Landmark Recovery, a drug and alcohol treatment company, leased the majority of a building in a Nashville suburb with plans to relocate its headquarters and create up to 1,800 jobs.
The company now occupies 223,000 square feet of Cool Springs V in Franklin, a suburb about 20 miles south of Nashville. It relocated its headquarters from Arizona to the 264,000-square-foot building last year.
The deal earned a 2023 CoStar Impact Award for lease of the year in the market as judged by local commercial real estate experts.
Raleigh, North Carolina-based Highwood Properties opened Cool Springs V in 2007. At the time, it was leased to Healthways for its headquarters, which had moved out of Nashville. Healthways sold business lines in 2016 and rebranded to Tivity Health a year later. Its office space dwindled in the building.
Cool Springs, the second-largest office market outside of Nashville proper, has struggled over the past several years with rising vacancy. CoStar data shows vacancy at 17.1%, the highest in at least a decade.
About the project: Landmark Recovery started with a 28,218-square-foot lease in February 2021, a significant deal during the pandemic at the time. In July 2021, the company expanded by another 23,249 square feet. The lease came up for renewal last year and the company decided to expand to 223,000 square feet and move its entire headquarters to Franklin.
What the judges said: “With Landmark being a new-to-market company relocation during the height of the pandemic and expanding their footprint significantly over the last couple of years, as well as the prospect of 1,500 to 1,800 new jobs, it's these types of transactions that showcase the demand from out-of-market companies and the positive growth they will add to the Nashville economy in terms of high-quality jobs," said Diana Johnson O’Brien, senior field research analyst with CBRE.
They made it happen: Jeremiah Pyron, partner at Sagemont Real Estate; Scott Maxwell, managing principal at Cresa Partners; and John Green, director of leasing at Highwoods Properties.