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n May, just days after historic flooding ravaged the Nashville community and such landmarks as Opryland, Loews Hotels Chairman and CEO Jonathan Tisch announced that the company would locate a $12-million 200-job shared services center in the city center, providing billing, accounting and IT services to 19 Loews properties in the U.S. and Canada that had previously performed these functions for themselves.
Tisch said the company would be moving into approximately 40,000 sq. ft. (3,716 sq. m.) of Class A office space at the Fifth Third Center in Nashville's central business district (pictured), managed by Eakin Partners Commercial Real Estate. Loews began the selection process more than six months previous with an initial list of 250 communities across the country, then refined that list to 10.
"It was then narrowed to four finalists," read a Loews statement, "and Nashville was selected because of our 21 year history in the community, the willingness of state and local government to partner with Loews Hotels, the well educated local population, and vibrancy and growth of the city."
"I'm grateful to Loews Hotels for the company's longstanding commitment to Nashville and the state of Tennessee," said Tennessee Economic and Community Development Commissioner Matt Kisber. "The successful completion of this project is a testament to the partnership between the state of Tennessee, Mayor [Karl] Dean's office and the economic development professionals at the Nashville Chamber and CB Richard Ellis."
Kisber said the project would likely qualify for a number of standard statutory incentives, including the Job Tax Credit, the Industrial Machinery Tax Credit and FastTrack Job Training Assistance. Meanwhile, a local incentive has been offered in the form of an economic development grant worth $310,000 from the Metropolitan Development and Housing Agency (MDHA) to offset the company's information technology investments.
Loews expects the facility to be operational by September.