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June 29, 2012

Fifth Third Center Acquired by Parmenter Realty

By Eliza Theiss, Associate Editor

Lately, the Charlotte office market seems to be as hot as the temperatures. Just a little over a week after Azrieli Group Ltd. entered a $245 million purchase agreement for One Wells Fargo Center, and less than a month after Parkway Properties closed on the Hearst Tower for $250 million, Parmenter Realty Partners announced the acquisition of Fifth Third Center for a yet to be disclosed sum.

The 30-story tower is one of several bank-owned, marquis trophy buildings in the Queen City to hit the market since 2011, spurred by several financial institutions’ need to raise capital and cut costs.

Located at 201 North Tryon St. in Charlotte’s central business district—the second largest banking center in the United States after New York City—Fifth Third Center boasts 654,533 square feet of Class A office space, as well as an attached 10-story, 1,030-space parking deck.

The office tower boasts amenities such as 24-hour security, valet and concierge services, retail shopping and dining options such as NIX Burgers&Brew and Capital Grille, among others. The Smallwood, Reynolds, Stewart, Stewart & Associates Inc.-designed structure also features a landscaped outdoor plaza outfitted with benches and tables.

CBRE Group Inc. brokered the transaction with Will Yowell and Ryan Clutter acting as sales brokers and Charles Foschini assisting in securing financing for the transaction.

“We’ve been interested in expanding our portfolio in the Charlotte market for some time, and Fifth Third Center was exactly what we were looking for,” stated John Davidson, managing principal of Parmenter’s Southeast Region in a press release.  “The building will soon have over 100,000 square feet of prime, contiguous office space available, and we saw this as a great opportunity to welcome a new business headquarters to our top floors and to Charlotte,” he continued.

South Florida-headquartered Parmenter Realty Partners is a commercial real estate investment, management and development company with regional offices in Dallas and Atlanta. Parmenter operates a series of institutional investment funds focused on the southern tier of the US and is actively involved in the expansion of its portfolio in the region’s major markets.

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Photo courtesy of Atlantiquon via flickr.com