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Parmenter to Sell Fifth Third Center in Charlotte for $215 Million

Cousins Properties Under Contract to Acquire Uptown Trophy Office Tower
July 31, 2014
Parmenter Realty Partners agreed to sell the 30-story Fifth Third Center CBD office tower in Charlotte to Atlanta-based Cousins Properties for $215 million.

The 697,817-square-foot building delivered in 1997 on the corner of W. 5th and N. Tryon St. as one of the largest office buildings in the city. Designed by Smallwood, Reynolds, Stewart, Stewart & Associates, the complex earned LEED Silver certification in 2010 and features a prominent lobby, art gallery and landscaped outdoor plaza.

Parmenter originally acquired the trophy high-rise through its Realty Fund IV in 2012 for $163 million. Under the firm's ownership, the Fifth Third Center earned this year's local TOBY Outstanding Building of the Year Award in the 500,000-1 Million square feet category and was named one of the top three energy saving buildings in 2013 in Duke Energy's Smart Energy Now program with Envision Charlotte.

"Fifth Third Center is considered one of only a handful of AA quality buildings in Uptown Charlotte," said John Davidson, managing principal of Parmenter's southwest region. "During our ownership we restructured the Fifth Third Bank lease and extended the McGuire Woods lease adding significant lease term and value to the property. We also leased approximately 40,000 square feet in new leases to tenants including Winstead PC and Insight Global."

The complex is expected to be 82% leased at the time of closing.

Parmenter's disposition of the Fifth Third Center maintains a recent trend for the Miami-based outfit. In the past month alone, the firm has sold Two Forest Plaza in Dallas, the Bank of America Tower in Jacksonville, and most recently Park Central 7-8-9, also in Dallas. The Charlotte Fifth Third Center will be the second asset sold by Parmenter's Realty Fund IV.

Will Yowell, Jay O'Meara and Patrick Gildea of CBRE marketed the property on behalf of Parmenter.

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