Richmond, VA – September 14, 2020 – Downtown office tower to get $15M upgrade
Less than a year after buying the Parkway Towers office building on the edge of the Central Business District, a joint venture between a New England and Virginia company is preparing to pump $15 million into the 21-story building.
Wheelock Street Capital and Commonwealth Commercial Partners plan to renovate Parkway Towers’ façade, install new windows, upgrade the building’s rooftop and street-level plaza amenities, update its main entrance and elevator lobbies and redo an amenity floor that features conference rooms and a fitness center. Along the way, Wheelock and Commonwealth also are rechristening the 220,000-square-foot building as NorthCap Center.
Wheelock and Commonwealth last fall paid $33.5 million to buy the 52-year-old Parkway Towers structure, which also features a 450-space garage. They expect their renovation work to conclude during next year’s second quarter and have brought on board Foundry Commercial, with Andrew Maxwell and Shelby Hall in the lead, to lease up to 150,000 square feet of the building.
“Our team is thrilled to be working alongside Foundry for what we know will again become one of the signature buildings in downtown Nashville,” said John Mason, managing director of asset management at Commonwealth. “Given their knowledge of the market and the improvements that we are undertaking to make the property one of the most desirable office buildings in downtown Nashville, we know that the right businesses will be calling NorthCap Center home in the very near future.”
About Commonwealth Commercial Partners, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Columbus OH, Kansas City MO, Minneapolis MN and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.