Downtown’s stately Frost Building has sold for an undisclosed sum to a Cleveland company that specializes in preserving historic structures, according to a release.
The five-story stone structure opened in 1913, sits on 0.28 acres and offers an address of 161 Rosa L. Parks Blvd. (Eighth Avenue). It was listed for sale in November 2024.
Via an LLC, Southwest Value Partners (SWVP) was the seller. The company, which operates an office in the building, acquired the building and other nearby parcels for $125 million in November 2015, Metro records note, related to Nashville Yards.
The Davidson County Register of Deeds seemingly has not recorded the transaction, and the Post was unable to determine a sales price.
SWVP has developed multiple Nashville Yards sites, including those offering the two Amazon-anchored towers, The Pinnacle office building, the structure housing the Grand Hyatt Nashville hotel and residential high-rises The Everett and The Emory.
Marketing materials note the roughly 37,600-square-foot Frost Building houses the local office of San Francisco-founded design firm Gensler and marketing firm 20/20 Research. The building was renovated last year, with the property offering no on-site parking.
The release notes GBX will maintain the Frost Building as office space.
Ellen Dement Hurd, president of Historic Nashville Inc., said the building — via a historic preservation agreement facilitated by the nonprofit — will be protected from demolition and unapproved exterior changes.
Drew Sparacia, CEO of GBX Group, said operating the Frost Building as an office space will “[fulfill] our mission of preserving and adaptively reusing historic buildings amid commercial growth and tourism.”
The sale also included an adjacent 0.44-acre property with an address of 157 Rosa L. Parks Blvd. SWVP had owned that parcel, which serves as surface parking, and previously said that it would like eventually to develop the property.
“We are very pleased to have completed this transaction with GBX Group,” Cary Mack, managing partner of Southwest Value Partners, said in the release, adding SWVP offices will move to The Pinnacle later this year.
“They are the perfect organization to continue the preservation of the Frost Building, where we have previously made significant investments to restore and preserve this historic landmark. We are excited to have them as our neighbors at Nashville Yards.”
GBX is not new to the Nashville market. The company is teaming with Essex Development on what is a major redevelopment of a segment of Rutledge Hill (to be called the Rutledge Hill Culinary District if it materializes) and owns the structure once home to Hermitage Cafe and now housing Mr. J’s Original.
Southwest Value Partners was represented by Rob Lowe, Stephen Graw and Fiona Abbott, brokers with the Nashville office of Dallas-based Stream Realty Partners.
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