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Transactions - JULY 31, 2014

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IN-DEPTH: Cousins buys North Carolina office property for $215m

by Andrea Waitrovich

Cousins Properties has purchased Fifth Third Center in Charlotte, N.C., for $215 million, or $317 per square foot.

 

THE DEAL

Parmenter Realty Partners was the seller of the 678,715-square-foot office building. CBRE represented the seller. Parmenter acquired Fifth Third Center in 2012 for $175 million.

 

THE ASSET

Fifth Third Center is the eighth-tallest building in Charlotte. The 30-story office building at 201 N. Tryon St., formerly known as the IJL Financial Center, was built in 1997. It includes an attached 1,030-space parking structure.

The building was designed by Smallwood, Reynolds, Stewart, Stewart & Associates.

Fifth Third Center is 83 percent occupied. Major tenants include the Bank of Am

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