Realm, an investment firm, recently acquired the Parkway Towers and Court Square Building in downtown for $15 million. The previous owner, Wheelock Street Capital, sold the two buildings at a combined loss of approximately $26 million. In October 2019, Wheelock purchased the 21-story Parkway Towers for $33.5 million and then bought the neighboring Court Square Building in June 2022 for $8.25 million.
According to reports from Nashville Business Journal, Realm plans to convert the 218,000-square-foot Parkway Towers into either apartments or a hotel. These two office buildings are located on a prime site of 1.28 acres near Tennessee State Capitol.
In another recent transaction by Wheelock Street Capital in downtown Nashville’s real estate market was selling Philips Plaza tower at a significant loss of $94 million to local investors Byran Fort and Taylor Preston just last week.
Furthermore,this month saw yet another distressed property sale by Wheelock as they had to sell off an office building located in Maryland Farms through foreclosure auction resulting in an estimated loss of around$18.5million.
