“No deal is a good deal unless it’s good for both parties.”
That’s how Pinnacle Bank Chairman Rob McCabe described the bank’s impending office move to Nashville Yards.
McCabe and Terry Turner, Pinnacle’s president and CEO, gave the Business Journal an exclusive look inside the homegrown lender’s new headquarters.
Pinnacle Financial Partners (Nasdaq: PNFP) will occupy 143,301 square feet of space across floors 21-25, with an additional 9,306 square feet on the first and second floors. Just like Pinnacle’s move to Symphony Place in 2009, the Nashville-based lender will be the anchor tenant of the Pinnacle Tower at Nashville Yards, which will feature skyline signage with the bank’s name on the east and west side of the building.
The move, which will take place in several phases, is expected to start at the end of January and will continue through May, with the firm’s new flagship retail office set to open at 8:30 a.m. on Feb. 3, according to a news release.
In 2021, Nashville’s largest bank announced the relocation of its corporate headquarters from The Pinnacle at Symphony Place in SoBro to a new, to-be-constructed tower at Nashville Yards — a move that marked the end of an era for Pinnacle and one that could set the precedent for a new business hub downtown.
“We moved to the right spot [SoBro tower] as it got ready to take off and it feels the same here [with Nashville Yards],” Turner told the Business Journal. “The business part of the community is moving this way and we’re on the early end of that thing.”
According to Turner, the move, which will more than double the bank’s office space, came as a result needing more space to allow for the company’s expansion, along with consolidation opportunities.
“This is a high-growth company and we’re expanding the people that work here,” Turner said. “We’re growing in Nashville, not only in the traditional banking units but we’ve built a lot of specialty banking units. … We’ve got a lot of stuff going on.”
For McCabe, the decision to relocate the bank’s corporate headquarters came as a series of “successive revelations.”
The company was at an inflection point on their 15-year lease at the SoBro Tower, giving the flexibility to meet with developers and evaluate Pinnacle’s space needs.
That paired with Nashville Yards’ “next-level” type of development, McCabe said it became a natural gravitation when it came to partnering with San-Diego-based Southwest Value Partners, the project’s developer.
Over the last several years, McCabe said Pinnacle has worked to develop relationships with Cary Mack, managing partner of Southwest Value Partners and his team, forming a mutually supportive business relationship in a variety of areas, not just in real estate or banking.
Pinnacle, which signed a 65,000-square-foot lease at the Symphony Place in mid-2007 and moved in when the tower opened in late 2009, was the second-largest tenant in the SoBro building behind law firm Bass, Berry & Sims.
Now, the two, along with PricewaterhouseCoopers, are all making way to their new digs at Nashville Yards.
Pinnacle’s new headquarters sits in the heart of Nashville Yards, a 19-acre mixed-use development with office, residential, retail, restaurants and entertainment, and one of the most high-profile developments in a city full of projects. Its total price tag is estimated to exceed $1 billion and the master development is expected to be completed in 2025.
Pinnacle entered Nashville’s banking scene almost 25 years ago and now controls 21.2% of the market share, with $19.71 billion in local deposits. It remains Nashville’s largest bank for its seventh consecutive year.
Visitors to Pinnacle’s new office will have access to the underground parking garage with entrances on 10th Avenue, which runs beneath the campus. Another garage entrance is available at surface level on Platform Way South, accessible from Church Street.
Just steps away from Pinnacle’s tower, the firm’s namesake 4,500-capacity music venue, The Pinnacle, will host its first show on Feb. 27.
Read the full story from Nashville Business Journal here.