NASHVILLE (AP) — The former home Tennessee Regulatory Authority has been sold for $8.9 million.

The winning bid was submitted Wednesday for the building and associated parking lots near the state Capitol in Nashville.

The buyer of the 45,000-square foot building and 2-acre site was not immediately disclosed. The deal is expected to close on Aug. 7.

State General Services Commissioner Bob Oglesby said in a statement that the sale of the property is part of an effort to reduce the size of the state's real estate portfolio, which lowers operating costs.

The state bought the property from once owned by the Northwestern Mutual Life Insurance Co. in 1986. Its sale was authorized by State Building Commission in October.