Friday, June 6, 2014

Ally Center tower uptown listed for sale

Two uptown office towers have been listed for sale by their owners.

The 15-story Ally Center has been listed for sale with real estate sales firm Eastdil Secured by Trinity Capital Advisors, which developed the office tower about six years ago. Walker Collier, a partner, said the firm typically invests in buildings with the aim of stabilizing, leasing up and reselling them in three to five years. The 15-story Ally Center, on South Church Street, is about 96 percent leased, he said. Major tenants include the HDR engineering firm and JELD-WEN Windows.

"We've achieved the objective here in that we've leased up and stabilized the asset. Now it's time to sell it," he said. "There's a lot of capital out there looking for real estate investments like this."

Also listed for sale: the 30-story Fifth Third Center on North Tryon Street. Parmenter Realty Partners, controlling partner of the ownership group, listed it for sale with CBRE. Parmenter managing principal John Davidson said the firm doesn't buy properties to hold long-term. It has owned the tower about two years, he said, and has improved the property by upgrading the lobby and restructuring a lease with law firm McGuireWoods. "We buy assets to built value," he said. "The environment is favorable for selling it."





1 comments:

debbie MAXWELL said...

What is the best way to advertise law firms for sale? Is it best to put the advertisement on the website of the firm or on other forums or to approach a business broker who could help with the sale?