The Music Row building home to BMG Rights Management has sold for $55.2 million, with the buyer a Denver-based real estate private equity firm that recently undertook a major deal in Midtown.
According to a Davidson County Register of Deeds Document, Northwood Investors now owns the five-story structure located at 1 Music Circle S. The building opened in 2019.
In June, a related Northwood entity paid $119 million for the Broadwest main tower component offering the 234-room Hilton Conrad hotel (read here). Northwood Investors, which also offers a New York office, bills itself as managing hotels worldwide with more than $8 billion of investor capital.
The seller was an LLC affiliated with Panattoni Development Co. The local office of that California company paid $3.5 million for the property in 2016, with the site then home to a nondescript building in which the Country Music Association once maintained offices.
The building offers about 107,840 square feet. As such, the transaction is the equivalent of $511 per foot. For comparison, a nearby Music Row building sold in August for the equivalent of $650 per square foot (read here).
The purchase follows the June transaction involving a building located at 1 Music Circle N. Austin-based development company Endeavor Real Estate Group paid $8.15 million for the property (read here).
JLL represented the seller in the transaction, according to a source.