Tallest Building in SC Gets New Ownership

The 25-story office building was 87 percent leased at the time of the sale to a mix of tenants including government, law, banking and insurance industries.

Capitol Center
Capitol Center

CBRE brokered the sale of Capitol Center, a 460,020-square-foot, Class A office building in downtown Columbia, S.C. A joint venture partnership between M&J Wilkow and Intercontinental Real Estate Corp. sold the asset to New York-based Hamilton Equity Partners. The new owner plans to renovate the 25-story property and selected CBRE as the exclusive leasing agent.

Located at 1201 Main St., in the city’s central business district, Capitol Center was completed in 1987. The tallest building in South Carolina offers tenants 24-hour security, a café and bakery, fitness center, on-site property management services, conference rooms, covered parking garage and a private dining club known as Capital City Club.

Renovation ahead

Planned improvements for Capitol Center include upgrades to the main lobbies, conference facilities, elevators, and common areas. The building was 87 percent occupied at the time of the sale by a diverse tenant roster including Haynsworth Sinkler Boyd, BB&T, Gallivan White & Boyd, South Carolina Department of Commerce and Alliance Consulting Engineers.

CBRE’s team of Executive Vice Presidents Justin Parsonnet and Patrick Gildea, along with Vice Chairman Will Yowell, Senior Vice President Martin Moore, First Vice President Aaron Dupree and Financial Analyst Ryan Reethof represented the seller in the transaction.

“We received considerable interest in the Capitol Center offering from national, institutional quality purchasers, demonstrating the increased confidence investors have in this remarkable property, Columbia’s office market and its economy in general,” said Parsonnet, in prepared remarks. “We are pleased that Hamilton Equity Partners is making a meaningful investment in the Columbia market and expect it will be a highly successful investment.”

The property is adjacent to the South Carolina Capitol Complex and is within walking distance to numerous restaurants, hotels and shopping venues. Capitol Center is the fourth office tower in the CBD to trade this year.

Image courtesy of Capitol Center