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| Financial Center, 505 20th Street North, Downtown Birmingham, AL |
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| Ryan Clutter |
CHARLOTTE, NC –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged
acquisition financing for Financial
Center, a 311,201-square-foot, Class A office tower in downtown Birmingham,
Alabama.
HFF arranged the sale on
behalf of the seller, Allegiance Realty Corporation. An affiliate of Daniel Corporation purchased
the asset free and clear of existing debt.
Additionally, working on behalf of the new owner, HFF placed the
floating-rate acquisition loan with a life insurance company.
Completed in 1982,
Financial Center has been substantially renovated beginning in 2013, including
renovations to the lobby and common areas, elevator modernizations, adding an
outdoor patio and a new location for Edgar’s Bakery.
The 18-story building is home
to a variety of tenants – including Christian & Small and Crowne Partners –
that will soon include Daniel Corporation after it relocates its corporate
headquarters to Financial Center.
Located at 505 20th Street North in downtown
Birmingham, Financial Center is situated in the largest office market
between Georgia and Texas. The tower is
two blocks from the Jefferson County Courthouse and the federal courthouse and
proximate to Interstates 20, 59 and 65, which run through Birmingham.
The HFF investment sales
team representing the seller was led by senior managing director Ryan Clutter, managing director Ralph Smalley and associate director Kelly Kuykendall.
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| Kelly Kuykendall |
The HFF debt placement
team representing the new owner was led by director Jeremy Sain and senior managing director Travis Anderson.
Allegiance Realty Corporation is a
privately-held real estate investment company founded in 1996 with a current
portfolio totaling 4.5 million square feet. It is focusing on acquiring
under-performing office properties in primary and secondary markets throughout
the U.S. For more information, visit www.allegiancerealestate.com.
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| Jeremy Sain |
Founded in 1964, Daniel
Corporation is an innovative, full-service real estate organization engaged in
development, investment and management of office, multifamily, retail, urban
mixed-use, hospitality and medical properties.
Headquartered in
Birmingham, Alabama, with a regional office in Atlanta, Georgia, the firm currently
focuses on markets in the Southeast and Mid-Atlantic states.
Daniel’s broad range of real estate
experience and fiduciary tradition enables the company to respond with the
flexibility and timeliness demanded by the real estate industry. http://www.danielcorp.com.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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