Atlanta-based developer Ardent Companies announced its purchase of the Osborne Building on 233 E. Main St. and a building in downtown Whitefish in late October.
The Osborne holds restaurant Brigade, est.1864 Noir Bar & Restaurant, outdoor goods store Stio, luxury boutique Belle Shops, commercial office spaces and a T-Mobile rooftop cell tower lease.
In a press release, Ardent CEO Matt Shulman likened the acquisitions to its developments in other tourist markets such as Nashville’s Lower Broadway entertainment district, where the company owns several buildings used for retail and entertainment.
“Whitefish and Bozeman have the same early-stage fundamentals we saw on Lower Broadway in Nashville more than a decade ago… Owning these properties gives us the opportunity to serve the visitors and residents driving that growth,” Shulman stated in the release.
In an interview with the Chronicle, Shulman confirmed that Ardent seeks growing markets like Bozeman and Whitefish for its purchases. The company is currently in contract for two additional properties in Whitefish and sees Bozeman as an up-and-coming place.
“Our belief is that Montana will be a long-term growth story for our country, for all the reasons people love Montana — from its lifestyle, to the pro-growth mindset in Bozeman, to the people we’ve met on the street,” Shulman said.
The Osborne is the most recent ground-up development on downtown Bozeman’s Main Street. After a March 2009 natural gas explosion on Main Street led to the historic building’s demolition, the lot stood empty until the new Osborne building was completed in 2020. The building’s construction was a collaboration between local business owners Bryan Klein, Casey Durham, Chad Bottcher and Jamie Bottcher.
Other than the “targeted tenant improvements to support long-term leasing” listed in the press release, Shulman told the Chronicle that Ardent does not currently have any large-scale renovations planned for the Osborne.
“We normally purchase assets with more work to do — fixing, redeveloping, repositioning — but the previous owners did a fantastic job,” Shulman said.
Charter Realty secured the sale. Managing Director Spencer O’Donnell told the Chronicle that the Osborne is one of the only buildings on Bozeman’s Main Street that has sold in recent years.
“Downtown Bozeman is super supply constrained. Most of all the land is nearly gone, and Main Street buildings almost never change hands. So, it was kind of a rare trade,” O’Donnell said.
According to an August 2026 report from real estate firm ERES, Bozeman’s commercial spaces currently have historically low vacancy rates, hovering at 1 to 3% with very few new commercial spaces being built. Consequently, O’Donnell said the listing caught the attention of many local and national buyers.
“In my career, (the Osborne sale) was probably the most eyeballs on a listing I’ve had,” said O’Donnell, who runs the national investment sales team for Charter Realty and has listed properties across the U.S.
Despite high attention, the Osborne sold for less than the listed $21 million asking price, according to O’Donnell.
O’Donnell has seen a similar interest in the Bozeman real estate market from outside investors.
“People know Montana’s growth story nationally, and it’s the place where a lot of people want to invest right now,” O’Donnell said.
Shulman said that he does not foresee any rent hikes or terminated leases for current tenants of the Osborne building and pointed to Ardent’s projects in Nashville, which he said prioritized keeping local tenants in the building.
“Currently the (Osborne) building is occupied by some fantastic tenants, which we’re excited to support and partner with,” Shulman said.
Shulman said that Ardent hopes to become part of the fabric of Bozeman and plans to eventually have an office in Bozeman.
“I realize sometimes in Montana the outsiders… are not always welcome across the state, but we believe that we’d be a good addition. We love the market and, being real estate investors, you want to invest where you love to be,” Shulman said.
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