NASHVILLE, Tenn.--(BUSINESS WIRE)--Brookfield Properties, a premier international real estate company, and Skanska, one of the world’s leading construction and development companies, today celebrated the topping out of the office tower of the transformative downtown Nashville mixed-use project Fifth + Broadway.
The 372,000 square foot Class A office tower, known as 501 Commerce, is the future headquarters of AllianceBernstein (AB), a leading global investment management firm.
“We are incredibly proud to top out 501 Commerce which will be the most exciting corporate address in Nashville,” said Tom Miller, General Manager of Fifth + Broadway. “As with all Fifth + Broadway milestones, a cast of thousands has worked tirelessly for years to achieve this. We’d like to thank Skanska, our many civic and business partners, and our office tenants AllianceBernstein and BDO USA who all share passion for this building and what it can be.”
AB will be the premier office tenant at 501 Commerce, recently expanding to 220,000 square feet as the company now expects 1,250 employees on site. AB will be housed on levels 17 to 24, the top floors of the tower. With prominent placement on the tower, the AB logo will become a distinctive fixture on the Nashville skyline. AB is joined by BDO USA’s Nashville office who will take about 14,100 square feet on the 14th floor.
At the time the lease agreement was originally announced, AB President and CEO Seth P. Bernstein noted, "Fifth + Broadway is the right choice to help us deliver a state-of-the-art workplace, equipped with collaborative tools, flexible open spaces, modern staff amenities and innovative technology.”
501 Commerce will offer unmatched amenities and perks for its workers and their visitors. It is directly connected to more than 200,000 square-feet of retail and entertainment, the 56,000 square-foot National Museum of African American Music, and The Place at Fifth + Broadway, the tallest apartment tower in the state of Tennessee. The state-of-the-art office tower sits immediately across the street from Bridgestone Arena (home of the NHL’s Nashville Predators and one of the highest ticket selling arenas in the U.S.), as well as the world-famous Ryman Auditorium and lower Broadway’s honky tonk row.
“It has been a great pleasure for Skanska to lead construction on what will be the preeminent office building in downtown Nashville,” said Dennis Georgatos, Executive Vice President, General Manager at Skanska USA. “We’re proud of what we have accomplished at Fifth + Broadway, which is much more than the buildings coming out of the ground as we’ve worked hard to use this project as an opportunity to educate, train, and enhance the skills and capabilities of partners and other professionals, to create lasting opportunity.”
Added Georgatos, “We’re particularly pleased to note that 22% of our total contract awards have gone to DBE firms over the course of the project.”
Since the project’s groundbreaking in April of 2017, Skanska, as general contractor, has coordinated 1000s of construction industry professionals in expertly overseeing what is a highly complicated project and job site at one of the liveliest intersections in the United States. To reach the office topping out milestone, Skanska’s team, which includes Steel Service and LPR, installed 3,007 tons of steel made up of 94,126 pieces. Throughout the process of building Fifth + Broadway, the team has recycled 69,247 tons of recycled material as of the end of 2019.
AB and BDO USA combined have committed to 63% of 501 Commerce. The building’s leasing team, led by Rob Lowe and Stewart Lyman at Cushman & Wakefield, reports it is close to reaching an agreement for an additional 18% and managing strong interest in remaining space.
501 Commerce is expected to be ready for tenant improvements in summer 2020. Fifth + Broadway’s apartments will open in spring 2020 and retail and entertainment in fall 2020.