NASHVILLE, Tenn. (July 3, 2002) - Bridgestone/Firestone announced its headquarters will remain in Nashville, ending speculation the tire maker might relocate outside the city or even the state.
BFS will lease approximately 210,000 square feet of space in the building known as Highland Ridge Tower in Nashville, home to the company since 1992.
The company said it will sublease approximately 135,000 square feet of space from the Tennessee Valley Authority (TVA), currently the major tenant in the building and lease approximately 75,000 of vacant space from the building's landlord, Gaedeke Holdings Ltd., of Dallas.
BFS has approximately 800 employees in four separate locations in the “Airport Corridor” section of Nashville. The company wanted to consolidate its headquarters into one space to facilitate internal communication, the company said. Prior to identifying the Highland Ridge Tower as its first choice, the company conducted a thorough review of its options, including consideration of sites both inside and outside of Nashville and Tennessee.
“The Highland Ridge Tower satisfies the prime objectives established by Bridgestone/Firestone at the beginning of our search for a new headquarters building,” said John Lampe, BFS chairman, CEO and president. “It allows us to remain in Tennessee, a state that has been very good to us and that has been a major factor in our past growth. It allows us to remain in Nashville, in one building, with a financial package that addresses our need to control costs while at the same time achieving the team building atmosphere that will be so important to our continuing growth.”
The parties expect to finalize the transactions by mid-summer. Terms were not disclosed. BFS expects to be in its new headquarters by January.
“I want to thank Gov. Don Sundquist and Commissioner Tony Grande, Tennessee Department of Economic and Community Development, for all of their assistance in the negotiations that have led us to this decision,” Mr. Lampe said. “Gov. Sundquist, Commissioner Grande and TVA Director Bill Baxter have been instrumental in helping us find a way to stay in Nashville.”