At a glance
- The price works out to about $199 a square foot, compared with about $279 in 2019.
- For allocators marking office funds, the trade is a usable comp: a 1987-vintage building repricing at about 71% of its 2019 price, before any capital the new owner commits.
- Evelyn Capital paid $17 million for the downtown Philips Plaza office tower in 2024, a sale Connect CRE described as a $94 million loss to the previous seller.
Evelyn Capital bought Two Greenway Centre in Franklin for $31 million, 29% below the $43.5 million the 156,000-square-foot office building sold for in 2019.
The price works out to about $199 a square foot, compared with about $279 in 2019. TA Realty sold the building to Evelyn Capital, according to Connect CRE. Crescent Communities developed the building, which opened in 1987. The 2019 sale was the largest in Cool Springs history at the time, the Nashville Business Journal reported then, and the record has since been broken. Occupancy was not disclosed.
For allocators marking office funds, the trade is a usable comp: a 1987-vintage building repricing at about 71% of its 2019 price, before any capital the new owner commits. Appraisals that still rely on 2019-21 office comps now have a same-asset print showing the opposite.
Evelyn Capital paid $17 million for the downtown Philips Plaza office tower in 2024, a sale Connect CRE described as a $94 million loss to the previous seller. The investor group also owns Lakeview Place, an office portfolio of about 382,000 square feet across three buildings. Crews Johnston and Samir Idris of Cushman & Wakefield's Nashville office handled the sale of Two Greenway Centre. Frank Thomasson of CBRE is the building's new leasing broker.
The same building sold for 29% less than in 2019
Sale price of Two Greenway Centre, Franklin, 2019 vs 2026
2019 sale
$43.5M
2026 sale
$31M
Same 156,000-sq-ft building: about $279 a square foot in 2019, about $199 now.
Reported by the Deals desk from Connect CRE. Published . Corrections