The owner of Parkway Towers, a 21-story office building in downtown Nashville, is seeking a buyer.

Parkway Towers ranks as the 13th largest downtown office building, with about 207,000 square feet. Real estate brokers with the firm CBRE are marketing the building for sale, on behalf of its present owners, New York-based Northeastern Security Development Corp. The same company, led by investor Armand Lasky, is part-owner of downtown’s LC Tower.

While Parkway Towers is a comparatively older asset (47 years of age), the building might be in position to benefit from the increasing investment happening on the north side of downtown.

The hub of downtown commerce has gradually moved south, toward Broadway. That said, Germantown is a hotbed of construction, especially on the multifamily side, triggered in part by the Nashville Sounds’ new ballpark that opened this month. Also, the UBS Tower — downtown’s second-largest office tower — is undergoing a $60 million renovation that has helped bolster leasing activity.

“Historically, the growth in the CBD (central business district) was headed the other direction, south, going to SoBro. That area certainly was not at the top of people’s lists for investment, because most of the properties were state-owned or state-occupied,” said Don Albright, director of the capital markets group for the real estate brokerage firm Cushman Wakefield | Cornerstone.

“But with all the redevelopment in the area … that may make this asset more valuable as a redevelopment. All of that activity potentially changes the dynamic of the James Robertson corridor,” Albright said.

Parkway Towers is 78 percent occupied, mainly via leases with various state government agencies. The building sits on 0.7 acres at 404 James Robertson Parkway.

The building last sold in May 2007, just before a national recession struck, for a price of $17.5 million.