NASHVILLE, TENN. — Velocis, a private equity real estate investment management firm, has recently completed the $15 million renovation of Two Eleven Commerce, a 233,341-square-foot office building located at 211 Commerce St. in downtown Nashville. Velocis purchased the 11-story office tower in spring 2020 with Lincoln Property Co., the third joint venture between the two Dallas-based firms.
Built in 2000, the office building’s renovations include a two-story lobby with a new glass entry portal, contemporary conference center, integrated tenant lounge with indoor/outdoor seating, onsite catering kitchen and a fitness center with full locker rooms and showers. Other improvements throughout the office tower include upgraded and modernized elevators and elevator bays, exterior paint, new windows and a new gateless entry parking system in the building garage.
High-end spec suites among the 90k square feet of available space for lease
NASHVILLE – (Sept. 21, 2022) – Dallas-based Velocis, a private equity real estate investment management firm, recently completed a $15 million renovation at the 233,341-square-foot Two Eleven Commerce, at 211 Commerce St. in Nashville. Velocis purchased the 11-story Class A office tower in spring 2020 in a joint venture with Dallas-based Lincoln Property Company (Lincoln).
“Two Eleven Commerce is an iconic part of Nashville’s downtown, and we have been hyper-focused on renovating this great building from being a generic office tower to being an ideal option for prospective tenants,” says Jim Yoder, partner at Velocis. “These changes and added amenities complement the fabulous downtown location. Two Eleven Commerce is a great example of what company leadership desires in today’s flight-to-quality environment.”
The significant renovations and improvements include an enhanced two-story lobby with a new glass entry portal, as well as a contemporary conference center and integrated tenant lounge with indoor/outdoor seating and an on-site catering kitchen.
Additionally, the building, originally built in 2000, has a new fully equipped fitness center with highly finished full locker rooms and showers. Other improvements throughout the office tower include:
Upgraded and modernized elevators with remodeled and refurbished multi-tenant elevator lobbies
Painted exterior facade
New windows that allow eight times more sunlight throughout the building
A new gateless entry parking system in the building garage
These renovations have contributed to several recent leases, including a 67,000-square-foot lease for recruiting firm IQTalent across the top three floors with top-of-building signage.
Additionally, the trendy, high-end global burger chain Black Tap Craft Burgers & Beer recently signed a lease at Two Eleven Commerce. The New York-based chain will bring its innovative burgers and shakes and lively atmosphere to the lobby in spring 2023.
“The ownership did an outstanding job with their improvements and it has paid off with our recent leasing activity,” says Sarah Pettigrew, JLL Executive Vice President, who is leasing the property with JLL colleagues Bill Adair and Ashley Marshall. “The opening of Black Tap will create an energized vibe on the ground floor, as well as provide a nice building amenity for our office tenants.
About 90,000 square feet is currently available including about 15,000 square feet of speculative office suites. “This space is ideal for companies looking for a downtown Nashville address in a modern space with walkable amenities,” Pettigrew adds. “There are a multitude of restaurant and nightlife opportunities within a few minutes’ walk of Two Eleven Commerce.”
Touted as North America’s largest food hall, the new Assembly Food Hall is just two blocks away at Fifth and Broadway, and the Riverfront Station for the WeGo Public Transit commuter rail station is just a three-minute walk from Two Eleven Commerce.
The property is Velocis’ first venture into the Nashville market. Lincoln, Velocis’ JV partner, has provided construction and property management services for the building since the acquisition. The facility is Velocis and LPC’s third joint venture together.
“Two Eleven Commerce has been transformed to a modern high-quality office where companies and their employees can go to work in collaborative spaces invigorated with high-end amenities,” says Lincoln Executive Vice President Tyler Jones. “The updated lobby, indoor/outdoor tenant lounge and fitness center provide an exceptional amenity base and the new windows will enhance natural light throughout the building.”
Dallas-based Velocis has been active in real estate since 2010 with a total of 50 projects located in Sunbelt markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee as well as the Washington, D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Yoder, Mike Lewis, Fred Hamm, Paul Smith and David Seifert.
Velocis is a private equity real estate investment firm active in the acquisition, operation/management and disposition of commercial real estate. Founded in 2010, Dallas-based Velocis has more than $2.5 billion of historical assets under management and has raised more than $1.1 billion of equity. With a focus on the major markets in the Sunbelt region, the company’s portfolio includes multifamily, healthcare, industrial, office and retail. The Velocis partners have over 160 years of collective real estate experience, currently leveraging their talents across multiple strategies and fund vehicles. Additional information about Velocis can be found at velocis.com.
About Lincoln Property Company
Lincoln Property Company (Lincoln), founded in 1965, is a privately-owned real estate firm offering a full-service platform that includes real estate investment, development, construction management, property management, leasing, asset management, and accounting services. With offices in all major markets across the U.S. and throughout Europe, Lincoln provides the depth and breadth of expertise needed to deliver successful projects worldwide. Lincoln’s cumulative development efforts have produced over 150 million square feet of commercial space and over 225,000 multifamily residential units. The firm is one of the Top 10 U.S. Developers of office, industrial, retail, and mixed-use properties, and the second-largest apartment manager in the country. Visit www.lpc.com for more information.
This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.