The Baker Donelson Bearman, Caldwell & Berkowitz law firm will expand its space by 42 percent to 94,000 square feet under the new lease. The move reflects how downtown, despite its rising vacancy rates, remains a hub to Nashville's legal and financial communities, real estate observers said.
The CVS/Caremark sign atop the building soon will be replaced by Baker Donelson's.
"It speaks to the building and its characteristics like great parking and excellent location," said Bert Mathews, president of The Mathews Co., which co-owns Baker Donelson Center with Ayers Asset Management. "It speaks to downtown as a great place to do business."
The space that Baker Donelson is adding includes a floor subleased until recently to CVS/Caremark, which consolidated its local pharmacy benefits management operations to its MetroCenter call center location.
Firm will add conference centerThe law firm also plans to absorb first-floor space now occupied by Pinnacle Financial Partners, which plans to move to the soon-to-be completed Pinnacle at Symphony Place office tower. The first floor offices would be turned into the Baker Donelson Conference Center, which would be available to clients and civic groups for board meetings, receptions and other gatherings, officials said.
"It should be a great thing for downtown to have another meeting space for folks to use," said Scott Carey, new Nashville office managing shareholder with Baker Donelson.
Pinnacle's departure — which will begin in December — and Baker Donelson's expansion are the latest announced shuffles in the downtown office market. More than 20 percent of office space downtown was vacant as of June 30, according to real estate firm CB Richard Ellis, which tracks the market.
Mylinda Vick of Cherry & Associates represented Baker Donelson along with Larry Papel, a Baker Donelson shareholder. NAI Nashville brokers Chris Grear and Lee Paradise represented the landlord in the talks.
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