Albany Road Real Estate Partners, a real estate investment and management company in Boston, has acquired the ServiceSource Tower in downtown Nashville. The property was purchased for $34 million, according to The Tennessean.
Albany Road president Christopher Knisley said of the transaction: "This is an exciting time for us as we expand our Northeast platform into the Southeast. With this investment, we will be bringing our investors the added benefit of geographical and economic diversity, in a market that we are very familiar with and have been evaluating opportunities in for the past several years."
This is Albany Road's first local deal. The company has recently expanded in Nashville to seek investment opportunities around the area. The newly-purchased property is a 20-storey commercial building with 99% occupancy. Its present tenants include Kermit Stengel Co, Andrew Byrd & Co, and CapStar Bank, the report detailed.
The ServiceSource Tower was acquired by Albany Road from Sterling American Property Inc of New York, The Tennessean added.
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