The Westpark Building, a five-story office building located in the Maryland Farms area of Brentwood, was recently sold at an auction for $6.3 million to a local investor. According to reports from the Nashville Business Journal, this property was previously owned by First National Bank of Tennessee and had been acquired through foreclosure from Crestview Funds. In December 2013, Crestview had paid $24.81 million for the building.
The auction took place on January 16 and attracted a total of 29 bidders.
Built in 1982 and situated on a spacious lot measuring over five acres, The Westpark Building offers approximately 100,000 square feet of office space. Its most recent appraisal in 2023 valued it at $17.253 million; however, since late-2024 it has remained unoccupied.
The new owner plans to renovate the property before putting it back on the leasing market.
In other news related to downtown Nashville offices sales activity: two prominent towers have recently changed hands at significantly reduced prices compared with their previous sale values – both representing substantial losses for their respective sellers:
Last month saw East Coast investment firm Wheelock Street Capital sell Philips Plaza downtown at an estimated loss amounting to nearly $95 million; while Parkway Towers also went under contract during that same period but ultimately closed its deal with another buyer who reportedly suffered losses totaling around $21 million as well.
