In the News
NYC-based Padel Haus to Open South Nashville Location This Summer
January 2024
"A New York City-based padel club is coming to South Nashville, its first out-of-market location. Padel Haus will open a 39,000-square-foot facility at 502 W. Thompson Lane in early summer, according to a news release. Similar to pickleball, padel sport is played on a smaller court than a traditional tennis court, however padel is played in an enclosed space, allowing players to bounce the ball off the walls.
The Nashville location will have eight indoor courts, Juice Haus (the brand’s juice bar), locker rooms, rain showers, rock climbing wall, playground, coworking spaces and lounges. [Santiago] Gomez founded Padel House in July 2022 in New York City’s Williamsburg neighborhood. He opened a second in 2023 and is opening a third New York City location in October 2024."
Source: Nashville Business Journal
Nashville Ranks 2nd in the Nation for GDP Growth, Chamber of Commerce Analysis Shows
December 2023
"Nashville ranks second in the nation for gross domestic product (GDP) growth, according to the Nashville Area Chamber of Commerce. Just looking at gross GDP, Nashville has the sixth highest growth rate from 2021 to 2022, the most recent set of data available. According to the chamber, Nashville’s economy was not as impacted as the rest of the country by the pandemic-induced recession, with a -0.8% growth rate in 2020, compared to -2.2% for the nation. Nashville’s bounce back from the pandemic resulted in 10.6% growth in 2021 and 6.3% in 2022."
Source: Nashville Business Journal
Brentwood-based Cryoport Acquires New York-based Transport Company
November 2023
"Brentwood-based Cryoport Inc. has added another U.S. company to its portfolio. The temperature-controlled logistics firm purchased New York-based Bluebird Express LLC, which provides time-sensitive domestic and international transportation services. Bluebird Express has more than 20 years of experience in logistics solutions that specializes in air and ground transportation. Cryoport is one of the largest publicly traded companies in Middle Tennessee, according to Nashville Business Journal research, with $237.28 million of revenue in 2022."
Source: Nashville Business Journal
Houston, Dallas, Miami, and Nashville Poised to Become Economic Powerhouses
November 2023
"Nashville was ranked as the top city in the US for job opportunities and earnings potential in an analysis by the HR firm Checkr released earlier this year. In May, the Milken Institute's rankings of the nation's best-performing cities — based on labor-market performance and economic opportunities — put Nashville at number four. The city, which has been named the healthcare capital of the US, is home to more than 500 companies in the industry, including 17 public healthcare companies. Nashville also has the potential to grow its tech industry. Amazon and Oracle are among the firms that have invested in the city in recent years."
Source: Business Insider
NY-based Development Group Reveals Plans for Massive Mixed-Use Development on Dickerson Pike
October 2023
"New York-based Aria Development Group and Nashville-based Wedgewood Avenue revealed plans for a massive mixed-use development on Dickerson Pike. The Pike, a master-planned community with over 600 residential units, restaurant, retail and public outdoor space, will completely transform 12 acres in the heart of the East Nashville neighborhood. The Dickerson Pike development is Aria Development Group’s first investment in the Nashville market. The real estate firm had a hand in the transformation of Brooklyn, New York, from a sleepier historic area into a bustling New York City hotspot."
Source: Nashville Business Journal
Developer of New York’s Hudson Yards Pays $40 million for 21-Acre Madison Site
October 2023
"One of the developers of New York’s Hudson Yards has acquired a 21-acre Madison site. A business entity tied to global real estate firm Related Cos. paid $40.2 million for a Madison-area apartment complex, according to Davidson County records. Related Cos. is New York City’s largest landlord with over 8,000 residential rental units under ownership in the city. The firm’s expansive portfolio includes residential, affordable housing, office and hospitality projects."
Source: Nashville Business Journal
Tidal Real Estate Plans 11-Floor Extension for Gulch Hotel Project
August 2023
"New York-based Tidal Real Estate Partners LP, a development firm composed of executives from the now-nonexistent Flank Inc., submitted an application for height modification on its Gulch hotel project yesterday, according to Metro records. In 2019, New York-based Flank proposed a 20-story tower with 250 guest rooms and underground parking. Plans after that proposed a 16-story (later changed to 17-story) building with a restaurant, market food hall, no on-site parking and a concert venue. The current proposal seeks 11 additional floors, adds a condo portion to the development and no longer includes a food hall or concert venue."
Source: Nashville Business Journal
Former NFL Player from Nashville Joins NYC Venture Capital Firm
August 2023
Nashville native and former linebacker for the Chicago Bears Hunter Hillenmeyer has joined Company Ventures, a New York City-based seed-stage venture firm, as a general partner. Company Ventures invests in digital health care companies, financial technology firms, and enterprise software businesses. Hillenmeyer hopes that his partnership with Company Ventures will help direct more pre-seed funding and seed rounds of financing to Nashville-based start-ups, particularly in the tech industry.
Source: Nashville Inno
New York Coworking Space Announces Plans for Nashville Expansion
April 2023
"New York-based The Malin, a members-only coworking space, has announced plans to open its fourth location, and first outside of New York City, in Nashville’s Wedgewood-Houston neighborhood. The Malin Nashville will be housed in the Nashville Warehouse Co., on the corner of Fourth Avenue South and Chestnut Street. The property is owned by AJ Capital Partners. The company plans to begin preparing the 16,000-square-foot space in May, with plans to open this fall. When completed, The Malin Nashville will accommodate 48 desks, seven private offices, six meeting rooms and a library.
Source: Nashville Business Journal
Tishman Speyer Enters Nashville with $27M SoBro Buy
February 2023
"New York City real estate firm Tishman Speyer, which owns the Rockefeller Center and other high-profile properties, has closed on a Nashville development site in SoBro. Through a related business entity, the company paid $27 million for the 1.22 acres at 133 Korean Veterans Blvd., according to newly filed deeds. No loan was recorded alongside the purchase."
Source: Nashville Business Journal
Q&A: This New York Times reporter named Nashville 'It City' 10 years ago. What are we now?
January 2023
"A decade ago, New York Times journalist Kim Severson wrote a story deeming Nashville the nation’s next 'It City.' The story, that printed on the front page of the New York Times, drew attention to the growth Nashville was geared up for — calling out its new convention center, job market, culture and more — and launched Music City into a nationwide spotlight." Read more here.
Source: Nashville Business Journal
What makes Nashville a magnet for entrepreneurs? BBC News Investigates
October 2022
"If it's true to say the US is the engine of the world economy, then small and medium-sized businesses are the fuel that drives that engine. Small businesses create nearly two-thirds of new jobs in the workforce and account for 44% of US economic activity. So what's the secret to their success? What challenges do they face and which are the best cities and regions for them to thrive? We went to Nashville, Tennessee, one of America's small business hotbeds, to find out what made it a magnet for entrepreneurs."
Source: BBC News
Asset Management Company Blackstone Inc. to Open Office in Midtown Nashville
October 2022
“Blackstone Inc. will occupy 2,829 square feet on the 13th floor of the Broadwest building in Midtown, according to a permit filed with Metro. The office buildout is expected to cost $560,373. Blackstone is the world’s largest alternative asset manager, according to the company’s website, with $941 billion of assets under management. Blackstone’s investments focus on private equity, real estate, public debt and equity, infrastructure, life sciences and growth equity, among others.”
Source: Nashville Business Journal
One Year Later, NY-Based Hospitality Company Sees Its Restaurants in Nashville Thriving
October 2022
“Chef Andrew Carmellini, co-founder of NoHo Hospitality, opened The Dutch and Carne Mare in the Gulch in fall 2021, an unprecedented time for the hospitality industry due to the Covid-19 pandemic. The W Hotel establishments are coming up on their one-year anniversary in October and November, respectively. The New York-based group has a portfolio of 15 restaurants, however last year’s openings marked its first Music City debut. Talks were years in the making, meaning Carmellini has played witness to Nashville’s boom. ‘It almost felt like we were pioneering a little bit,’ Carmellini told the Business Journal.”
Source: Nashville Business Journal
Nashville Child Care Facility Backed by NY Private Equity Group Sold to Matthews Real Estate Investment
September 2022
“The Midtown location of a child care facility tied to a New York private equity firm has changed hands. A business entity tied to the Nashville office of brokerage Matthews Real Estate Investment Services paid $7.6 million for the land at 1811 State St., according to newly filed deeds. The site holds The Gardner School of Midtown, which is financially backed by Quad Partners, a private equity firm specializing in education.”
Source: Nashville Business Journal
NYC Company Purchases More Property Around Nashville’s Arcade Retail Center
September 2022
“The same New York City company that bought the downtown Arcade last year has continued its buying streak around the property. Newco Arc LLC, which is tied to Linfield Capital LLC, paid $6.55 million for the building at 217 Fourth Ave. N., according to newly filed deeds. The site holds a one-story brick building home to The Italian Kitchen. The recent transaction brings the company's land holdings near the Arcade to at least $22.6 million.”
Source: Nashville Business Journal
NY Real Estate Firm Updates Plans for Luxury Residential Tower in Nashville
September 2022
“A New York real estate firm has updated its plans for a Gulch tower. Tidal Real Estate Partners LP, a development firm composed of executives from the now-nonexistent Flank Inc., has added additional stories and units to its tower pitch at 125 11th Ave. N. The project, a 30-story luxury residential tower with 393 units, is expected to break ground in the first quarter of 2023, according to a Tidal news release. The firm expects the project will be finished in early 2025.”
Source: Nashville Business Journal
NYC-Based High-End Fashion Boutique Opens First Location in Nashville
September 2022
“A high-end boutique based in New York City is bringing runway looks to Nashville. Kirna Zabete, founded by Beth Buccini in 1999, will open in March in Green Hills by The Bluebird Cafe at 2001 Warfield Drive. The Nashville location marks the brand's fifth store, followed by forthcoming locations in Miami and New York City’s Madison Avenue. The ‘360-degree fashion experience’ aims to dress a woman seven days a week, Buccini told the Business Journal. Its designer inventory ranges from jeans, T-shirts and sneakers to $9,000 dresses.”
Source: Nashville Business Journal
Nashville Leaders Plan Future of Tourism Industry as Growth Continues
August 2022
Colin Reed, CEO and chairman of Ryman Hospitality Properties (one of Nashville's largest public companies), has voiced plans to create a committee of Nashville's hospitality leaders in order to strategically plan the future of the city's tourism industry. This comes on the heels of an uptick in tourism to Nashville, which saw record-breaking passenger numbers--1.83 million--at Nashville International Airport in June.
Source: Nashville Business Journal
Franklin-Based Tivity Health Acquired by Stone Point Capital for $2 Billion
June 2022
"Tivity Health, a leading provider of healthy life-changing solutions...announced the completion of its acquisition by funds managed by Stone Point Capital for $32.50 per share in cash. Tivity Health's common stock ceased trading and will no longer be listed on Nasdaq. Tivity Health will continue to be headquartered in Franklin, Tennessee and maintain its campus location in Chandler, Arizona. Richard Ashworth will remain President and Chief Executive Officer of Tivity Health."
Source: Cision PR Newswire / Nashville Business Journal
NJ-Based IoT Tech Company Plans Move to Nashville
July 2022
"A tech company near New York City is packing up and moving to Nashville, bringing 250 jobs that will pay an average of $67 an hour. Energybox Inc. will be relocating its headquarters and pledging to create those jobs within five years. That's according to records made public Tuesday for a state Funding Board meeting, in which the board approved a $1 million grant for Energybox...The nine-year-old company works with small and mid-sized businesses to automate operations and reduce energy usage. Energybox's monitoring sensors, software and analytics function in the 'internet of things' space, which means devices connected to a network that are exchanging data."
Source: Nashville Business Journal
Venture Capital Firm Third Prime Finds Second Home in Nashville
June 2022
Venture capital firm Third Prime--a firm focusing on early-stage startups in fintech, proptech, and cryptocurrency--has found its second home in Music City. While Third Prime's employees remain in New York, company founder Wes Barton has made his new home in Nashville and is currently closing a $210 million investment round, which will bring the firm's total assets under management to approximately $500 million.
Source: Nashville Inno
NYC Restaurant Owner Anthony Scotto Sets Sights on Nashville
May 2022
Anthony Scotto, the NYC-based restauranteur behind Midtown Manhattan's Fresco by Scotto Italian restaurant, is opening a new restaurant, Luogo, in Nashville's Gulch neighborhood. Luogo will be located at 211 12th Avenue South and plans to open in late 2022. The restaurant will serve Italian and Mediterranean-inspired fare identical to that of its New York counterpart. Scotto and his family plan to relocate to Nashville to run the restaurant, and Scotto plans to join the board for Belmont University’s new food and beverage program.
Source: Nashville Business Journal
New York-Based Black Tap Craft Burgers & Beer to Open Location in Nashville
May 2022
Popular for its craft burgers and indulgent, loaded milkshakes, Black Tap Craft Burgers & Beer is set to open its first location in Nashville this November. Originally founded by Chris Barish and Julie Milligan in 2015, Black Tap serves "classic American eats" with a "SoHo atmosphere." The restaurant will be located in the 211 Commerce building and will serve "Black Tap classics, but also reflect Music City’s food scene."
Source: Nashville Business Journal
Brooklyn Italian Restaurant to Open First Non-New York Location in Nashville
May 2022
Frankies 457 Spuntino, a Brooklyn-based Italian restaurant, has announced plans to open its first non-NYC location in Nashville. Helmed by owners and longtime friends Frank Castronovo and Frank Falcinelli, the new restaurant location will "include an event space, an outdoor patio and a retail space with wines, Italian cured meats and the restaurant’s packaged products, like olive oil." The new Nashville location, which will be part of the Laurel & Pine development in East Nashville, is scheduled to open in January 2023.
Source: New York Times
NYC Entertainment Management Firm Purchases Office Space in Nashville
May 2022
PS Business Management--an NYC-based business management firm catering to clients in the music, film/TV, and other entertainment industries--has purchased a warehouse at 605 Merritt Avenue to serve as its permanent Nashville office. Located in Nashville's Wedgewood-Houston neighborhood, the $3.35 million property will replace PSBM's current co-working space as the company's official Nashville office.
Source: Nashville Business Journal
NY-Based Parisian Restaurant Plans to Opens Doors in Nashville
April 2022
"A prominent New York City-based restaurant is opening in Wedgewood-Houston’s May Hosiery Mills project...The owners of Parisian-focused Pastis, Stephen Starr and Keith McNally, signed a lease with AJ Capital Partners, the firm behind the development of 17.8-acres of mixed-use real estate in Nashville’s up-and-coming neighborhood. Both McNally and Starr have been recognized as James Beard Award-winning restaurateurs during their extensive career in the industry. Pastis’ New York location is marked by its striking decor reminiscent of the past — subway tiles, mosaic floors and vintage mirrors. Nashville’s Pastis will be no different, embracing the character of May Hosiery Mills, the South’s oldest sock mill dating back to 1897."
Source: Nashville Business Journal
Nashville Ranked as Second Strongest Job Market in the U.S.
April 2022
An analysis conducted by The Wall Street Journal and Moody's Analytics ranked the Greater Nashville area as the second strongest job market in America. The analysis considered five factors when determining strength of job market: 1) unemployment rate; 2) labor force participation rate; 3) job growth; 4) labor force growth; and 5) wage growth. Nashville's job market was outranked only by that of Austin, Texas.
Source: Nashville Business Journal / The Wall Street Journal / Moody's Analytics
SomeraRoad Active Again in Nashville
April 2022
NYC-based real estate firm SomeraRoad has purchased yet another property in Nashville's Gulch neighborhood, a 0.2 acre parking lot across the street from the Voorhees Building. SomeraRoad reportedly paid $3.5 million to MarketStreet Enterprises for the property, which it has not announced plans for as of yet. The purchase comes as part of SomeraRoad's spate of activity and multiple real estate projects currently under development in Music City.
Source: Nashville Business Journal
Restaurant-Focused Investment Firm CapitalSpring Moves to Nashville
April 2022
CapitalSpring, an investment firm active in the restaurant and food service space, recently transferred its headquarters from New York to Nashville. CapitalSpring has previously been very active in Tennessee, having invested approximately $400 million in Tennessee-based businesses in the past 5 years. The firm plans to maintain additional offices in Atlanta, New York, and Los Angeles.
Source: Nashville Business Journal
Nashville Ranked 7th Best City for Seeking New Employment
March 2022
A recent analysis by LinkedIn ranked which U.S. cities were the best for seeking new employment opportunities. The analysis looked at job postings in each city compared with LinkedIn profiles that people had updated with new positions. Coming in 7th out of the top 15, Nashville was noted for thriving in the industries of healthcare, car manufacturing, and music.
Source: Nashville Business Journal
Oracle Corp. Leases Interim Hub in Downtown Nashville
March 2022
Database management and software company Oracle has leased 31,000 feet of office space in downtown Nashville at 601 11th Avenue North. The space is set to serve as an interim hub for Oracle as it continues development of its new $1.35 billion tech campus on the bank of the Cumberland River.
Source: Nashville Business Journal
Oppenheimer & Co. Inc. Opens New Office in Nashville
March 2022
Investment bank and wealth manager Oppenheimer & Co. Inc. has expanded into Middle Tennessee with a new office in Nashville. Oppenheimer "provides wealth management, securities brokerage, and investment banking services to high net-worth individuals, families, local governments, businesses, and corporate executives...In addition to North America, the firm has offices in Asia and Europe." The new Nashville office is located at 1801 West End Avenue and will be helmed by executive director Phil Hall.
Source: Nashville Business Journal
Speakeasy-Style Bar Attaboy Finds Success in both New York and Nashville
March 2022
Speakeasy-style bar Attaboy was recently named a semi-finalist for the 2022 James Beard Outstanding Bar Award. After opening its first location in New York in 2013, Attaboy opened a second location in East Nashville in 2017 after managing partner Brandon Bramhall visited the city on a road trip. Remarking on Attaboy's success in both cities, Bramhall said, "Both are towns that people go out in seven days a week, whether that’s largely resting on tourism on some days and nights or just on its own through the neighborhood stuff. That’s one thing that stood out to us is there are not many sleepy nights."
Source: Nashville Business Journal
NY-Based Tapas Bar Sets Down Roots in Nashville
February 2022
New York City-based tapas bar Boqueria will be opening its new location on February 21st at downtown Nashville's Fifth + Broadway development. Having opened its first location in the Flatiron District in 2006, Boqueria has expanded with six more restaurants in New York, Washington, D.C., and Chicago. Like its other locations, the restaurant in Tennessee will focus on serving shareable dishes of authentic Spanish cuisine and craft cocktails.
Source: Nashville Business Journal
Electric Vehicle Companies Eye Investments in Nashville
February 2022
Two anonymous projects in the electric vehicle industry, dubbed "Project Ocean" and "Project 47," are reportedly eyeing Clarksville for a combined $5.4 billion of investment and as many as 5,200 jobs. Tennessee has previously seen investment from other electric automakers and battery manufacturers such as Ford, General Motors, and Microvast. Clarksville in particular is catching the eye of potential investors because of its "workforce availability and proximity to electric vehicle companies in Tennessee, Kentucky, and the Southeast," as well as "the sheer amount of land that the county's economic development arm already controls near Interstate 24 and rail lines, with the necessary zoning and utilities already in place."
Source: Nashville Business Journal
Ford Moves Forward With Electric Truck Manufacturing Campus in TN
February 2022
Ford Motor Co. has announced further plans in the building of its new electric automobile manufacturing campus, dubbed Blue Oval City, in West Tennessee. Ford and construction contractor Walbridge plan to hire local Tennessean subcontractors for the massive project, with a particular emphasis on retaining minority- and women-owned businesses. Additionally, "the campus will be constructed on a nearly six-square-mile site and build Ford's next-generation all-electric F-series pickups and Sk Innovation's advanced batteries." The site is predicted to create 6,000 new jobs and be operational by 2025.
Source: Nashville Business Journal
Macy's Presence in Middle Tennessee Grows
February 2022
Macy's has recently announced plans to expand its distribution facility in Middle Tennessee. Macy's will be adding 50 new jobs at its facility in Portland, TN, about 40 miles north of Nashville. Mike Callis, the mayor of Portland, said in a press release, “Macy’s recent investment and expansion at the Portland, Tennessee facility highlights their success in our community and in our state.”
Source: Nashville Business Journal
Four Season Condos in Nashville Set New Sales Record
February 2022
SoBro's 40-story Four Seasons Hotel and Private Residences, developed by The Congress Group and AECOM Capital, has sold six of its seven penthouses for $57.5 million, a new single-building sales record. Approximately 79% of all condominium units in the tower have already been purchased, amounting to a grand total of $305 million in sales so far.
Source: Nashville Business Journal
Nashville Ranked as a Top City for Starting a New Business
February 2022
In a recent study by real estate data company Clever, Nashville ranked 15th in a list of the country's most popular cities in which to start new businesses. The study credits Nashville's ideal startup environment to its already existing network of startup founders, its booming tech and healthcare industries, its influx of venture capital, and its low corporate tax rates.
Source: NashvilleInno
Social Media Company TikTok Leases Office Space in Nashville
January 2022
Popular social media platform TikTok has leased three floors of WeWork office space at One Nashville tower in downtown Nashville. The company is owned by China’s ByteDance Ltd. and currently has more than 1 billion users per month. While it remains to be seen whether the social media giant will seek permanent office pace in the area, this marks the company's first foray into the Nashville market.
Source: Nashville Business Journal
AllianceBernstein To Start Apprenticeship Program with the Greater Nashville Technology Council
January 2022
Asset Management Company AllianceBernstein has announced plans to launch a pilot apprenticeship program that will help place talent in its technology-focused jobs. In conjunction with the Greater Nashville Technology Council, AllianceBernstein will send participants to a web development boot camp, followed by a one year mentored apprenticeship at the company, with graduates of the program securing permanent tech roles at AllianceBernstein.
Source: NashvilleInno
Nashville Saw Significant Venture Capital Boom in 2021
January 2022
A recent Venture Monitor report, compiled by PitchBook and the National Venture Capital Association, revealed that venture-backed companies in the greater Nashville area brought in over $870 million of investor money in 2021. Nashville Inno notes that 2021's venture capital total for Nashville-area companies "is the second-highest in the past eight years, and larger than three of the last four years added together."
Source: NashvilleInno
Nashville Real Estate Group Acquires Windsong Radiology Complex in New York
January 2022
Nashville-based real estate investment group MMAC HT II Amherst Spindrift NY LLC recently purchased the Windsong Radiology Complex in Amherst, NY for $28.75 million. The complex consists of two connected buildings located at 45 and 55 Spindrift Drive, which were previously owned by Spindrift Medical Park LLC.
Source: Nashville Business Journal
NYC Women's Healthcare Startup Diana Health Opens First Physical Location in Nashville
January 2022
Women's health startup Diana Health has announced the opening of its first physical location in Nashville. Although headquartered in New York, the company's COO and co-founder is based out of Nashville and has ties to Vanderbilt University Medical Center. Diana Health will be located in the TriStar Stonecrest Medical Center in Smyrna (part of the greater Nashville metropolitan area), and the company plans to use funds from its recent $11 million capital raise.
Source: NashvilleInno
Investor Group Plans New Tower in Nashville's SoBro Neighborhood
January 2022
Tim Morris, managing principal of international real estate development and investment company M2 Development Partners, has teamed up with a group of local investors to build a new tower in Nashville's SoBro neighborhood. The group paid a collective $15.9M for the property at 500 Lafayette Street at which they plan to construct a 350-resident building, with retail.
Source: Nashville Business Journal
Middle Tennessee City of Clarksville Ranked as Most Desirable Zip Code in the U.S.
January 2022
A study by Opendoor.com revealed that Clarksville, a city sitting about 40 miles northwest of Nashville, was the most popular zip code (37042) in the country last year as a destination for relocation. Opendoor cites Clarksville's proximity to Nashville, explosive job market, affordable housing, thriving local community, and amenities as some of the reasons for the town's increasing popularity among transplants.
Source: Nashville Business Journal / Opendoor.com
New York City Firm SomeraRoad Inc. Makes Another Big Buy in Nashville
January 2022
New York-based real estate firm SomeraRoad Inc. has purchased 1.5 acres at 1312 Martin St. in Nashville's Wedgewood-Houston neighborhood for $10.5 million. The transaction serves to expand SomeraRoad's presence in Nashville even more, coming on the heels of the company's recent $38 million Gulch investment in December 2021, among other Nashville projects.
Source: Nashville Business Journal
Nashville Enters Running for 2024 Republican National Convention
December 2021
The Nashville Convention & Visitors Corp. has submitted a bid to the Republican National Committee to host the 2024 Republican National Convention. The submission comes at the request of Republican Governor Bill Lee's office, which also requested specifics on bid requirements from the Democratic National Committee as well. For the RNC bid, Nashville is reportedly competing against Houston, Las Vegas, Salt Lake City, and Milwaukee.
Source: Chattanooga Times Free Press
NYC's Linfield Capital Purchases Two More Buildings in Downtown Nashville
December 2021
Newco Arc LLC (a business entity tied to New York City’s Linfield Capital which spent $28 million on The Arcade in April) recently purchased adjacent buildings at 221 Fourth Ave. North for $6.8 million and 244 Rep. John Lewis Way for $4.6 million. The former location is home to the three-story Tennessee Bar Association building and the latter is home to a Greek restaurant.
Source: Nashville Business Journal
New York Investment Firm Blackstone Group Snags Courtyard Downtown Nashville Hotel for Almost $100M
December 2021
New York City investment firm Blackstone Group Inc. recently purchased the 12-story Marriott Courtyard Nashville Downtown hotel for $99.61 million (equivalent to $490,712 per room) which sits near Printers Alley at 170 Fourth Avenue North. Blackstone describes itself as a leading global investment business investing across alternative asset classes in private equity, real estate, credit and hedge funds, infrastructure, life sciences, insurance, and growth equity.
Source: Nashville Business Journal / Blackstone.com
SomeraRoad Expands Footprint in Nashville Once Again
December 2021
Real estate investment and development firm SomeraRoad Inc. has once again expanded its presence in Nashville, scooping up 1.9 acres at the corner of Eighth Avenue and Division Street in the Gulch. The property, which SomeraRoad purchased for $38 million, sits next to another of the company's projects, the Paseo South Gulch development site.
Source: Nashville Business Journal
NYC Real Estate Firm Spends Over $29M on Gulch Property
December 2021
New York-based real estate firm Tidal Real Estate Partners LP recently set a new record when it purchased property at 114 George L. Davis Blvd. in the Gulch for $29.25 million. The purchase price is equivalent to $25.43 million per acre, a new record for Nashville's trendy Gulch neighborhood. Tidal has stated that it will replace the property's current QNTM gym building with a mixed-use project.
Source: Nashville Business Journal
Nashville Ranked As One of the Most Charitable Cities in the U.S.
November 2021
A new ranking by SmartAsset measuring charitable giving activity by city has slotted Nashville as the 11th most charitable metro area in the United States. Metrics for the rankings included charitable donations as a percent of income, average contributions, percent of tax returns with donations, and volunteer rates. The study found that Nashville residents donate 1.79% of their income to charity and the city has a volunteer rate of 34.7%.
Source: Nashville Business Journal
AllianceBernstein Partners With Vanderbilt to Offer New Practice Management Program
November 2021
AllianceBernstein, the formerly New York-based financial firm, is partnering with Vanderbilt University's Owen Graduate School of Business to offer a new Practice Management Certificate program through its AB Advisor Institute. The program will be taught by both Vanderbilt professors and the AB Advisor Institute and will be “designed to teach AB regional managers client engagement tools and the psychological tenants of how humans make decisions and create beliefs.”
Source: Nashville Business Journal
iHeartMedia Pledges to Create 180 Jobs in Nashville
November 2021
Media giant iHeartMedia has committed to creating 180 jobs in downtown Nashville in exchange for a state grant of $1.25 million, which was unanimously approved by the state Funding Board. The company's Nashville office, located at the 1200 Broadway tower, acts as a second headquarters for the company's digital division. iHeartMedia is reportedly spending a total of $2.85 million on its expansion into Nashville and has pledged to create the new jobs within the next five years.
Source: Nashville Business Journal
Currax Pharmaceuticals Relocates HQ to Brentwood, TN
November 2021
Currax Pharmaceuticals has moved its headquarters from Morristown, New Jersey (just west of New York City) to Brentwood, Tennessee. When explaining the decision to relocate, Currax president and CEO George Hampton cited Nashville's higher-ed institutions committed to research, the city's influx of talent, and the innovative environment. The company is currently focusing on the development of its new smoking-cessation medication.
Source: NashvilleInno
SomeraRoad Announces Popular NYC Cafe Will Be a Tenant in New Gulch Development
November 2021
Real estate investment and development firm SomeraRoad Inc. has announced that one of the tenants in its Paseo South Gulch project will be popular NYC cafe Two Hands. Founded in 2014, the restaurant describes itself as "a community-focused cafe" that takes "inspiration from Australia's forward-thinking culinary scene and relaxed beachside lifestyle."
Source: Nashville Business Journal / Two Hands Cafe
NYC-Based Flank Inc. Expanding Footprint in The Gulch
November 2021
New York City-based Flank Inc. is once again expanding its footprint in Nashville with a proposed new 26-story tower project at 125 11th Ave. North. The tower would contain a combination of residential units, restaurant and retail space, lounge space, and multipurpose space. The property is next to Flank's under-construction $200 million residential tower and across the street from the site of its yet-to-be-constructed luxury Edition Hotel.
Source: Nashville Business Journal
New Nashville Private Equity Firm Spins Out of Starr Investment Holdings, LLC
October 2021
Whistler Capital Partners LLC has completed a spin-out from Starr Investment Holdings LLC (a subsidiary of New York City-based C.V. Starr & Co. Inc.), forming a new private equity firm in Nashville. Whistler is taking with it more than $1 billion of assets under management and plans to focus on deals in the health care space.
Source: Nashville Business Journal
Owner of Rockefeller Center and Yankee Stadium Properties Seeks to Enter Nashville
October 2021
Tishman Speyer, one of the world's best-known real estate firms and owner of properties such as Yankee Stadium and Rockefeller Center, is planning a development in downtown Nashville. According to recent filings, the firm is seeking what seemingly will be a mixed-used building at 133 Korean Veterans Blvd., near the Cumberland River.
Source: Nashville Business Journal / Nashville Post
NYC-Based Real Estate Firm SomeraRoad Sees Two More Execs Move to Music City
August 2021
NYC-based commercial real estate investment and development firm SomeraRoad Inc. has had two more of its executive relocate to Nashville. Andrew Donchez (development director) and Andrew Marchetti (vice president of acquisitions and development) will be joining the leadership team comprised of three other SomeraRoad employees at the company's second headquarters in Nashville.
Source: Nashville Business Journal / SomeraRoad
NYC Investor Buys Former Nashville Recording Studio for $3 Mil
August 2021
A New York City-based investor recently doled out $3 million for the building formerly known as The Tracking Room, once Nashville’s largest recording studio. The studio, which was constructed in the mid-1990s, has hosted artists ranging from Taylor Swift, to U2, to George Strait.
Source: Nashville Business Journal
Tennessee Ranked as Third Best State for Retirement
July 2021
Bankrate, a New York-based consumer financial services company, recently created a ranking of the best and worst states to retire in. The study looked at five overall factors: affordability, wellness, culture, weather, and crime. Tennessee ranked No. 1 in affordability (the study notes the state’s below-average living costs and tax advantages) and No. 3 overall for retire-ability.
Source: Bankrate
NYC Real Estate Investor Buys East Nashville Apartments for $79 Mil
July 2021
An NYC-based real estate investor has purchased Stacks on Main, a 268-unit apartment complex on Main Street in East Nashville. The complex was previously owned by CIM Group who acquired the building in late 2017. The purchase price of $79 million equates to approximately $295,000 per unit.
Source: Nashville Post
Amazon to Build Second Distribution Hub in Greater Nashville Area
June 2021
Amazon is reportedly nearing construction of a 1.1 million-square-foot distribution hub in Clarksville, TN, in addition to its operations center in Nashville Yards. The new hub is estimated to bring 1,000 jobs to the area and push Amazon’s total regional footprint to over 9 million square feet.
Source: Nashville Business Journal
NY Developer Acquires $16 Million Property in Nashville
May 2021
New York City-based development company Flank Inc. recently purchased a $16 million piece of property in Nashville's North Gulch district, adding to the company's quickly growing footprint in the city. The purchase comes on the heels of Flank's new residential and retail high-rise building project (also located in The Gulch) that began construction earlier this year.
Source: Nashville Post
NY Real Estate Developer to Begin Construction on New Tower in North Gulch
March 2021
New York-based real estate developer Flank Inc. will begin construction on a new tower in the North Gulch after recently securing a $187 million loan. The building, which will be located at 1111 Church Street, is slated to be a 25-story residential and retail building designed by Nashville-based architecture firm ESa.
Source: Nashville Business Journal
Nashville Named One of the Top 10 Commercial Real Estate Markets for 2021
March 2021
The National Association of Realtors has released its list of the top 10 commercial real estate markets for 2021, which includes the Nashville-Davidson-Murfreesboro-Franklin metropolitan area. Selections were made based on 25 indicators regarding an area's economic, demographic, housing and commercial market conditions in the multifamily, office, industrial, retail and hotel property sectors.
Source: National Association of Realtors
Nashville Cracks Top 10 in Milken Institute's Best-Performing Cities Index
February 2021
The Milken Institute’s Best-Performing Cities Index tracks the economic performance of approximately 400 U.S. metropolitan statistical areas. It uses an outcomes-based set of metrics—including job creation, wage gains, and high-tech GDP growth—to evaluate the performance of these cities relative to one another. For 2021, Nashville came in ranked as 8th overall, a 6 slot jump from its spot at 14th in 2020.
Source: Milken Institute
New Jersey Construction Lender BD Capital Opens Office in Nashville
February 2021
BD Capital, based in Warren, NJ, has opened an office in Hillsboro Village at 1805 21st Avenue South. The private lender, whose average loan is $450K, focuses on "residential builders specializing in new construction and fix and flip projects."
Source: Nashville Business Journal / Nashville Post
SomeraRoad Proposes New Two-Tower Project in Nashville
January 2021
NYC-based real estate developer SomeraRoad has proposed a two-tower high-rise project in the Gulch. If approved, the mixed-use development will connect the historic Vorhees Building and Downtown Antiques Mall located on 8th Avenue, with two towers standing at 16 and 20 stories, respectively.
Source: Nashville Business Journal
Nashville Ranked Among Best Cities for Working From Home
January 2021
Nashville was recently ranked as the 15th best city in the U.S. for working from home, based on various metrics such as pre- and post-COVID work-from-home prevalence, unemployment rates, and housing costs. As part of its calculation, the analysis estimated that almost 30% of Nashville's workforce is able to work from home.
Source: SmartAsset
Zillow Ranks Nashville #3 in Hottest Housing Markets for 2021
January 2021
The Zillow Home Price Expectations Survey recently ranked Nashville as the #3 metro area likely to outperform the nation in home value growth in 2021. Out of a panel of economists and real estate experts, 67% predicted that Nashville will surpass the 2021 national average in home value growth, crediting factors such as affordable homes, a thriving economy, and sunny weather.
Source: MarketWatch
Nashville Housing Market Grew in 2020, Despite Pandemic
January 2021
The Nashville real estate market continued to thrive in 2020, despite the setbacks and financial uncertainty caused by the pandemic. The Nashville area saw "44,850 homes sold in 2020, up from 42,356 total homes sold in 2019, an increase of 6%"--a true testament to Nashville's housing market's resiliency and appeal.
Source: Nashville Business Journal
LinkedIn Study Ranks Nashville Among Top 15 Cities With the Most Opportunities for Job Seekers
January 2021
A recent study by LinkedIn's Economic Graph Research team assessed 182 U.S. metro areas, analyzing the average volume of job postings on LinkedIn and the quantity of people getting hired (as tracked by updates to their LinkedIn profiles) in each area. Based on these metrics, Nashville was ranked 8th of the top 15 metro areas with the most job opportunities.
Source: LinkedIn
NYC Healthcare Subsidiary to Buy Nashville Healthcare IT Company in $13 Billion Deal
January 2021
Optum, a Minnesota-based subsidiary of NYC-based UnitedHealth Group, has announced plans to purchase Nashville's largest healthcare IT company, Change HealthCare. The $8 billion deal is expected to close in the latter half of 2021, with UnitedHealth agreeing to assume an additional $5 billion of Change HealthCare's debt.
Source: Nashville Business Journal
Nashville Ranked in Top 10 Metro Areas For Small Business Optimism
December 2020
A recent study by SmartAsset, using data from the Census Bureau’s Small Business Pulse Survey, ranked the Nashville metro area as one of the top 10 metro areas in the U.S. for positive small business outlook heading into 2021. The survey indicated that 29.4% of Nashville small businesses are operating at normal levels, 25.3% are looking to hire new employees, and 30.9% have at least 3 months of cash on hand.
Source: SmartAsset / Census Bureau Small Business Pulse Survey
JPMorgan Chase Continues its Expansion into Nashville
November 2020
JPMorgan Chase has announced its plans to open a new branch in Nashville's Bellevue neighborhood in what will be its fourth Nashville branch opening since its flagship launched in December 2019. The 3,298 square-foot establishment is estimated to cost around $3.5 million to construct and is part of the global financial firm's plan to open over a dozen new branches in Middle Tennessee over the next five years.
Source: Nashville Business Journal
Northwood Investors Completes $200 Million Deal in Nashville
October 2020
Northwood Investors, a Denver-based real estate investment firm, has bought the Franklin Park buildings located in the 6000 block of Tower Circle. The purchase was made from an entity connected to JPMorgan, and the deal sets a record for the highest per-square-foot sale price for a suburban office building in the Nashville area--approximately $360 per square foot.
Source: Nashville Post / Nashville Business Journal
U.K. FinTech 'Smart' Selects Nashville for U.S. Headquarters
October 2020
U.K.-based FinTech and retirement technology company Smart will place its new U.S. headquarters in Nashville. With over 70,000 retirement plans on its completely cloud-based platform, Smart is one of the U.K.'s largest providers of retirement plans. The U.S. expansion will be headed by U.S. CEO and industry veteran Jodan Ledford.
Source: Nashville Business Journal / Accesswire
Scenic Investments Purchases Nashville Property for $11 Million
September 2020
Scenic Investments, a business division of Scenic International Group Limited, is a New York-based estate and infrastructure investment management company. Scenic recently purchased 0.8 acres of property in Midtown Nashville for $11 million, approximately $374 per square foot. The company has revealed plans to build a new 27-story building on the property with construction slated to begin mid-2021.
Source: Nashville Post
DailyWire Announces Move from LA to Nashville
September 2020
The conservative media outlet, spearheaded by editor and media personality Ben Shapiro, has announced its plans to move its headquarters and its 75 employees from Sherman Oaks to Nashville. Co-CEO Jeremy Boreing cited Nashville's "creative talent" as a primary reason for selecting the city as the company's new home.
Source: Deadline
New York-Based Campus Protein Inc. To Move HQ to Nashville
September 2020
Campus Protein, Inc., a provider of proteins, vitamins, and sports nutrition supplements to the college market, has announced its plans to move its headquarters to Nashville at Stocking 51 -The Nations. The company, which was started in 2010 by a group of college students, maintains a presence on over 300 college campuses and was able to secure $1 million in Series A investment funding at the end of 2018.
Source: Nashville Business Journal / Cision PR Newswire
Brookfield Properties Debuts 'The Place' at Fifth + Broadway
September 2020
New York-based Brookfield Properties has opened its new apartment tower, The Place, located in downtown Nashville. The tower is part of a larger $450 million mixed-use development project at Fifth + Broadway. According to Brookfield, the project is also slated to include "a Class-A office tower, 235,000 square feet of walkable shops and rooftop restaurants, a renovated conference center, the upcoming National Museum of African American Music and world-class entertainment offerings."
Source: Nashville Business Journal / Brookfield Properties
Facebook to Build $800 Million Data Center Near Nashville
August 2020
Facebook has begun construction on what will become its 13th data center in the U.S. and its 17th worldwide. The data center will be in Gallatin, just northeast of Nashville, and is expected to cover almost one million square feet. Facebook has said that the project, expected to cost in the realm of $800 million, will create 100 new jobs and will be supported by two Tennessee solar energy projects.
Source: Tennessean
Amazon To Expand Its Tech Hubs in Manhattan
August 2020
Despite the drawbacks of the current pandemic, Amazon has announced plans to expand its presence in several key cities across the United States. The largest expansion will be in Manhattan, where the company plans to open 630,000 square feet of office space and create 2,000 jobs. In downtown Nashville, the retail giant is currently in the midst of constructing its new operations headquarters that will employ some 5,000 people and is slated to open in 2021.
Source: Nashville Business Journal
JPMorgan Chase Forges Ahead with Nashville Expansion
July 2020
JPMorgan Chase, the country’s largest bank, continues its Music City expansion with the opening of a second retail branch in downtown Nashville. Led by executive director Denise Horvath, Chase opened its first branch in Nashville earlier this year, and has plans to open 20 branches in the Nashville area over the next few years.
Source: Nashville Business Journal
NYC Commercial Real Estate Developer to Make Debut in Nashville
July 2020
Somera Road Inc., a New York-based commercial real estate firm, is opening an office in Nashville that will be co-managed by VP of acquisitions Jonathon Reeser and VP of construction Joe LeMense. The firm, whose presence in Nashville has been growing steadily over the years, hopes that the addition of a local headquarters will strengthen its presence in the city and open up access to the surrounding markets.
Source: Nashville Post
Jefferies Financial Group Opens New Nashville Office
June 2020
Jefferies Financial Group, a financial services firm with global headquarters based in New York, has announced its plans to open a new investment banking office in Nashville. The firm, which specializes in investment banking, equities, fixed income, asset management, and wealth management, currently holds 29 offices across 14 countries. Since 2016, the firm has underwritten more than 155 initial public offerings—raising more than $43 billion in proceeds—and has completed more than 540 sell-side mergers and acquisitions, with a value of more than $465 billion.
Source: Nashville Business Journal
Nashville's HCA Healthcare to Provide Ventilators for Overwhelmed NY and NJ Hospitals
April 2020
Nashville-based healthcare giant HCA Healthcare has said that it will ship ventilators to overwhelmed medical facilities in both New York and New Jersey, two states hit particularly hard by the COVID-19 pandemic. HCA, the country’s largest hospital company, is sending the ventilators in response to a plea for help issued by the White House Coronavirus Task Force.
Source: Tennessean
AllianceBernstein is Moving Its Headquarters to Nashville and Bringing Jobs With It
January 2020
AllianceBernstein, a global financial firm that manages more than $620 billion in assets, is relocating its previously New York-based headquarters to Nashville and bringing 1,250 jobs along with it. The firm plans to move into its new offices by the end of 2020 and hopes to increase its overall investment in Nashville to a total of $80 million.
Source: Tennessean
iHeartMedia Picks Nashville for Second Headquarters for iHeartRadio Digital
December 2019
Company executives for iHeartMedia announced plans to open their second digital headquarters for iHeartRadio in Music City itself. Nashville’s rich history in the music industry and its rapidly developing technology industry made it an attractive choice for the country’s leading streaming broadcast radio platform. Their original digital headquarters office will remain in New York.
Source: Forbes
Multibillion-Dollar Private Equity Firm Sets Sights on Nashville
June 2019
Starr Investment Holdings LLC, a New York-based multibillion-dollar private equity firm, plans to open a new Nashville office in the coming months. Active primarily in the health care industry, the firm provides growth equity and leveraged buyouts, with investments ranging from $25 million to $1.5 billion. The firm is planning to move its senior leadership and health care team to the new office in an effort to strengthen ties with Nashville’s growing health care industry.
Source: Nashville Business Journal
