TVA to Cut Leasing Costs by $5 Million Over Five Years
July 18, 2002
NASHVILLE, Tenn. — TVA expects to reduce its leasing costs by $1 million a year over the next five years by subleasing its current Nashville office space to Bridgestone/Firestone and leasing two floors of another office building in the same area.
TVA has signed a letter of intent to lease 56,000 square feet of space at One Century Place, which is located on Century Boulevard just down the hill from TVA’s existing office space in Highland Ridge Tower near the Nashville airport. TVA’s 225 employees are expected to move into the new space by November 1.
“Making our current office space available so that Bridgestone/Firestone can keep its headquarters and 800 jobs in Nashville reinforces our commitment to sustainable economic development in the Tennessee Valley,” said TVA Chairman Glenn McCullough Jr. “At the same time this move will help TVA reduce its leasing costs while providing quality space for our Nashville employees and to meet our customers’ needs. This is a sound business decision for TVA.”
TVA signed a letter of intent on July 3 with Bridgestone/Firestone, which will sublease approximately 135,000 square feet TVA now leases in the Highland Ridge Tower. TVA’s lease expires in 2007.
TVA’s facilities strategic plan calls for reducing overall square footage across the Valley, minimizing costs and maximizing the use of all TVA facilities. So far, TVA has vacated about 90,000 square feet for a savings of about $1.6 million—not including the space and savings to be realized from the Bridgestone/Firestone deal.
TVA is the nation’s largest public power producer, and its power system is self-financed. TVA provides power to large industries and 158 power distributors that serve 8.3 million consumers in seven southeastern states.
Media Contact:
John Moulton, Knoxville (865-632-8048) or TVA News Bureau, Knoxville (865-632-6000)
