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NEW SoBro OFFICE TOWER TO BE CALLED 'THE PINNACLE AT SYMPHONY PLACE'
Pinnacle Financial Partners signs as major tenant
NASHVILLE, Tenn., May 17, 2007 -
The 29-story office tower planned for Third Avenue across from the Schermerhorn Symphony Center will take the name "The Pinnacle at Symphony Place" when it opens in January 2010, it was announced today. Pinnacle Financial Partners has signed a letter of intent, joining Nashville law firm Bass Berry & Sims, as a major tenant in the SoBro office tower.
Signage featuring Pinnacle Financial's name will be visible on both sides of the tower. Pinnacle has signed a letter of intent to lease approximately 5,000 square feet on the ground level (at the corner of Third and Demonbreun) for a full service financial center and an additional 60,000 square feet on floors 8, 9 and 10. Pinnacle will also have an ATM in the building's lobby.
"As Nashville's largest locally owned financial services firm, it was important for us to continue to keep our corporate offices in downtown. However, we have outgrown the available space in one existing location. The opportunity to have our name on the new premier building in downtown Nashville is a great step for the visibility of our rapidly growing firm and reflects our long-term commitment to be Nashville's leading financial services firm," said Terry Turner, Pinnacle's president and CEO.
"We have seen the center of the city continue to gravitate toward SoBro. What is already a thriving entertainment district will now have prime office and residential space," Turner said.
The Pinnacle at Symphony Place, previously referred to as the Crown Building, will have approximately 500,000 square feet of office space as well as significant parking and retail space.
The developer, Atlanta-based Barry Real Estate Companies Inc., specializes in mixed-use urban developments. In addition to the Nashville office tower, Barry is also leading the efforts on a major development in downtown Atlanta called Allen Plaza, a nine block mixed-use development that will include hotels, office, residential and retail space. Barry has also had significant presence in other regional urban settings, including downtown Birmingham, with the completion of the One Federal Place project and the purchase and renovations of the 515,000 square foot Wachovia Tower.
"Nashville is an exploding commercial market. We are pleased to have two of Nashville's most prestigious firms as our first tenants and expect to attract other local companies as well as new ventures coming into the city," said Hal Barry, chairman of Barry Real Estate Companies Inc.
Architects for the building are Pickard Chilton & Associates of New Haven, Conn., and Everton Oglesby of Nashville. Everton Oglesby, one of Pinnacle's long-time clients, will handle all of the interior design for Pinnacle.
"Nashville is such a vibrant, exciting city. We see many of the same dynamics in SoBro that we see in downtown Atlanta at Allen Plaza. Entertainment, residential growth, a pedestrian lifestyle and a young professional population interested in amenities are fueling the growth of these exciting areas," Barry said.
Tom Turner, President and CEO of the Nashville Downtown Partnership, said, "This is a great example of a company founded and based in downtown Nashville whose impressive growth requires additional space. Because of Pinnacle's leadership with the Nashville Downtown Partnership we know that the firm is highly committed to a vibrant downtown. Their decision to expand into this new building is further evidence of that commitment."
According to Barry, The Pinnacle at Symphony Place will be the first new downtown building to gain Leadership in Energy and Environmental Design (LEED) silver certification, a national standard measuring the environmental friendliness of a facility.
Pinnacle Financial Partners, a rapidly growing financial services firm that opened its downtown Nashville office at One Commerce Place in 2000, has moved into additional office space several times since its initial opening to accommodate the increase in associates and services. Pinnacle will begin consolidation of substantially all of its downtown space to The Pinnacle at Symphony Place when the new building opens in January 2010 and will complete its relocation by August that year.
Pinnacle, the largest financial services firm headquartered in Nashville with over $2.1 billion in assets, provides a full range of banking, investment and insurance products and services. The firm specializes in meeting the needs of small businesses and their owners and individuals who desire a deep relationship with their financial services provider. The firm also has a well-established expertise in commercial real estate. Pinnacle's financial advisors provide financial planning and comprehensive wealth management services to help clients increase, protect and distribute their assets.
Pinnacle opened its first office in October 2000 and currently operates 18 offices in the Nashville-Davidson-Murfreesboro MSA. Last month the firm announced a major expansion into the Knoxville market.
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