News
GBX Group and Historic Nashville, Inc. Announce the Acquisition and Continued Preservation of the Historic Frost Building
GBX Group
April 23, 2025
161 Rosa L Parks

NASHVILLE, TN - GBX Group LLC and Historic Nashville, Inc. proudly announce the acquisition of the Frost Building, located at 161 Rosa L. Parks Boulevard in downtown Nashville. A GBX company acquired the property from Southwest Value Partners and ensured the building’s historic character will be preserved in perpetuity through a historic preservation agreement facilitated by Historic Nashville, Inc.

“The Frost Building is in the heart of downtown Nashville, providing tenants easy access to many of Nashville’s notable attractions within close proximity to the workplace, only minutes from the Tennessee State Capitol, Broadway Avenue, Nashville Yards, Bridgestone Arena and more,” said Drew Sparacia, CEO of GBX Group. “Plans are to continue operating the historic Frost Building as an office space, fulfilling our mission of preserving and adaptively reusing historic buildings amid commercial growth and tourism.”

By leveraging various federal, state and local incentive programs, such as historic tax credits and preservation agreements, project partners can access critical, non-traditional financing sources that make preserving these important assets economically viable. A GBX fund, managed by GBX Fund Management Ltd., acquired the Frost Building, marking it as the eighth historic property a GBX company has preserved in the city.

 

“We are very pleased to have completed this transaction with GBX Group. They are the perfect organization to continue the preservation of the Frost Building, where we have previously made significant investments to restore and preserve this historic landmark. We are excited to have them as our neighbors at Nashville Yards,” said Cary Mack, Managing Partner of Southwest Value Partners. “As this latest phase of construction at Nashville Yards nears completion we will be moving our firm’s corporate offices into the new Pinnacle Tower later this year.”

Constructed in 1913, the downtown Nashville property was home to the Sunday School Board for the Southern Baptist Convention, one of the largest Protestant denominations in the United States. The organization used the building as its place of business, as an educational and publishing agency.

“Historic Nashville, Inc. is grateful to continue our collaboration with GBX Group, working to safeguard the historic places that make Nashville special,” said Ellen Dement Hurd, President of Historic Nashville, Inc. “The Frost Building is a prime example of how a historic landmark can be thoughtfully preserved and supported to thrive in today’s commercial market—honoring its past while positioning it for long-term success.”

Photos by Derek Lee 

About GBX Group LLC

GBX Group LLC specializes in acquiring, preserving and operating historic real estate in urban markets. The company partners with investors to fund the acquisition and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2025, GBX has been involved in 211 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/

About Historic Nashville, Inc.

Established in 1968 and renamed in 1975, Historic Nashville, Inc. (HNI) is a nonprofit 501(c)3 membership organization with the mission to promote and preserve the historic places that make Nashville unique.  Over the years, HNI has successfully advocated for the preservation of such historic places the Ryman Auditorium, Union Station, Hermitage Hotel, 2nd Avenue & Lower Broadway and Shelby Street Bridge, as well as neighborhood historic districts throughout the city. For more information, visit historicnashvilleinc.org/

About Southwest Value Partners and Nashville Yards

Based in Nashville and San Diego, Southwest Value Partners is a privately held real estate investment company that invests in institutional quality real estate located in growth markets throughout the United States. Southwest Value Partners has a disciplined and high energy approach to asset acquisition, operating execution, value creation, and asset disposition. To learn more about Southwest Value Partners, visit www.swvp.com. Nashville Yards is a 19-acre mixed-use development located in the heart of downtown Nashville. The walkable, urban community features high-end hospitality offerings, including Grand Hyatt Nashville and the historic Union Station Nashville Yards; The Pinnacle, a state of the art, indoor live music and event venue developed in partnership with AEG and operated by AEG Presents; over 2 million square feet of Class-A+ highly amenitized office space, which includes two towers anchored by Amazon, a creative office building anchored by Creative Artists Agency, and Pinnacle Tower, a multi-tenant tower anchored by Pinnacle Financial Partners and Bass, Berry & Sims; The Emory and The Everett, 670 luxury condominium residences for sale and multi-family residences for lease across these two towers; The Goddard School, a 260 child accredited education center; and a wide variety of exceptional restaurants along with retail, fitness, cinema, healthcare and entertainment offerings. The development will have 7+ acres of open plazas, courtyards, and green spaces, including the Ascension Saint Thomas Landing. To learn more about Nashville Yards, visit www.nashvilleyards.com or follow @NashvilleYards on X and Instagram.

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Contact: Kelsey Sparacia

Public Affairs & Marketing Associate

kelseysparacia@gbxgroup.com

513-432-6156