Diversicare Healthcare Services Relocates Headquarters to Franklin in 21,000-Square-Foot Lease at Highwoods Properties' Park Commons

Diversicare Healthcare Services has moved its headquarters from Brentwood to Franklin, Tennessee, signing a lease for approximately 21,000 square feet at 730 Cool Springs Blvd., a Highwoods Properties-owned campus known as Park Commons, the firm announced Sept. 10.

Foundry Commercial partner Shelby Hall represented Diversicare as tenant representative and strategic advisor throughout the leasing process.

Deal Details and Property Overview

The leased space sits within Park Commons, part of the Cool Springs office corridor in Franklin. The building at 730 Cool Springs Blvd. — also identified as Highwoods Office Park II — totals approximately 209,259 square feet across eight stories and was built in 2001. The campus has undergone revitalization and now features expanded conference and collaboration spaces, outdoor gathering areas, and on-site retail including The Well Coffeehouse.

Diversicare, a provider of post-acute care services with locations across the Southeast and Midwest, said the relocation positions the company within a business environment designed to support workforce growth and operational collaboration.

"We're incredibly excited to move into a space intentionally designed for how our team will work, collaborate, and grow in the years ahead," said Steve Nee, CEO of Diversicare. "This new headquarters reflects not only who we are today, but where we're headed as an organization. We're grateful for the expertise and partnership that helped bring this vision to life and create an environment that supports our long-term goals."

Foundry Commercial's Role in the Transaction

Shelby Hall worked closely with Diversicare's leadership team to identify a solution that balanced workplace experience, flexibility, and financial considerations, according to Foundry Commercial.

"Understanding Diversicare's priorities was our focus from day one," Hall said. "We wanted to deliver a solution that supported the company from every angle, from workplace functionality to long-term business value. This transaction demonstrates the importance of strong partnerships and our commitment to creating lasting solutions that help our clients succeed."

Cool Springs Office Market Context

The transaction reflects broader momentum in the Nashville-area office market, where demand has been concentrating in higher-quality, amenity-rich suburban campuses. Nashville office vacancy fell to 17.5% in the second quarter of 2026, down from 18.8% in the second quarter of 2023, while direct asking rents rose from $32.17 to $37.16 per square foot over the same period. Net absorption reached 351,000 square feet in the second quarter of 2026, with 476,000 square feet absorbed year-to-date.

The Cool Springs/Franklin submarket recorded vacancy of 18.3% and an average asking rent of $33.14 per square foot in the first quarter of 2026, with Class A space averaging $33.78 per square foot. New office supply has been limited, with no new projects delivering for multiple consecutive quarters in the Nashville metro, a dynamic that has strengthened the competitive position of renovated, amenitized campuses like Park Commons.

Leasing activity across the Nashville metro reached 601,013 square feet of new leases signed in the first quarter of 2026, up 45.4% quarter over quarter and 18.0% year over year, with activity concentrated in higher-quality properties.

Strategic Significance of the Headquarters Move

Diversicare's relocation from Brentwood to Franklin represents what the company characterized as a strategic investment in its real estate footprint, aligning its headquarters with operational objectives and long-term growth plans. The Cool Springs corridor has continued to attract corporate users seeking modern suburban office environments with access to talent and updated amenities, making the Park Commons campus a competitive option for headquarters users in the Nashville metro.

For leasing inquiries at the property, Foundry Commercial's Shelby Hall can be reached at Shelby.Hall@foundrycommercial.com or 615-771-0770.

Sources

Foundry Commercial — Diversicare Healthcare Services Relocates Headquarters to Franklin