Amsouth Building
Bearden Hill Office Partners is a general partnership consisting of Don Brewer of Realty Investment Services, Paul Harrison of Long, Ragsdale, Waters, and Kirk Huddleston of Blaine Construction. It is a single purpose entity created in 2004 for the development of an office building in the historic Knollwood development in the Bearden area of Knoxville, TN.
Approach
This project began in late 2000 with a premier 2.7 acre site owned by Sunrise Assisted Living Services. Realty Investment Services along Design Innovation Architects, Grace Commercial Properties, and Blaine Construction created a concept plan, construction budget, and operating budget for a 50,000 square foot office building. Grace optioned the land and RIS marketed the building to the brokerage community and local companies. After 9/11/01 the project went dormant for over 18 months.
Results
During late 2003 Grace renewed the land option and began the pre-leasing process again. AmSouth Bank through Harbert Realty Services became interested in the project to relocate their headquarters from downtown Knoxville.
Bearden Hill Office Partners acquired the land option from Grace Properties and eventually negotiated a 15 year lease for 42,000 square feet with AmSouth. After a period of pre-leasing the remaining space, AmSouth agreed to take full occupancy (52,000 square feet) for a 15 year period.
In spring of 2005, the building was completed on time and under budget by Blaine Construction and AmSouth relocated their East Tennessee headquarters. Bearden Hill Office Partners continue to own and manage the property.