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Crescent Resumes Cool Springs Office

September 24, 2009 By Leave a Comment

Crescent Resources has just announced they will restart construction of their $33 Million Cool Springs office building, named One Greenway Centre.  A previous lien filed against Crescent have been worked out through an agreement approved by the court.  This is great news for the developers of most of the office space in Cool Springs.  Here is the story as reported by Eric Snyder with the Nashville Business Journal:

“Crescent Resources announced today it will resume construction of the $33 million One Greenway Centre in Cool Springs.

Progress was halted this spring, when general contractor Bell & Associates ceased work and filed a $1.9 million lien against Crescent. Other subcontractors also stopped work and placed an additional $600,000 in liens against Crescent.

According to a news release, construction will resume Sept. 30, following “court approval of an agreement that resolves the lien and lawsuit between Crescent and the general contractor of the building.”

“We appreciate the tremendous support of Bell & Associates … and the many subcontractors for the dedication and cooperation to make One Greenway Centre possible,” Robert Zeiller, Crescent Resources’ regional vice president for Tennessee, said in the release. “The restart of One Greenway Centre represents a major step forward in our restructuring.”

Crescent announced in June that it was filing for Chapter 11 bankruptcy protection.

One Greenway Centre — with 155,00 square feet of top-tier office space — is located at Crescent’s Corporate Centre development in Cool Springs, featuring some 1.5 million square feet of office space.

According to the release, the building should be completed later this year.”

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Nissan Americas Opens Cool Springs Headquarters

July 25, 2008 By Leave a Comment

Here is the story as reported by Richard Lawson with the Nashville Post:

“Nissan Americas opens Cool Springs HQ

Nissan Americas made it official today that the Cool Springs headquarters is open for business.

In front of crowd of mostly Nissan corporate employees, Nissan top executives along with Sen. Lamar Alexander and Gov. Phil Bredesen thanked everyone under the hot sun and then some.

Alexander and Bredesen represent the bookends in convincing Nissan to move its North American headquarters from Los Angeles to Franklin.

Alexander worked to bring the manufacturing plant to Smyrna 25 years ago, planting the seed for the headquarters eventually moving here. Bredesen closed the deal that had been years in the making.

Bredesen’s predecessor Don Sundquist wasn’t on the stage when the announcement was made in the State Capitol more than two years ago. At the time, Sundquist’s contribution in shepherding recruitment effort for his eight years got little to no recognition.

Sundquist wasn’t on the stage today either. But in perhaps the most public forum to date, Bredesen publicly thanked Sundquist for his contribution in convincing Carlos Ghosn, Nissan Motor’s chief executive officer, and Nissan executives in Japan to move the headquarters here.”

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CHD Meridian Moving to Cool Springs

September 29, 2007 By Leave a Comment

The Cool Springs area landed another large corporate relocation although they arent moving too far!  The CHD Meridian, a business health care provider, has signed a $10 million lease for their build to suit headquarters just downt he road from the new Nissan North America Headquarters.  Here is the story reported by Jim Stinson with the Nashville Business Journal:

” $10M HQ on the way for Cool Springs

CHD Meridian of Green Hills, a health care provider to businesses, has agreed to lease a new $10 million, build-to-suit headquarters in Cool Springs, 2 miles from the new Nissan North America office building.

First Industrial Realty Trust Inc. of Chicago will build the two-story, 50,000-square-foot building, and lease it to CHD Meridian (AMEX: DMX) through an 11-year agreement, according to the company’s real estate officials.

CHD Meridian, a subsidiary of I-Trax Inc. of Pennsylvania, offers on-site health care for corporate clients. The location in Cool Springs, a magnet for large corporate headquarters, seems ideal for the health care provider, observers say.

The CHD Meridian building will be located at Creekstone Boulevard south of South Royal Oaks Boulevard.

The Franklin location is half a mile south of Murfreesboro Road, and west of Interstate 65.

“It gives them a good central location for their employee base with good access to interstates,” says David McRae, principal of Newmark Knight Frank of Nashville, who represented CHD Meridian.

McRae says he and fellow NKF principal David Koziak saw few openings for such space and land in Green Hills.

“We considered all areas of town,” says McRae.

As for proximity to Nissan and other large offices and headquarters, McRae says it wasn’t a requirement of CHD Meridian “but it certainly was a plus.”

Whit McCrary, office division leader for Colliers Turley Martin Tucker, says a scarcity of land probably convinced CHD Meridian to look past Green Hills and even downtown.

“The cost of land is more favorable [in Franklin],” says McCrary. “Pretty much the whole area [of Green Hills] is built out.”

CHD Meridian has about 130 employees but may expand to a payroll of 200 in the future, according to sources close to the company.

CHD Meridian’s headquarters is at 40 Burton Hills Boulevard, a building managed by Alex S. Palmer and Co.

Dixon Thayer, CEO of I-Trax, was unavailable for comment.

Construction on the Cool Springs headquarters will begin this fall and may be finished by May 2008.”

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Cool Springs Adding $27M Office Building

September 8, 2007 By Leave a Comment

Highwoods Properties has announced another massive office building, adding to the Class A office space in Cool Springs.  Here is the story reported by Jim Stinson with the Nashville Business Journal:

” Booming Cool Springs sparks $27M office building twin

Another Cool Springs office developer, responding to demand in the expanding submarket, is building a mirror opposite of an existing building,

Highwoods Properties Inc. is building Cool Springs IV – a replica of Cool Springs III – in its 926,000-square-foot, five-building Cool Springs Office Park.

Cool Springs IV, which has no tenants yet, will be 153,000 square feet, and will cost about $27 million, up a bit from Cool Springs III, which was finished 18 months ago. But Highwoods officials aren’t sweating speculation.

Cool Springs office-space demand isn’t slowing, according to Grubb & Ellis|Centennial research. Its research shows that vacancy in the Franklin submarket was 7.3 percent at the end of June – the fourth lowest in Middle Tennessee.

The office park along Carothers Parkway attracted Healthways Inc. in 2006. The Green Hills-based disease-management company will move into its 255,000-square-foot building in 2008.

The move by Highwoods follows Boyle Investment Co.‘s decision to build a twin tower in its Meridian Cool Springs development. Earlier this month, Boyle officials said they would add 2550 Meridian Blvd. to their office park, adding the 67,710-square-foot building to complement 2555 Meridian.

Highwood’s Cool Springs III is 95-percent leased, and has drawn tenants from other parts of Franklin and from Dallas, company officials say.

“The demand in Cool Springs is coming from everywhere,” says Jimmy Miller, Highwoods leasing director. “It’s the most active (office) submarket.”

The three-story Cool Springs III is nearing full occupancy. Its largest tenants are Dallas-based HQ Global Workplaces and Eco-Energy of Franklin, Miller says.

Journal Communications Inc. also moved into Cool Springs III. The media company, co-founded in 1988 by Alex Haley, the author of “Roots,” moved from Mallory Station Road in Franklin.

With the fifth building finished sometime in 2008, Highwoods will be finished with the Cool Springs Office Park.

Like many Cool Springs office parks that are nearing completion, space is running out and developers are eyeing what is left in the Franklin business district. “We’re completely built out,” says Reames.

But there’s plenty of space elsewhere in Cool Springs near the new McEwen Road interchange and more deals could be coming, Reames says.

“We’re actively reviewing everything that is available,” he says.

Miller says Cool Springs as a submarket has grown 40 percent since the start of 2006. Yet the market has consistently absorbed new and vacant space, and maintained an occupancy rate of about 95 percent, he says.”

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