30-Story Fifth Third Center in Charlotte, NC Sold for $215 Million

High Rise Facilities | July 30, 2014
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Parmenter Realty Partners is under contract to sell Fifth Third Center in Charlotte, North Carolina for $215 million to Cousins Properties, after purchasing the trophy office tower two years ago for $163 million. The 30-story, 697,817 square foot building is located at 201 North Tryon Street in Uptown Charlotte, and was purchased by Parmenter Realty Fund IV in 2012. Will Yowell, Jay O’Meara, and Patrick Gildea from CBRE represented Parmenter in the sale.

“Fifth Third Center is a premier and iconic asset and was a solid performer in Parmenter Fund IV,” said Darryl Parmenter, Chairman and Chief Executive Officer of Parmenter Realty Partners, in a statement. “We accelerated our business plan at the property and felt the time was right to sell. This will be the second asset from Parmenter Realty Fund IV that we have sold.”

“Fifth Third Center is considered one of only a handful of AA quality buildings in Uptown Charlotte,” said John Davidson, Managing Principal Southeast Region. “During our ownership we restructured the Fifth Third Bank lease and extended the McGuire Woods lease adding significant lease term and value to the property. We also leased approximately 40,000 square feet of new leases, to tenants including Winstead PC and Insight Global.”

Completed in 1997 for Interstate Johnson Lane, which later became part of Wachovia Securities, the high-rise was designed by Smallwood, Reynolds, Stewart, Stewart & Associates and includes an attached 1,030 space parking deck.

Parmenter made several cosmetic improvements and upgrades to the building and courtyard, renovated the main lobby, upgraded the elevators and mechanical systems, and recommissioned the building’s energy management system. These efforts resulted in the building being named one of the top three energy saving buildings in 2013 in Duke Energy’s Smart Energy Now program with Envision Charlotte, and year-over-year increases in the building’s ENERGY STAR score for the two years Parmenter owned the building. In addition, Fifth Third Center won this year the 2013-2014 local TOBY (The Outstanding Building of the Year) Award in the 500,000-1 Million square feet category, recognizing Parmenter’s work in environmentally responsible buildings.

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