News Summary
A 13-story office building at 607 Market Street in downtown Knoxville is now on the market, offering over 100,000 square feet of redevelopment potential. Co-listing agent Taylor Thompson describes it as a “rare opportunity” for investors. With stunning views and a prime location near major landmarks, the property presents options for office, residential, or hotel use. Previously home to the Lunch Box restaurant, the building is currently vacant, allowing for extensive renovations. The surrounding area is undergoing development, enhancing its appeal to potential buyers.
KNOXVILLE – A historic 13-story office building located at 607 Market Street in downtown Knoxville has officially hit the market, presenting a unique opportunity for potential buyers looking to reinvigorate a prominent piece of the city’s skyline. The building, originally constructed in 1965, encompasses more than 100,000 square feet and offers a range of possibilities for redevelopment.
While an asking price has not been set, the co-listing agent, Taylor Thompson from SVN Wood Properties, describes the property as a “rare opportunity,” suggesting that it could be a highly sought-after asset for investors or developers looking to make their mark in downtown Knoxville.
The building boasts stunning views, allowing occupants to overlook significant landmarks including the University of Tennessee, downtown Knoxville itself, the Tennessee River, and the Great Smoky Mountains National Park. With its strategic location, it is within walking distance to Krutch Park, Market Square, and various major downtown government offices, enhancing its appeal for various uses.
Previously, the building functioned as a home to the Lunch Box restaurant, but it is currently vacant, which allows for extensive renovation or reimagining. The zoning designation for the site is downtown general use, indicating that it is primarily aimed at office use while also being adaptable for residential or hotel conversions. One of the highlights of the property is the potential design space available on the third floor, which features an east-facing view overlooking Krutch Park.
The neighboring environment is changing with ongoing developments such as a hotel project called Lone Tree Pass that is underway at Gay Street and Summit Hill Avenue. Additionally, the property at 409 W. Church Ave, which was once proposed for another hotel, currently remains a parking lot and could serve as a resourceful asset for a new property owner.
As part of the transaction, there is also a nearby parking lot located at 413 Clinch Ave, offering 43 spaces for convenient access, particularly important in a bustling downtown area.
An essential detail for potential investors is the existing lease with U.S. Bank, which extends until 2031, providing stability and immediate income for the new owners. This aspect of the property can attract interest from those looking for a steady investment while they explore future developments or renovations.
The appeal of this office building goes beyond its structure; it is referred to as a “trophy” tower due to its prominent location, unparalleled views, and its potential for both commercial and residential purposes. The property is poised at the center of numerous transitional projects occurring in downtown Knoxville, which speaks to the evolving urban landscape of the area.
As the market for office spaces continues to fluctuate in the wake of the pandemic, this opportunity provides a canvas for creativity and innovation in local real estate. The combination of historic significance and the strategic location with abundant amenities makes this listing a potentially lucrative venture for businesses, developers, and investors.
For those interested in acquiring a unique piece of Knoxville’s downtown, this historic building offers an enticing chance to be part of the city’s future while embracing its past.
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Additional Resources
- Re Journals: Marcus & Millichap Closes Sale of 92,645 Square Foot Office Building in Knoxville
- WBIR: 13-Story Downtown Knoxville Building Up for Sale
- ReBusiness Online: Gorney Realty Acquires 90,000 SF Office Building in Knoxville, Tennessee
- Knox News: Downtown Knoxville Office Space and Commercial Real Estate Post-COVID Pandemic
- WATE: Doge Terminates Two Leases in Knoxville
- Wikipedia: Knoxville, Tennessee
- Google Search: Downtown Knoxville real estate
- Google Scholar: Knoxville office building real estate
- Encyclopedia Britannica: Knoxville history
- Google News: Knoxville commercial real estate
Author: STAFF HERE KNOXVILLE WRITER
KNOXVILLE STAFF WRITER The KNOXVILLE STAFF WRITER represents the experienced team at HEREKnoxville.com, your go-to source for actionable local news and information in Knoxville, Knox County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Dogwood Arts Festival, Big Ears Festival, and Knoxville Asian Festival. Our coverage extends to key organizations like the Knoxville Area Chamber Partnership and United Way of Greater Knoxville, plus leading businesses in healthcare, education, and energy that power the local economy such as Covenant Health, University of Tennessee, and Tennessee Valley Authority. As part of the broader HERE network, including HEREBristol.com, HEREChattanooga.com, HEREMemphis.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
