A two-story office building occupied by the Federal Bureau of Investigation in Donelson is for sale for $9 million, according to a real estate property listing online.
Originally built from scratch specifically for the FBI in 2005, the 16-year-old structure is located at 2868 Elm Hill Pike and commonly referred to by locals as the FBI building.
The bureau’s current 5-year lease expires in June 2026, although either party can terminate the lease after three firm years. The property is listed by Alexander Harrold at Matthews Real Estate Investment Services.
With nearly 31,000 square feet of office space, the building sits on three acres of land and includes 88 parking spaces. The stand-alone building features 5-grade level doors and one elevator. Other aspects not included in the gross leasable area are a large heated garage and a cooled mechanic shop.
According to listing material available online, the owner has maintained the building in immaculate condition with an on-site groundskeeper walking the property weekly. The listing indicates nearly $300,000 worth of improvements have been poured into the building recently including installation of a new Thermoplastic Polyolefin roof, carpeting replaced throughout the building’s interior, exterior re-painting, and parking secured by a newly installed hyper security barrier entrance gate.
Although the FBI operates in this building, the United States of America is the lease guarantor and maintains top-tier AAA credit, the listing states.
The bureau moved into the Donelson building in 2005 after the FBI outgrew previously leased office space on West End Avenue in Nashville. Since the events of Sept. 11, the federal law enforcement agency expressed a clear preference for stand-alone buildings.
The Elm Hill Pike office building is located in Donelson’s hospitality district less than a mile from the expanding Nashville International Airport. In the last two years, at least 10 hotel properties were built or renovated in the airport lodging district of Donelson.
A brand new six-story, 200-room Holiday Inn Airport Hotel and Conference Center is under construction on seven acres right next door to the FBI building property. Element by Westin opened last year kitty-corner to where the Justice Department’s field office is located.
The Elm Hill Pike building was purchased in December 2011 for $5 million by HCI Limited Partnership with a mailing address in Monroe, LA. Earlier that year in February, a division of Wells Fargo Bank, acquired the property in a foreclosure sale with the highest bid of $3 million during a courthouse auction. Q6 Office II LLC, the building’s previous owner who leased the building to the FBI, defaulted on an April 2007 loan for $5.7 million. The North Carolina-based company bought the building in 2006 for $7.8 million.