Inner Loop - CBD, Downtown, East Bank, Germantown, Gulch, Rutledge

[MLBrumby]

Pull quote: 

Company president and CEO Seth Bernstein, who came to AllianceBernstein in a shake-up one year ago, listed a number of factors that made Nashville the "clear winner … by every metric we analyzed."

"Moving our corporate headquarters allows us to offer advantages to our employees that we just simply couldn't do in the New York City metropolitan area: a more affordable cost of living, lower taxes and housing costs, a high quality of life — including much shorter commuting times for many of our people — and a brand-new, state-of-the-art work environment," said Bernstein, who noted that his son attended college here.

"No other city could compete," Bernstein added. "I see Nashville as a game-changer for [AllianceBernstein] … increasing our competitive edge in what is an increasingly challenging marketplace."

It's even been stated that the company knows it has to come up with a way to screen candidates for positions so they can determine if candidates merely want to move to Nashville with the company, versus actually dedicated to a future career with their firm. 

[MLBrumby]

And there's this, FWIW, from Nashville Post... 

Bernstein did not disclose any existing or future office tower to which the company will move about 1,050 employees. He previously told colleagues, via a memo the Post obtained, that the future space will be ready by 2021 to 2022.

AB declined on Wednesday to identify the building, but the company provided about $60 million in financing to Southwest Value Partners, the developer of the now-underway Nashville Yards site in downtown. That development will offer multiple office structures.

https://www.nashvillepost.com/business/economic-development/article/21003457/nyc-asset-management-firm-picks-nashville-for-hq

[Guest]

Quote

Roughly one year ago, the executives perched at the 50-story Manhattan headquarters of investment firm AllianceBernstein listed 30 U.S. cities they would scout for a lower-cost place where they would shift some jobs.

Nashville was not on that list. And, at the time, the company was not considering moving its headquarters, which had been in New York since its founding 50 years prior.

The situation was radically different on May 2, when AllianceBernstein's top brass joined government and chamber officials in the state Capitol. At the mic, they heralded AllianceBernstein's (NYSE: AB) decision to move its corporate headquarters to downtown Nashville. The company intends to have 1,050 jobs in Nashville by the end of 2022. If all those workers were here right now, AllianceBernstein would be one of the five biggest private employers downtown. The average salary of those jobs will be between $150,000 and $200,000, the company said — with bonuses and other compensation pushing that dollar amount even higher. The company is investing $70 million in its move and needs more than 200,000 square feet of office space, giving it the potential to kickstart any of a few office towers on the drawing board in the central business district.

 

[dxfret]

7 hours ago, Pdt2f said:

^^ didn’t like Bear Stearns or Lehman Brothers use that building years ago? It looks really familiar. 

That is just one of many big box office towers along 6th Ave built in the 60s-70s.  Tenants typically are  law, advertising, finance and entertainment firms. Bear Stearns had it own tower on Madison Ave.  Lehman Bros was in a similar bldg in 7th Ave. 

[jmtunafish]

25 minutes ago, nashville_bound said:

 

So 1,000+ people making an average of at least $150k?  That is huge for Nashville, or really for any city.  That should be a major incentive for (additional) downtown apartment/condo towers, even if only half of them choose to live downtown.

Edited May 3, 2018 by jmtunafish

[CenterHill]

42 minutes ago, MLBrumby said:

And there's this, FWIW, from Nashville Post... 

Bernstein did not disclose any existing or future office tower to which the company will move about 1,050 employees. He previously told colleagues, via a memo the Post obtained, that the future space will be ready by 2021 to 2022.

My source told me today they are looking at 5th & Broad.     I don’t know if that’s the only option on the table.   

[Nathan_in_DC]

13 hours ago, AUNash said:

 

And maybe also help land something like Four Seasons or Ritz Carlton? A Four Seasons at Second Avenue site would be walkable to an AB tower at Fifth and Broadway.

Oh well, I guess I’ll have to be satisfied with a nonstop flight to London. Just booked a trip for August. Can’t wait to board the flight at BNA and then arrive at Heathrow with no change anywhere!

 

How much was the ticket? Moving to the UK in a few weeks and am looking forward to direct flights to visit home!!! 

[markhollin]

Interior renovations continue for Hastings Architecture as they repurpose the former Ben West Library building. 


 

[smeagolsfree]

They have not decided on a location yet from what I understand. I will say the timetable they are wanting is tight and they may have to go with a building already under construction and that would be it.

10 hours ago, CenterHill said:

My source told me today they are looking at 5th & Broad.     I don’t know if that’s the only option on the table.   

 

[Mr_Bond]

11 hours ago, jmtunafish said:

So 1,000+ people making an average of at least $150k?  That is huge for Nashville, or really for any city.  That should be a major incentive for (additional) downtown apartment/condo towers, even if only half of them choose to live downtown.

Time for Hensler to start his next condo building at 12th and Demonbreun!

[smeagolsfree]

I don't think that will happen as Endeavor is going to be developing all of that now.

 

He will be working on his RMH project. He only does one at a time.

[CenterHill]

5 hours ago, smeagolsfree said:

They have not decided on a location yet from what I understand. I will say the timetable they are wanting is tight and they may have to go with a building already under construction and that would be it.

 

Like any prospective tenant negotiating a lease, you always make it understood to the landlord that you have other options.     Leverage.  

[Pdt2f]

With their desired move-in date what other options are there in downtown? The Trolley Barns office building? If they broke ground on the KVB tower maybe it could be done by then? 

[markhollin]

^ ^ ^ Smeagolsfree, EastSideUrbanite, and I were chatting that since AB is financially tied with Southwest Value Partners they might be interested in the proposed Nashville Yards 30+ story office tower. It's on the north side of Church St. hugging the CSX tracks. The land is essentially cleared already (mostly surface lot), but work would need to begin PRONTO if they were looking at a 2020 move-in.  Because 5th & Broadway is already underway, they have a good 6 month jump in progress. 

[smeagolsfree]

Also the 5th + Broad project has a connection to AB, so that is an option as well.

[e-dub]

I just really want them to go to Nashville Yards. For some reason, I think the office building there is closer to "possible" than "happening". If the one at 5th x Broadway is already happening, let's get one going that was proposed on spec going!

[CenterHill]

51 minutes ago, e-dub said:

 If the one at 5th x Broadway is already happening, let's get one going that was proposed on spec going!

It's already happening and underground parking levels are well underway.    

[Nathan_in_DC]

11 hours ago, markhollin said:

Interior renovations continue for Hastings Architecture as they repurpose the former Ben West Library building. 


 

 

 

 

 

 

 

 

I still wish that was being remodeled as an art museum. It's perfect for it. 

[markhollin]

A few more notes about AllianceBernstein's timetable on Nashville relocation from their CEO, Jim Gingrich:

- A small group of employees would begin arriving this summer.
- They are pursuing a short-term lease in the central business district. No details offered on where that might be.
- The headcount will reach about 300 people by mid-2020.
-  The onslaught of jobs would occur in summer of 2020 (around 750 more arrivals), reaching that final tally of 1,050 by the end of 2022. 
- They are being tight-lipped on the location of their permanent home.
- NBJ surmises that 5th & Broadway's 26 story office tower or Nashville yards 30+ story office tower due to their ties with both projects.

More behind the paywall at NBJ:

https://www.bizjournals.com/nashville/news/2018/05/03/heres-the-timeline-and-likely-destinations-for.html

[Pdt2f]

1 hour ago, CenterHill said:

It's already happening and underground parking levels are well underway.    

He’s referring to the office tower at Nashville Yards. His point is that since 5+B is already being built regardless of whether AB moves there, it would be nice if one of the *potential office towers got the green light because of an AB commitment. 

[MidTenn1]

2 hours ago, Nathan_in_DC said:

I still wish that was being remodeled as an art museum. It's perfect for it. 

I wanted it to be repurposed as a performing arts center for local community theaters, piano lesson recitals, dance class recitals, battles of the bands, etc. ; exclusively as a venue for various forms of performance arts in which non-professionals can showcase their talents.

[CenterHill]

4 hours ago, Pdt2f said:

He’s referring to the office tower at Nashville Yards. His point is that since 5+B is already being built regardless of whether AB moves there, it would be nice if one of the *potential office towers got the green light because of an AB commitment. 

Ah.  Misread that.  Thanks.  

[NashvilleObserver]

12 hours ago, markhollin said:

AB is financially tied with Southwest Value Partners they might be interested in the proposed Nashville Yards 30+ story office tower. It's on the north side of Church St. hugging the CSX tracks. The land is essentially cleared already (mostly surface lot), but work would need to begin PRONTO if they were looking at a 2020 move-in.  Because 5th & Broadway is already underway, they have a good 6 month jump in progress. 

 

11 hours ago, CenterHill said:

It's already happening and underground parking levels are well underway.    

From what I heard tonight from a Nashville journalist, the planned start date for the Nashville Yards tower has just jumped ahead up A LOT more that they expected (after the AB announcement).  Also, regarding the 5th & Broad office tower, my understanding was they clearly got the permit for whatever underground parking they need, but the next (what they're struggling with) step is secured funding to make the tower rise?  There may be a pause between the office's underground parking and the actual continuation of the tower?

[markhollin]

Hampton Inn SoBro addition (5 stories, 50 rooms, bakery) update.  Complete.

Looking SE from intersection of 4th Ave. South and Molloy St:

[Ingram]

Out of the three types of towers (office, hospitality, and residential), it is the office type that appears to be the most difficult to get funding for.

It would really be something to have 6 or more office towers under construction at the same time. 

Fifth and Broad

Nashville Yards

One KVB

Endeaver

The midtown tower

The tower(s) on the former west end summit land.