St. John Properties Enters Tennessee Market

54-year-old, vertically integrated Baltimore-based group with more than 24 million square feet of space in 12 states, names Jonas Asner as Regional Partner for 16th regional office

St. John Properties is immediately searching for strategic sites throughout the greater Nashville metropolitan region to develop ground-up Class ‘A’ multi-use commercial business parks comprised of flex/R&D, office, and retail space to serve a wide array of businesses.
St. John Properties is immediately searching for strategic sites throughout the greater Nashville metropolitan region to develop ground-up Class ‘A’ multi-use commercial business parks comprised of flex/R&D, office, and retail space to serve a wide array of businesses.

NASHVILLE, TN (January 15, 2025) – St. John Properties, Inc., a national full-service commercial real estate development and management company with a national portfolio valued at more than $5 billion, has entered the Tennessee market with the recent opening of a new regional office in Nashville. The 54-year-old Baltimore-based company, which has developed more than 24 million square feet of commercial space among various asset classes, has intentions to pursue opportunities in the greater Nashville region for the execution of its vertically integrated development strategy. Jonas Asner, Regional Partner, will direct all development activities for the company’s 16th regional office.

According to St. John Properties Senior Executive Vice President of Acquisitions & Growth Sean Doordan, the greater Nashville metropolitan market represents the firm’s next expansion because the region, “offers every fundamental needed to maintain our company’s development momentum across the country.” St. John Properties speculatively develops more than one million square feet of space annually and has a corporate goal of expanding its national portfolio to 40 million square feet in the coming years. “The sustained strength of the healthcare, technology, corporate operations, manufacturing, and supply chain management industries has created a highly diversified and robust economic climate, and we envision tremendous opportunities to introduce our signature real estate product types to this region,” Doordan said.

Over the past two years, St. John Properties has opened new regional offices in Charlotte, North Carolina; Dallas, Texas; and Tampa, Florida. The company was named “National Developer of the Year” in 2018 by commercial real estate trade association NAIOP, and services the real estate needs of more than 2,600 clients across 12 states, including Colorado, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Tennessee, Texas, Virginia, Utah, and Wisconsin.

Jonas Asner named Regional Partner of new Nashville office

Asner, who joined St. John Properties in 2021, will lead day-to-day operations of the new Nashville regional office, including site and property acquisition, development, construction, marketing and leasing, and property management activities. Asner graduated from the University of North Carolina at Chapel Hill with a bachelor’s degree in economics and earned a Master of Business Administration from the Johns Hopkins Carey Business School. He recently completed St. John Properties’ Partner-in-Training program, which prepares professionals to open and operate new regional offices around the country.

Under Asner’s direction, St. John Properties is immediately searching for strategic sites throughout the greater Nashville metropolitan region to develop ground-up Class ‘A’ multi-use commercial business parks comprised of flex/R&D, office, and retail space to serve a wide array of businesses.

Speculative development strategy, long-term ownership, and sustainability mission distinguishes company 

Jonas Asner
Jonas Asner

St. John Properties was founded in Baltimore in 1971 by current Chairman Edward St. John, who established a novel commercial real estate product consisting of single-story buildings that were “part office and part warehouse” and divided into bays to fulfill the customized needs of end-users. This flex/R&D product quickly caught on, evolving into Class ‘A’ homes to a broad array of users, from high-tech companies with majority office needs, to professional business services with warehouse space needs, quasi-retail uses, and everything in between. St. John Properties replicated its signature real estate product throughout the Maryland region before embarking on an expansion program that now stretches across 12 states.

The company is differentiated from its peer group by incorporating a philosophy of developing real estate space almost exclusively on a speculative basis. Over the past five years it has consistently broken ground and developed more than one million square feet of commercial space annually. This proactive mission uniquely positions the company to respond instantly to the emerging requirements of new and existing clients.

Furthermore, St. John Properties’ long-term ownership philosophy ensures a vested interest in the quality of its development projects, as well as the ability to anticipate the needs of clients. “We are not just developers; we are long-term partners to communities and to our clients, accommodating their growth and servicing their evolving real estate needs for years to come,” Asner said. “Our goal is to be known as a meaningful contributor to the economic prosperity of communities in the Nashville area by supporting a wide variety of businesses with high-quality spaces.”

St. John Properties is also recognized as a leader in sustainable building innovation, with a long-term goal to further refine processes that improve indoor air quality while boosting employee wellness and productivity. The company earned more than 20 LEED certifications from The U.S. Green Building Council (USGBC) last year and installed more than 20 solar energy systems on its existing and new buildings situated across the country. USGBC consistently ranks St. John Properties among the top five developers of LEED certified buildings nationwide. 

“Current and prospective tenants, including many government agencies, are increasingly requiring environment-friendly workspaces, and St. John Properties has long prioritized the preservation of energy and natural resources,” Doordan said. “It is proven that healthy and light-filled interior spaces increase worker productivity and contribute to better health, and we are committed to continually refining our LEED processes and accentuating this important component of our buildings.”

Eight million residents expected in Tennessee by 2040

According to research compiled by the University of Tennessee Knoxville’s Boyd Center for Business and Economic Research, Tennessee’s population is expected to exceed more than eight million people by 2040, rising from approximately seven million residents recorded in 2022. According to the Nashville Chamber of Commerce, the Nashville-Davidson-Murfreesboro-Frankin region boasts a three percent unemployment rate, spurred by more than 360,000 healthcare jobs, nearly 260,000 positions in the tourism and hospitality industry and nearly 240,000 positions in advanced manufacturing. Those industries, in addition to corporate operations, distribution and logistics, and technology are the main sectors driving Nashville’s economy, according to the chamber.   

Nashville earned the number three ranking by Southern Living in its “Best City in The South” listing and the number three position for “Metro Economic Strength” by Policom.

Sound fundamentals in Middle Tennessee

“The existing and projected path of population growth is one of the top metrics when exploring and entering new markets,” Asner explained. “We are extremely confident in the long-term prospects of the greater Nashville metropolitan area based upon existing fundamentals, including the business-friendly climate, the dense presence of major corporations, and the expected entry of other significant companies with large workforces.”

Asner points to the announcement made in 2024 by Larry Ellison, Co-Founder and Executive Chairman of Oracle Corporation, to establish its world headquarters in Nashville, adding to the list of significant companies and organizations that operate in the region including HCA Healthcare, Bridgestone, Dollar General, Nissan USA, Tractor Supply, Vanderbilt Medical Systems, and Amazon, among others. Tennessee is home to 10 Fortune 500 companies, five of which are located in Nashville, and Nashville’s economy continues to flourish, ranking as the 4th fastest-growing GDP among extended metropolitan areas in the country, according to the Keenan Institute of Private Enterprise’s American Growth Project. Asner also emphasizes the city’s appeal beyond business, highlighting its world-renowned entertainment and music scene, presence of major sports teams, and exceptional educational offerings.

Five percent vacancy rate for flex buildings in greater Nashville area

“Our research, coupled with intelligence gathered from the local commercial real estate brokerage community, shows pent-up demand for space needed by start-up, entrepreneurial-driven, and medium-sized companies looking to establish new operations or expand existing businesses,” Asner said. “We believe there is a vacuum of single-story, flexible product that we intend to fill. In addition, St. John Properties employs a service-oriented approach designed to satisfy the specific needs of end-users while establishing strong relationships. We see an extremely long runway of opportunities here.” 

“One of our first steps is to establish key business and real estate relationships that will help us identify, assemble and acquire suitable land holdings for our signature multi-use business parks, which include flex/R&D, office, and retail buildings,” Asner added. “St. John Properties’ best-in-class real estate products and customer-first philosophy have succeeded in every market in which we operate and has provided us the ability to achieve region-wide operational efficiencies. We look forward to being a part of the Greater Nashville community for years to come.”

Founded in 1971, St. John Properties, Inc. is one of the nation’s largest and most successful privately held commercial real estate firms. The company is distinguished by its commitment to customer service, achievements in green building, and top-rated workplace culture. Throughout St. John Properties’ 54-year history, the company has developed more than 24 million square feet of flex/R&D, office, retail, and warehouse space and has investments in over 3,000 residential units. The company proudly serves more than 2,600 clients in Colorado, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Tennessee, Texas, Virginia, Utah, and Wisconsin. For more information about the company, visit www.sjpi.com.