Chattanooga College Medical signed a seven-year lease to occupy 38,336 square feet at a building in Lee Point Office Park in Chattanooga, Tennessee, that was originally built-to-suit for Miller-Motte College.
The medical college's presence as an educational institution focusing on medical and technical training addresses critical workforce needs in the area, earning the deal a 2025 CoStar Impact Award for lease of the year, as judged by real estate professionals familiar with the market.
The space's unique design required a tenant that could utilize its existing layout with minimal changes. As Miller-Motte was set to vacate this building by the end of 2024, re-leasing such a large, customized space presented a significant challenge.
This move provides the college with ample space to expand its educational programs and services. The strategy to secure an educational tenant who could effectively use the existing infrastructure supported sustainability goals by minimizing the need for extensive renovations.
Repurposing the space rather than investing in a full redesign reduced construction waste and resource consumption, aligning with principles of energy conservation and sustainability.
This transformation helped ensure that the property remained an active and vital part of the community, fostering opportunities for neighboring businesses to cater to the college's students and staff.
About the deal: Frazier DeVaney of NAI Charter identified Chattanooga College, an educational institution with multiple locations in the area, as an ideal tenant. By positioning the building as a potential centralized campus, he highlighted its readiness to support educational use with limited capital expenditures.
What the judges said: Chad Warnack, a broker with NAI Charter, said the deal was impactful for its sizeable lease.
They made it happen: NAI Charter President David DeVaney represented the landlord, while NAI Charter Vice President/Principal Frazier DeVaney represented the tenant in the deal.