TRG | The Bottom Line – 4/26

A little over a decade after the historic 2010 flood devasted Nashville, the city has risen like a phoenix and continues to surpass growth expectations, fueled by significant corporate moves from both coasts to Music City. Legacy TRG client AllianceBernstein moved its headquarters from midtown Manhattan to Nashville in April 2021. Oracle in the same year purchased for $250MM a 70-acre parcel along Nashville downtown riverfront, part of the multi-billion-dollar East Bank Development, and the company expects to bring 8,500 jobs by 2031 (~$1.35B construction price tag). Chairman Larry Ellison made headlines this week with his announced intention to move Oracle headquarters (again) to Nashville, on the heels of its 2020 move to Austin from California. Ellison made the “big reveal” during an on-stage interview at a healthcare summit Oracle hosted in Nashville. Why the change of heart? Afterall, both Austin and Nashville share boots and BBQ heritage. As it turns out, the move is forged on two points: healthcare and community. The summer of 2022, Ellison bought healthcare technology company Cerner for a cool $28.3B, and this significant acquisition is a critical reason for the move to Nashville, a city long identified with the U.S. healthcare industry. The second critical point was community, as Ellison elaborated, "And we want to be in a community — and I use that word very precisely — we want to be part of a community where our people want to live.”