Serendipity Labs Expands Nashville-Area Footprint – What is a Ground Lease?
Brokerage, Nashville – Knoxville, News, Office, Southeast, Coworking, Serendipity Labs Coworking, The Brookdale Group
New York-based flexible office provider Serendipity Labs will open a 33,000-square-foot coworking space in Brentwood, Tenn., a suburb of Nashville. The firm will occupy the third floor at one of the four buildings within the Creekside Office Park. The campus is part of the larger Maryland Farms mixed-use community, owned by The Brookdale Group.
The flex office location will encompass dedicated private offices, team private offices for groups of up to 10 people, as well as team suites for up to 100 people, board rooms, visual studios and accommodation for corporate events. On-site amenities comprise full-service hospitality staff, complimentary fruit and drinks, as well as quiet and wellness rooms. Tenants will also have access to building facilities including a fitness center, café and tenant lounge.
Located at 8 Cadillac Drive, the 129,000-square-foot building is just off Highway 254 and close to Interstate 65, while downtown Nashville is roughly 11 miles north. This is Serendipity’s second location in Nashville, after entering the market in September with a lease in the metro’s downtown.
Coworking space represents 2.4 percent of the total rentable office space in metro Nashville, according to a recent CommercialEdge market update. The data provider identified 69 locations totaling 629,000 square feet of confirmed space and 1.4 million square feet of allocated space.
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This is the coworking provider’s second location in the metro.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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