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Former IRS building at 127 International Dr. in Franklin

 Photo: Hamilton Matthew Masters

The Franklin office building that previously housed IRS employees is now listed for sale for an undisclosed asking price.

The Department of Government Efficiency terminated the IRS lease for the 135,000 square foot building at 127 International Dr. at the beginning of March.

A CoStar listing, first reported by the Nashville Business Journal, appeared days later on March 12. A sign outside the building advertises it as either for sale or for lease.

The Nashville office of CBRE is handling the sale and declined to comment.

An LLC that is a subsidiary of New York-based Global Net Lease owns the building. Global Net Lease has not returned a request for comment about the building as of publication.

In 2014, Williamson Scene sister publication the Nashville Post reported Global Net Lease purchased the building for $43.25 million. At the time, that mark seemingly set a record for price per square foot in the Nashville market at $319. The Colliers Nashville office handled the sale and represented the seller, New York-based Acquest Development, and secured Global Net Lease as the buyer. Acquest constructed the office space in 2012 specifically to be an IRS call center.

The lease termination listed on the DOGE website claims a total savings of $31.95 million by ending the contract and states the annual lease cost was $4.6 million. In what appears to be one of the original lease documents (see pdf below) signed between the government and Acquest for the building, the government would pay around $4 million per year for the first fifteen years. 

According to documents the Williamson Scene obtained from the General Services Administration website, the government's lease was set to expire in August 2032, and it was for the entire building. Those documents confirm the DOGE website's claim that the government's current annual rent was $4.6 million. The claim for a total savings of $31.95 million appears to be accurate; however, it is unclear if the government can break its lease without any repercussions. A lease termination date is listed in the documents for August 2022.

The lease in Franklin, which the DOGE website states was canceled on February 25, was one of at least nine that the General Services Administration had with Global Net Lease subsidiaries, according to the GSA documents.

Download PDF IRS Franklin Lease