Sherrard & Roe LLC has leased 30,000 square feet of space in the 29-story Pinnacle at Symphony Place, which opened south of Broadway two months ago. With the latest lease signing, the building is about 60 percent leased.
By this time next year, Sherrard & Roe would have moved to Pinnacle from a similar-sized space at the Fifth Third Center building on Church Street. Its new lease is the latest in a game of musical chairs in the downtown office market as tenants shift in search of efficient space or better amenities.
Under the 11-year lease, Sherrard & Roe would occupy the Pinnacle's entire 12th floor and part of the 11th floor. It also has right of first refusal to take the rest of about 15,000 square feet on the 11th floor.
Tom Sherrard, founding member of the law firm, said access to more parking and other factors made the move appealing. "The ability to have all of our lawyers on one floor is great for communications and teamwork," he said.
Other factors included generous tenant improvement allowances offered by Pinnacle's owners.
All 30 Sherrard & Roe lawyers will have offices on a single floor, instead of being scattered across two floors in its current office space. The law firm has more than 50 employees, counting other staffers.
Sherrard & Roe joins financial services firm Pinnacle Financial Partners and the Bass, Berry & Sims law firm as tenants in the building. Both of those companies moved to the Pinnacle from other addresses downtown.
"The net effect on the market of taking 30,000 square feet and leaving 30,000 square feet (at another location) is no effect," said Tom Frye, managing director with the commercial real estate firm CB Richard Ellis here.
Fifth Third Center, where Sherrard & Roe will leave after its lease ends, retained law firm Adams & Reese as a tenant after the parties agreed to a renovation of that law firm's space, including adding outdoor terraces and placing its name on signage in an outdoor plaza.
Tom Hooper, a broker with Fifth Third Center leasing agent Eakin Partners, said that while he hates to lose a long-time tenant, inquiries from other interested parties have picked up during the current quarter. For instance, a health-care company signed for two floors of about 35,000 square feet to relocate from another downtown site.
Atlanta-based Barry Real Estate Cos. developed the Pinnacle skyscraper with an investment fund linked to basketball great Magic Johnson. The Pinnacle's leasing agent is Nashville Commercial|Cushman & Wakefield Alliance.
Getahn Ward covers commercial real estate for The Tennessean . He can be reached at 615-726-5968 or gward@tennessean.com.
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