded, too.
Gensler is one of the U.S.'s top three design firms regarding annual revenues. It employs more than 4,200 people, working in 46 offices in 16 countries, with its newest outposts in Mexico City and Sydney.
401 and Sherbourne said the updates could cost up to $6 million. Shelbourne’s ownership stake in the property is 50 percent.
Richard Fletcher of Nashville-based 511 Group, Inc., will manage the building and oversee the revitalization.
"The L&C Tower made its mark as a cutting edge landmark that set a new standard for commercial space in Nashville," Benjamin Schlossberg, Shelbourne Global Solutions managing partner said in a release. “We are investing significant planning and capital into returning the building to its ‘glory days’ as the place for innovative companies that seek a classic and creative space in which to fulfill their dreams. We will provide the optimal balance of contemporary features and classic style within this legendary building that all Nashvillians cherish."
Schlossberg is overseeing Shelbourne’s move into the Nashville market.
According to the release, no current tenants in the building will need to relocate during the construction period and new tenants can move in at any time. L&C Tower will have between 3,000 square feet and 150,000 square feet of customizable available space. Target tenants will be law firms, professional services, technology companies, and the music industry.
Given current tenant The Bank of Nashville will be relocating to the under-construction Gulch Crossing building in 2015, the L&C’s ground floor could offer space retail or media-related firms, the release said. Leasing activities for the building will continue throughout construction.
The L&C Tower was the first skyscraper in Nashville, having been completed in 1957. At the time, it was the tallest building in the South.
POSTDATA: WARRANTY DEEDS