KBS Picks Up South Carolina Office Tower
- Aug 10, 2017
Holder Properties completed the sale of Main & Gervais, a 186,605-square-foot, Class A office tower in downtown Columbia, S.C. Newport Beach-based KBS Realty Advisors acquired the asset in a $65 million deal, according to Yardi Matrix.
Located at 1221 Main St., the 18-story property was completed in 2009 and is ENERGY STAR-rated. Amenities at the property include an on-site management office, fitness center, The Oak Table restaurant and on-site banking. Additionally, Main & Gervais features ground floor retail space and an integrated seven-level parking deck.
The office tower was 98 percent leased at the time of the sale to a collection of notable tenants including EDENS, NBSC/Synovus Bank, McNair Law Firm, Womble Carlyle, Rogers Townsend and Parker Poe. Holder Properties will continue to manage and lease Main & Gervais on behalf of KBS Realty Advisors.
“We and our tenant partners determined it was a great time to market the building. In the end, we thought KBS was the right fit given their building portfolio in the Southeast and their pricing,” said John Holder, chairman & CEO of Holder Properties, in prepared remarks.
Strong investor interest
CBRE’s team of Executive Vice Presidents Patrick Gildea and Justin Parsonnet, along with Senior Vice President Martin Moore, First Vice President Aaron Dupree and Capital Markets Analyst Matt Smith, represented the seller in the transaction.
“The sale of Main & Gervais represents the first core, trophy office building sale in Columbia in years,” said Gildea in a prepared statement. “The interest from national, institutional quality purchasers was strong, and we are pleased that a purchaser of KBS Realty Advisors’ caliber is making a meaningful investment in the Columbia market,” he added.
Main & Gervais is located directly across from the South Carolina State House and two blocks from The Congaree Vista, in a dining, entertainment and shopping district home to numerous restaurants, hotels and civic destinations.
Images courtesy of KBS Realty Advisors