Chattanooga's James Building sells for $5.1 million

Chattanooga's James Building sells for $5.1 million

May 10th, 2014 by Dave Flessner in Business Around the Region

The James Building is located in the 700 Block of Broad Street.

The James Building is located in the 700...

Photo by John Rawlston /Times Free Press.

One of Chattanooga's oldest skyscrapers has a new owner.

A limited real estate partnership formed by the former owners of Rivermont Golf and Country Club have bought the 107-year-old James Building for $5.1 million. Luken Holdings, which has owned the 12-story office building since 2006, sold the historic building last week.

Byron Mitts, a partner in Rivermont James Building LLC which bought the James Building on May 2, declined Friday to discuss his plans for the building. The Mitts family sold the former Rivermont golf course in 1995 and have owned other retail properties.

Currently, about 80 percent of the leasable space in the 128,817-square-foot James Building is occupied, according to Russ Elliott, leasing agent for Luken Holdings.

The James Building currently houses a number of law offices, a PR firm and a Pointer Management Co., among others. BB&T Bank and Bruce Baird & Co. operate retail operations on the first floor of the building.

Located at 735 Broad St., the James Building was designed by architect R.H. Hunt and built by Signal Mountain developer C.E. James in 1907. The original steel-and-concrete building was expanded to the north in 1917 to add another 48 rooms.

The James Building was included on the National Register of Historic Places in 1979.

The structure was the center of Chattanooga's financial community in the early 20th century and housed the headquarters of many local companies through the years, including Dixie Yarns, North American Royalties and Luken Properties.