Two Centre Square – 625 South Gay Street, Knoxville, TN

Opportunity:

At acquisition this asset had an attractive combination of substantial lease cash flow with significant upside potential as  the rents, at acquisition, were below market. The downtown Knoxville office market was quite healthy, with Class A vacancies less than 10% and rental rates starting to increase. Additionally, a significant amount of Class B and Class C space had been taken off the market and converted to residential uses. The building is located in the heart of downtown Knoxville with close access to all major amenities.

Property:  Six-Story, Class A Office Buildingphotos_TwoCentre2_high_res

Size:  91,426 RSF

Built:  1998

Purchased:  August, 2006

Realized:  January, 2012

Ownership:  Westminster Two Centre LLC, owned 100% Fund VI

View a detailed map of this property (MapQuest).

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