So it turns out the glitzy parts of Nashville — downtown, West End, The Gulch and the like — aren't the only area office submarkets where space now costs more than $30 per square foot.
The leaders of Franklin Financial Network last week signed 15-year lease papers for almost 17,000 square feet that's been built onto their downtown Franklin headquarters by a company controlled by bank directors Henry Brockman and David Kemp.
Franklin Financial's starting rent is $33.25, which is $4.50 more than Spectrum Emery Properties is asking for its big and shiny One Franklin Park building located a few miles northeast. Even taking into account the "friendly" nature of the deal — which includes a clause allowing that rental rate to rise between 1.5 percent and 3.5 percent annually — the lease tells us the Nashville-area property market is in fine fettle, to say the least.
Check out the deal's details here.
SEE ALSO: Franklin Synergy in branch sale-leaseback with directors from late last year
Catherine Powers, Franklin's director of planning and sustainability, has unexpectedly resigned her post, effective immediately. Powers had been on the job for five years. Emily West at Franklin Homepage writes that city leaders didn't give much of an explanation at all Tuesday evening as to the circumstances of her exit.
The Franklin Historic Zoning Commission on Monday night voted to approve plans for Harpeth Square, the $80 million mixed-use project planned for the northeast quadrant of downtown Franklin. Commissioners had voted against the plan less than a month ago, citing concerns about building height and massing. Emily West at Franklin Homepage has more info and context here on the meeting, which got just a bit contentious at one point.
"A lot of you are supportive of the project," Reynolds said. "But there's just as many that don't. You are just more powerful and louder. I would like to vote for this project, but I feel like I am being pushed into a corner. I've been disappointed in the developers willingness to address our concerns."
The crowd immediately called back in unison, "Where are they?" and meeting chairman Besser gaveled them into silence.
Charlotte-based Crescent Communities and Pearl Street Partners of Brentwood have named Mallard Homes and Regent Homes as the builder partners for their Lockwood Glen residential development in Franklin.
Mallard Homes is based in Brentwood, with Regent Homes based in Nashville. The two companies will build 38 single-family homes and townhomes representing phase four of the 220-acre master-planned community located along Carothers Parkway south of Highway 96.
“In Lockwood Glen, we’ve created a place where neighbors can easily come together in an idyllic setting just a short drive from the great city of Nashville,” Keith Glenn, Crescent senior vice president for the Carolinas and Tennessee, said in a release. “The builders we selected share our vision for this ... community, and we look forward to working with them on the next stage of the neighborhood.”
Regional lender Metropolitan Bank said Tuesday afternoon it has signed a lease for ground-floor space in the One Franklin Park office tower being finished in Cool Springs by Spectrum | Emery.
The leaders of Metropolitan, which entered the Nashville market in early 2012 and now has about $100 million in local loans, will relocate their current operations on Westgate Circle to Franklin Park, which will have Acadia Healthcare, law firm Thompson Burton and Franklin American Mortgage among its tenants. The branch is expected to be up and running by the end of the third quarter.
“We’ve worked hard to grow a number of tremendous client relationships in our current space in Williamson County, but with the growth of our team and client base it is time to establish a larger, more visible presence in the market,” said Bill Menkel, Metropolitan’s Nashville market CEO. “Williamson County is an important market for Metropolitan and we want to establish a location which will provide enhanced convenience for both existing and prospective clients, but at the end of the day, it’s our people and the client experience they deliver each day that makes Metropolitan truly unique.”
The new office will be home to up to 12 employees. For more info, click here.