Dallas-based Velocis buys downtown office building, plans renovationsFebruary 26, 2021
For its first Nashville project, a Dallas-based real estate company bought an office building in the heart of downtown Nashville, with plans for significant renovations.
In a joint venture with Lincoln Property Co., Velocis bought the 232,194-square-foot complex at 211 Commerce Street. The purchase price wasn’t disclosed, but sources with knowledge of the deal said the figure was around $50 million.
Velocis is also putting $13 million into refurbishing the structure, which ranks among the largest downtown office buildings, according to Nashville Business Journal research. Construction is expected to start within 90 days and wrap up by year’s end, said Jim Yoder, a founding partner at Velocis.
“We think Nashville has become a haven for technology and financial services and maybe somebody who’s looking for a little more hip environment, and so we’re going to try to create that,” Yoder said.
This is Velocis’ first buy in Nashville. But the Texas-based firm has a significant stake in Austin, another popular tourist destination, and has been scouting Music City for a year or so trying to find the right project, Yoder said. He lists similarities between the two cities’ dynamics and energy, along with Nashville’s strong entertainment business, as attractions.