OFFICE MARKET SURVEY - Graham & Company€¦ · which offered 10 plus years remaining on its lease...

OFFICEMARKETSURVEY

2020

BIRMINGHAM, AL

65

65

20/59

280

31

459

11

SUBMARKET SF OCCUPANCY RENT RATE

(PSF)

Downtown 7.9M 87.18% $20.11

Midtown 5.2M 95.55% $22.41

Highway 280/I-459

6.5M 82.41% $21.24

Southern/I-65 4.8M 91.50% $18.26

Vulcan/Oxmoor 2.7M 73.15% $16.61

65

65

20/59

280

31

459

11

OFFICE OVERVIEW

Contents

BIRMINGHAM OFFICE MARKET OVERVIEW

Birmingham Office Market Overview

Downtown

Midtown

Highway 280 | I-459

Southern | I-65

Vulcan | Oxmoor

Office Services

Property Management

Corporate Services

Graham Transactions

Availabilities

Graham & Co

4

6

10

14

18

22

28

30

32

36

37

42

Birmingham’s Office Market had another

active year with overall occupancy of

87%, and the overall rental rate increasing

to $20.14, up 0.84% from the previous

year. Three of Birmingham’s five office

submarkets, CBD, Midtown, and Vulcan/

Oxmoor posted positive absorption and

an uptick in rental rates.

There was a continued trend for large

office product trading with 16 sales

greater than 25,000 sf, representing more

than $189 million in transaction values.

The largest sale transaction of the year

was in Liberty Park, a 200,000 sf office

4 Graham & Co 2020 Office Market Survey | Birmingham, AL

MULTI-TENANT: OVERALL:2019 AVERAGES:

building fully leased to Encompass Health

which offered 10 plus years remaining

on its lease at the time it traded. The

sale price was an impressive $372.50

psf. 2019 saw several other class-A

buildings trade including Lakeshore Park

Plaza in the Midtown submarket, 1800 &

1900 International Park in the Highway

280/I-459 submarket, and the Land Title

Building in the CBD, continuing a trend

of class-A office sales the Birmingham

market has experienced during the last

several years.

FUTURE

More activity is anticipated in the

CBD and the suburban submarkets.

Opportunity Zone tax incentives,

urban planning and connectivity, UAB’s

continued growth, and employers adding

more than 10,000 jobs in Birmingham

during 2019 are indicators for growth

and positive momentum in the coming

years.

[ 27.2 MILLION SF TOTAL ]SINGLE TENANT 8,989,236 SF MULTI-TENANT 18,232,043 SF

Occupancy 80.61%

Rate PSF $20.88

87.01%

$20.14

OVERALL OCCUPANCY RENT RATE

0.99% 0.84%87.01% $20.14

PERCENT PERCENT

PER SF

5

MULTI-TENANT:MULTI-TENANT: OVERALL:OVERALL: Occupancy 80.00%

Rate PSF $20.91

87.18%

$20.11

DOWNTOWN MARKET


OVERALL:OVERALL:

Birmingham’s Central Business District posted 65,855 sf of positive absorption in 2019. Overall occupancy levels increased by 0.83% to 87.18%. Overall rental rates increased to $20.11 psf, an almost 1% increase over the prior year.

In 2019, Shipt leased 60,000 sf for its expanded CBD footprint, and in doing so created changes to Birmingham’s skyline. Wells Fargo Tower became Shipt Tower and will soon display its signage, signaling a change for Birmingham which is becoming a more tech oriented “hot spot”. The CBD had several other significant lease transactions including: PNC Bank’s lease of 15,309 sf at One Federal Place; Wells Fargo’s lease of 15,000 sf at 1901 Sixth Ave (formerly Harbert Plaza), and several large renewals including Maynard Cooper’s renewal of 118,518 sf at 1901 Sixth Ave and Burr & Forman’s renewal of 104,514 sf at Shipt Tower.

The CBD submarket has much to offer potential office tenants and owners. With walkability to a multitude of quality restaurants and entertainment venues, the CBD is more appealing than ever to those seeking an urban lifestyle.

[ 7.9 MILLION SF TOTAL ]SINGLE TENANT 2,845,200 SF

MULTI-TENANT 5,080,545 SF

1st Ave N

1st Ave N

3rd Ave N

8th Ave N

6th Ave N

3rd Ave S

3rd Ave S

8th Ave S

Messer - Airport H

wy

College

(UAB) Highland

Ave

Court

House

FivePoints

20th St

19th St

21st St

Elton B Stephens Expwy

31280

31


0.83% 0.97%87.18% $20.11

PERCENT PERCENT

PER SF

7

BUILDING SF TENANT RENEWAL/LEASE

1901 Sixth Ave 118,518 Maynard Cooper Renewal

Wells Fargo/Shipt Tower 104,514 Burr & Forman, LLP Renewal

Wells Fargo/Shipt Tower 60,038 Shipt New

Renasant Place 19,879 Bressler, Amery & Ross PC Renewal

Intermark Building 18,277 Bridgeworth Financial New

One Federal Place 15,425 Butler Snow, LLP Renewal

One Federal Place 15,309 PNC Bank, National Association New

1901 Sixth Ave 15,000 Wells Fargo Bank, N.A. New

Concord Center 13,699 EGS Commercial Real Estate, Inc. New

Renasant Place 10,852 Pittman, Dutton & Hellums, PC Renewal

1901 Sixth Ave 10,052 Waller Lansden Renewal

Financial Center 9,472 Spotswood, Sansom & Sansbury, LLC New

Financial Center 9,158 Campbell Guin, LLC Renewal/Expansion

Martin Biscuit 8,966 Hearst Communications Renewal/Expansion

Financial Center 7,894 Aerotek, Inc. New

101 Parkside 7,300 Knight Eady Sports Group, LLC New

Renasant Place 6,810 Hall Booth Smith, P.C. New

212 20th Street North 6,660 Sigao Studios New

SAKS Building 6,571 Watkins & Eager, PLLC New

The Plaza 5,785 General Services Administration New

Financial Center 5,736 Level 3 Communications, LLC Renewal

SIGNIFICANT LEASES - DOWNTOWN MARKET

FINANCIAL CENTERMatt Gilchrist and Sam Carroll of Graham & Co represented the Landlord in its lease of 9,472 SF to Spotswood, Sansom & Sansbury, LLC in this class-A office located in the heart of the CBD


DATE BUILDING SF PRICE PSF BUYER

3/4 213 24th St. N. 9,000 $420,000 $46.67 Rasoli Property, LLC

4/26 2007 3rd Ave. N. 9,300 $800,000 $86.02 Nakatomi Trading Co., LLC

4/30 2427 1st Ave. N. #101 7,800 $340,000 $43.59 Emily Summerville Hair & Makeup, LLC

6/2 2317 3rd Avenue North 28,000 $2,588,500 $92.45 The Bird's Nest, LLC

6/6 618 19th Street North 19,978 $2,062,000 $103.21 Fast Dog, LLC

8/5 1820 3rd Ave. N. #401 6,500 $1,200,000 $184.62 JBL Real Estate Holdings, LLC

9/4 2214 2nd Avenue N. 8,632 $1,625,000 $188.25 Hiatus Holdings, LLC

9/20 2121 1st Avenue N. 13,500 $2,200,000 $162.96 2121 First Avenue, LLC

9/26 101 12th Street South 13,174 $1,095,000 $83.12 Matthew J. Hogan

10/16 3710 4th Avenue S 7,400 $865,000 $116.89 Blue Marlin Properties, LLC

12/18 600 20th Street North (Land Title Building)

26,116 $3,300,000 $126.36 Land Title Building, LLC

SIGNIFICANT SALES - DOWNTOWN MARKET

SHIPT TOWERShipt leased 60,038 sf for its second location in this class-A office building. Its logo will occupy signage on two prominent buildings in Birmingham’s skyline.

1901 SIXTH AVE Dan Lovell of Graham & Co represented Wells Fargo in its lease of 15,000 sf in this newly re-branded class-A office tower.

9

600 UNIVERSITY PARK PLACE

MULTI-TENANT:MULTI-TENANT: OVERALL:OVERALL:

MIDTOWN MARKET

Occupancy 94.58%

Rate PSF $23.08

95.55%

$22.41


OVERALL:OVERALL:

Midtown continued in 2019 as Birmingham’s strongest submarket, posting 40,070 sf of positive absorption. Overall occupancy reached 95.55%, topping the previous year with an increase of 0.77%. Overall rental rates increased by 1.52% to $22.41 psf, and large blocks of space continue to be difficult to find.

Berkley Industrial Comp (formerly American Mining) leased 16,000 sf at Brookwood Metroplex I for the largest significant lease in the submarket. Sales activity included Lakeshore Park Plaza, a 196,871 sf, class-A office building which sold to an out-of-state investment group for $30,500,000 ($154.92 psf). Next door, 2200 Lakeshore also traded. The 39,922 sf office building sold to a local investment group for $8,250,000 ($206.65 psf).

The Midtown submarket continues to be one of the most desirable locations with easy access to the city center and close proximity to the Over-the-Mountain neighborhoods and amenities.

[ 5.2 MILLION SF TOTAL ]SINGLE TENANT 935,050 SF MULTI-TENANT 4,273,482 SF

Columbiana

Lakeshore P

kwy

HOMEWOOD

VESTAVIA

MOUNTAINBROOKFive

Points

WildwoodCentre

BrookwoodMall

SamfordUniv

Green Springs Lakeshore Dr

Montev

allo

Rd

Oxmoor Rd Valley Ave

Mon

teva

llo R

d S

W

Clairmont Ave

1st Ave N

3rd Ave S

8th Ave S Montclair Rd

Cahaba Rd

20th St

HighlandAve

Alford Ave

Shades Crest Rd

W O

xmoo

r Rd

8th Ave N

Hwy

31

11

280


0.77% 1.52%95.55% $22.41

PERCENT PERCENT

PER SF

11


Metroplex I 16,000 Berkley Industrial Comp (Formerly American Mining) New

600 University Park Place 13,814 Warren Averett Companies, LLC Renewal/Expansion

2200 Magnolia Avenue 11,987 Bayer Properties New

Lakeshore Park Plaza 10,726 SSOE, Inc. New

Synovus Center 9,517 Borland Benefield New

1900 Crestwood Boulevard 9,193 ATS Holdings Renewal/Expansion

Lakeshore Park Plaza 8,726 Prepaid Technologies, Inc. New

790 Montclair Road 7,894 The Sleep Disorder Center of Alabama Renewal

500 Mtn Brook Office Park 7,177 Birmingham Hematology & Alabama Oncology Associates, LLC Renewal/Expansion

Lakeshore Park Plaza 6,777 Law Offices of Jeff W. Parmer Renewal/Expansion

3004-3008 Clairmont Avenue South

5,800 Martin Advertising, Inc. New

Metroplex 5,400 Assurant New

SIGNIFICANT LEASES - MIDTOWN MARKET

LAKESHORE PARK PLAZAThis 196,871 sf class-A office building sold for $30,500,000 to an out-of-state investment group.



2/1 2130 Highland Ave. S. 20,000 $1,270,000 $63.50 2130 Highland Avenue South, LLC

3/18 2614 19th Street South (Former Western HQ)

7,492 $1,520,000 $202.88 19th Street South, LLC

3/28 3122 Green Valley Rd./3125 Autumn Ct.

1,400 $525,000 $375.00 Bruno Family, LLC

4/5 408 Hollywood Blvd. 3,062 $450,000 $146.96 408 Hollywood, LLC

4/18 1020 26th St. S. 9,731 $3,597,706 $369.72 SSPS Partners, LLC

4/30 1771 Independence Ct. 2,886 $1,064,000 $368.68 PrimeHealth Properties Trust, LLC

6/7 2200 Lakeshore Dr 39,922 $8,250,000 $206.65 Main Street Holding Co, LLC

6/14 3490 Independence Dr. 21,072 $4,500,000 $213.55 Eloise Properties, LLC

7/8 2121 Highland Ave. S. 20,000 $5,059,402 $252.97 Progress Bank & Trust

7/31 2204 Lakeshore Drive (Lakeshore Park Plaza)

196,871 $30,450,000 $154.67Northridge East Apartments, LLC

Northridge West Apartments, LLC

9/26 2116 Rocky Ridge Road 3,438 $525,000 $152.71 Sones Properties, LLC

10/3 3928 Montclair Road 22,684 $3,000,000 $132.25 Jacpur, LLC

11/19 3415 Independence Plaza (Homewood Office Plaza)

17,000 $3,615,000 $212.65 Holy Trinity Homewood, LLC

12/18 2145-2151 Highland Avenue (One Highland Place)

64,524 $7,193,400 $111.48Steriling Capital VI

One Highland Place, LLC

SIGNIFICANT SALES - MIDTOWN MARKET

HOMEWOOD OFFICE PLAZADan Lovell and Sam Carroll of Graham & Co represented the seller in its disposition of this 17,000 sf Homewood office building. It sold to a local investment group for $3,615,000.

13

MEDICAL OFFICE BUILDING3570 Grandview Parkway


HIGHWAY 280 | I-459 MARKET

Occupancy 76.49%

Rate PSF $21.89

82.41%

$21.24


OVERALL:OVERALL:

The Highway 280/I-459 submarket continues to have strong appeal, and it had more significant leasing than any other submarket in terms of number of transactions in 2019. Several opportunities are present for office users seeking larger blocks of space.

The -330,290 sf of absorption in 2019 was largely the result of Blue Cross Blue Shield of Alabama vacating its space totaling 135,427 sf at Meadow Brook 500 along with Southern Company relocating to the Colonnade Red Roofs which left approximately 450,000 sf of space vacant at Inverness Center. The overall occupancy rate dipped to 82.41%. The overall rental rate increased, however, to $21.24 psf, a slight increase of 0.78% from the previous year.

The largest Birmingham office sale transaction was located at 9001 Liberty Park, indicating investor interest in the Highway 280/I-459 submarket continued in 2019. The 200,000 sf, class-A office building, home to Encompass Health, traded for a very healthy $74,500,000 ($372.50 psf). Encompass had a long-term lease in place at the time of the sale. The submarket had several other office sales in 2019 including that of 1800 & 1900 International Park, two class-A office buildings totaling 211,142 sf. These buildings were purchased by a local investor for $34,500,000 ($163.40 psf).

Confidence in this area among investors and office users continues to be strong. Expect the Highway 280/I-459 submarket to pick up further momentum and vacancy rates to decline in the coming years.

[ 6.5 MILLION SF TOTAL ]SINGLE TENANT 1,642,251 SF

MULTI-TENANT 4,880,411 SF

Caha

ba V

alley

Rd

Over

ton

Alta

dena

R

d

Valleyd

ale R

d

Lakeshore

Dr

Old Rocky Ridg

e Rd

Rd

Rock

yRi

dge

Rd

Cald

wel

lM

illRd

CahabaHeights

InvernessPkwy

VESTAVIA

HOOVER

InvernessMeadow

Brook

Oak Mountain State Park

Liberty Park

Summit

ColonnadeBrookHighland

Grandview

119

1714

280

280


5.79% 0.78%82.41% $21.24

PERCENT PERCENT

PER SF

15

GRANDVIEW IISam Carroll and Matt Gilchrist of Graham & Co represented the Landlord in its lease of 16,701 sf to Grandview Medical Center in this class-A office building located just off Highway 280.

1800 & 1900 INTERNATIONAL PARKSam Carroll & Matt Gilchrist of Graham & Co represented a local investment group in its acquisition of two buildings within International Park. The 211,142 sf class-A office buildings sold for $34,500,000.


2600 Meadow Brook 74,424 Allstate Renewal

Federal Reserve @ Liberty

Park48,968 General Services Administration New

Grandview II 16,701 Grandview Medical Center New

Meadow Brook 1200 16,605 Momentum Telecom New

10 Inverness Center 16,000 J. Smith Lanier Renewal

100 Grandview Place 15,866 Merrill Lynch Renewal

3800 Colonnade 14,069 IllumiCare New

3700 Colonnade 13,441 RXBenefits, Inc. Expansion

1100 Lee Branch Lane 13,200 United Healthcare Group Renewal

Meadow Brook 100 12,960 ALDOT Renewal

10 Inverness Center 12,017 T-Mobile South, LLC Short Renewal

3800 Colonnade 10,351 Nike Renewal

1500 Urban Center 9,499 Wilson, Elser, Moskowitz, Edelman & Dicker Sublease

361 Summit Boulevard 9,403 Gaines, Gault, Hendrix, PC New

1400 Urban Center 8,450 O'Neal Manufacturing New

Meadow Brook 2700 8,207 Standridge Logistics & Consulting, LLC Renewal/Expansion

3800 Colonnade 7,216 Goodrich Management Renewal

31 Inverness Center 6,364 Ameriprise Financial Services New

Grandview I 6,210 Alabama Neurological Surgery and Spine New

3800 Colonnade 5,470 Jenkon Renewal

1000 Urban Center 5,446 Pathway Health New

Grandview II 5,020 Wettermark & Keith, LLC Short Term Extension

SIGNIFICANT LEASES - HIGHWAY 280 | I-459 MARKET



1/14 200 Corporate Ridge Dr 4,456 $3,200,000 $718.13 Legacy Community Federal Credit Union

2/191800 & 1900 International Park (2 Buildings)

211,142 $34,500,000 $163.40 IP Birmingham II, LLC

2/8 1300 Corporate Dr 7,000 $1,000,000 $142.86 Snider Therapy Centers Inc.

3/6 2300 Resource Dr 13,027 $2,400,000 $184.23 Suttles and Aguilar, LLC

4/5 2016 Stonegate Trl 1,500 $287,362 $191.57 Conellaco, LLC

4/26 4984 Overton Road 6,861 $1,225,000 $178.55 Gyandev, LLC

5/14Units 121 & 122 Building 1 Edenton Street

2,858 $203,803 $71.31 JB Holding Company, LLC

5/161200 Providence Park #200

2,160 $370,000 $171.30 5E Property, LLC

6/17 3070 Green Valley Rd 9,960 $1,500,000 $150.60 Tiebos, LLC

6/249001 Liberty Parkway (Encompass HQ)

200,000 $74,500,000 $372.50ARG EHBIRAL001, LLC (Global Net

Lease)

7/12 1111 & 1112 Edenton St 8,400 $1,000,000 $119.05 Gallardo Family 2001 Living Trust

9/1 1100 Corporate Parkway 25,000 $4,100,000 $164.00 Sumerford Holdings, LLC

9/102015 Stonegate Trail, #105

1,500 $280,000 $186.67 SCP Stonegate, LLC

9/27 3145 Green Valley Road 4,206 $1,050,000 $249.64 Henry Holding, LLC

10/28Edenton Street Condos Suites 111, 112, 1013, 1014, 1023, 1121,1122, 1212, 1221

18,895 $900,000 $47.63 Lifetime Solution, LLC

11/254898 Valleydale Road (Keith Building)

10,444 $700,000 $67.02 Valleydale Revival, LLC

SIGNIFICANT SALES - HIGHWAY 280 | I-459 MARKET

17


SOUTHERN | I-65 MARKET

2111 PARKWAY OFFICE CIRCLE

Occupancy 80.93%

Rate PSF $18.16

91.50%

$18.26


OVERALL:OVERALL:

The Southern/I-65 submarket has consistently been a strong performer with occupancy rates greater than 90% for more than a decade. The overall occupancy was 91.50% in 2019, down 1.86% from the previous year. The overall rental rate increased just slightly by 0.02% to $18.26 psf. Although it experienced -90,160 sf absorption in 2019, that number represents less than 2% of the total size of a submarket that has remained steady, a trend that is expected to continue.

The largest new lease in the submarket was to a subsidiary of Encompass Health, Print Promotions Group; it leased 36,133 sf at 2100 Columbiana Road. The submarket had five sales transactions greater than $1 million in 2019. The largest sale was the 22,816 sf office building at 1550 Woods of Riverchase for $3,350,000 ($146.83 psf) to a local ownership group.

Easily accessible by both I-65 and I-459, many of the Southern submarket buildings are surrounded by lush wooded areas, nice landscaping and rolling terrain, all of which contribute to the area’s reputation as a convenient and desirable place to work.

[ 4.8 MILLION SF TOTAL ]SINGLE TENANT 2,691,514 SF MULTI-TENANT 2,164,454 SF

Rock y R

idge

Rd

Old Roc

ky R

idge

Rd

Alta

dena

Rd

Caldwell

Tyler Rd

Alford Ave

Cahaba Valle

y Rd

Lorna Rd

Valle

ydale

Rd

Colum

biana Rd

HOOVER

PELHAM

RockyRidge

VESTAVIA

Riverchase

Oak Mountain State Park

Galleria

RiverchasePkwy East

Mill

Rd

150

261

119

17

31

31


1.86% 0.02%91.50% $18.26

PERCENT PERCENT

PER SF

19

1550 WOODS OF RIVERCHASE Sam Carroll of Graham & Co represented the seller in its disposition of this 22,816 sf Riverchase office building which sold for $3,350,000.

BARBOUR BLDG @ HIGHPOINT OFFICE PARKThis 49,934 sf office building was purchased for $2,375,000 by a local investment group with plans for an extensive renovation.

VESTAVIA CORPORATE OFFICE100 Vestavia Parkway



2100 Columbiana Road 36,133 Print Promotions Group (Encompass Health subsidiary) New

2176 Parkway Lake Drive 10,822 Alabama Board of Pardons and Paroles New

1849 Data Drive 8,781 Star Asset Security, LLC New

The Offices at 3000 Riverchase

7,322 ENGS Commercial Capital, LLC New

Vestavia Hills City Center 6,912 Myrick Gurosky & Associates, Inc. Relocation/Renewal

SIGNIFICANT LEASES - SOUTHERN | I-65 MARKET


1/31 2112 Rocky Ridge Rd. 3,520 $400,000 $113.64 Eladio Dominguez

1/31 2229 Rocky Ridge Road 10,000 $1,070,000 $107.00The Board of Dental Examiners of

Alabama

2/125356 Stadium Trace Pkwy. #200

5,083 $925,000 $181.98 RCC Real Estate, LLC

3/151550 Woods of Riverchase

22,816 $3,350,000 $146.83 Woods of Riverchase, LLC

3/255500 Southlake Park #100/150

6,000 $585,000 $97.50 MSMM Real Estate, LLC

6/17 3425 Pelham Parkway 6,000 $625,000 $104.17 Harmon Accounting, LLC

6/28 2 Riverchase Ridge 12,275 $1,300,000 $105.91 Key 7 Management Services

7/30 2021 Shady Crest Dr. 2,474 $450,000 $181.89 Amin Properties, LLC

8/28 2104 Rocky Ridge Road 6,120 $550,000 $89.87 Mipatula Estates, LLC

9/30 601 Vestavia Parkway 43,934 $2,375,000 $54.06 Barbour Associates, LLC

SIGNIFICANT SALES - SOUTHERN | I-65 MARKET

21

MULTI-TENANT:MULTI-TENANT: OVERALL:OVERALL: Occupancy 60.33%

Rate PSF $16.23

73.15%

$16.61

VULCAN | OXMOOR MARKET

PATRIOT MIDTOWN PARK210 Wildwood Parkway


OVERALL:OVERALL:

Birmingham’s smallest submarket, Vulcan/Oxmoor, had a stronger year in 2019 with 44,008 sf of positive absorption. The overall occupancy of 73.15% was an increase of 1.62% from the prior year.

Transaction activity in the submarket included a new lease of 8,559 sf to Children’s Behavioral Health at Patriot Midtown Park; a 16,704 sf new lease to the Alabama Department of Rehabilitation Services at Lakeshore Crossings; and a 33,900 sf lease renewal by Portfolio Recovery Associates at Beacon Ridge Tower. Sales activity included the acquisition of Beacon Center, a four-building portfolio totaling 111,545 sf purchased by an out-of-state investor for $7,158,000 ($64.17 psf).

This submarket is very well located with easy access to the I-65 corridor, and the City of Homewood has expressed interest in further improvements to the area which would enhance the economic landscape of the neighborhood.

[ 2.7 MILLION SF TOTAL ]SINGLE TENANT 875,221 SF MULTI-TENANT 1,833,151 SF


1.62% 0.47%73.15% $16.61

PERCENT PERCENT

PER SF

23

OXMOOR OFFICE BUILDING801 Tom Martin Drive



5/10 500 Beacon Pkwy. W. 29,461 $600,000 $20.37 Jaren Aksut and Robert L. Crook Jr.

9/6 2757 Green Springs Hwy 3,715 $820,000 $220.73 EZ Assets, LLC

9/19

529, 601, 631, 651 Beacon Parkway West (Beacon Center - 4 Buildings)

111,545 $7,158,000 $64.17 AK&B Beacon Center, LLC

11/8 298 West Valley Avenue 37,000 $860,000 $23.24 Rocky Heights Properties, LLC

11/2285 Bagby Drive (University Building)

39,969 $1,965,000 $49.16 Leveragedz, LLC

SIGNIFICANT SALES - VULCAN | OXMOOR MARKET


Beacon Ridge Tower 33,900 Portfolio Recovery Associates Renewal

201 Lakeshore Crossings 16,704 Alabama Department of Rehabilitation Services New

Grand Twin Towers 12,116 Department of Homeland Security Renewal

201 Lakeshore Crossings 9,566Memphis Pathology Laboratory dba American

Esoteric LaboratoriesNew

Patriot Midtown Park 8,559 Children's Behavioral Health New

SIGNIFICANT LEASES - VULCAN | OXMOOR MARKET

25

GRAHAM OFFICE SERVICES

Graham & Company has a market-leading office platform

with bolstered development capabilities. Graham’s client-

centric philosophy and growth-oriented approach as well

as a shared culture of teamwork, integrity, and service

position it to offer “best-in-class” real estate services.

OFFICE SERVICES

INVESTMENT SALESDEVELOPMENT BROKERAGE


BROKERAGEGraham & Company’s brokerage division provides sales and leasing services in five key sectors of commercial real estate: office, industrial, land, retail, and investment. Graham agents consistently rank among the best in their prospective markets. However, it’s not the numbers that reflect the Graham way, it’s the ability to examine each deal through the eyes and sensibilities of its clients that separates Graham from the other industry leaders.

DEVELOPMENT/CONSULTINGGraham & Company’s development group assembles and works closely with teams of architects, engineers, and contractors to create both build-to suit as well as speculative developments. Graham’s development group also procures financing, negotiates leases, and establishes property management systems for its development projects. Graham has been involved in the development of industrial properties, office buildings, office/service centers, and office building rehabilitation projects throughout the Southeast.

INVESTMENT SALESIn addition to brokerage and development, Graham & Co offers investment sales services. Our in-house team has the experience and capability to produce quality offering memorandums, actively market assets for sale, source potential investors, and successfully navigate the closing process. Graham has a track record of success in marketing class-A office properties.

29

850 SHADES CREEK PARKWAY

PROPERTY MANAGEMENT & LANDLORD LEASING

In 2020, Graham & Co expanded its office services with the inclusion of seasoned real estate professionals from Brookmont Realty Group. The addition of this group will allow Graham to offer a greater scope of services. In addition to Graham’s focus on first class service to both property owners and tenants, Graham places a high value on long-term relationships. The foundations of the company were built upon local and national relationships, and many of those relationships continue to exist and thrive after more than forty years. While service activities may vary between different properties, our personnel are trained, and each performance is measured to ensure delivery of “best-in-class” property management. Graham & Company currently performs property management and/or leasing services for more than 14.6 million sf of industrial, office, and retail properties.

PROPERTY MANAGEMENT


1849 DATA DRIVE

2728 @ SOHO

820 SHADES CREEK PARKWAY

SYNOVUS CENTER

Brookmont Realty joins Graham & Co adding these new faces.

Charles H. SimpsonSr Vice President

Bo GrishamSr Vice President

Edward NobingerVP of Property Management

David WalkerChief Financial Officer

Charles has completed numerous real estate transactions and developments throughout his 38-year career representing landlords, tenants, buyers and sellers, and owners and investors of commercial real estate.

Bo has worked in commercial real estate for 36 years, during which time he has been involved with project management, development, and tenant and landlord representation for numerous class-A office buildings.

Throughout his 39-year career, David has been involved with the financial management and analysis of large land developments and class-A multi-tenant office buildings.

Edward has been working in property management since 1980. He is a certified Real Property Administrator, Facilities Management Administrator, and Certified Facility Manager.

31

BrokerageRepresenting clients in the negotiation,

structuring, and execution of leases

Construction ManagementConsulting, oversight, and project

management of various build outs/construction projects

Build-to-Suit ProcessDevelop custom properties and facilities

to meet our client’s needs

CORPORATE SERVICES

Valuation ServicesBroker opinions of value, and other financial models to better help you

make wise and advantageous real estate decisions


Graham & Company serves corporate and institutional clients by offering a comprehensive platform of real estate services across geographic locations and property types.

Facilities ManagementLease administration, portfolio

management, site management, etc.

Strategic PlanningDeveloping plans to harmonize strategic business goals with property and facility

decisions

Real Estate Tax ConsultingNegotiating appropriate tax valuations

for existing or new properties

Debt SolutionsLeveraging debt relations to negotiate optimal terms for new acquisitions or

existing properties

33

GRAHAM TRANSACTIONS& AVAILABILITIES

GRAHAM TRANSACTIONS

3070 Green Valley Road9,960 SF OFFICE BUILDING Dan Lovell & Sam Carroll of Graham & Co represented the purchaser and Sonny Culp & Matt Rowan, also of Graham, represented the seller in the sale of this well located Cahaba Heights office building.

Patriot Midtown Park8,559 SF OFFICE SPACEDan Lovell & Matt Gilchrist of Graham & Co represented the Landlord and Jerry Grant, also of Graham, represented Children’s Behavioral Health in the lease of 8,559 sf in this class-A office.

600 University Park Place13,814 SF OFFICE SPACEJerry Grant of Graham & Co represented the landlord in its lease of 13,814 sf to Warren Averett Companies, LLC in this class-A Midtown office building.

Former Greyhound 19,978 SF BUILDINGDan Lovell & Jerry Grant of Graham & Co represented the seller in the disposition of the former Greyhound location to a local developer for redevelopment of the site which could include a mix of uses including office and retail.

One Federal Place15,309 SF OFFICE SPACESam Carroll & Matt Gilchrist of Graham & Co represented PNC Bank in its lease of 15,309 sf in this class-A office building located in the CBD.

107 Frankfurt Circle12,470 SF OFFICE SPACEWalter Brown & Matt Gilchrist of Graham & Co represented the landlord in its lease renewal of 12,470 sf for the General Services Administration in this Vulcan/Oxmoor office building.

SOLD

SOLD

LEASED

LEASED

LEASED

LEASED


AVAILABILITIES

400 Chase Park South, Birmingham, ALRent Rate: $14.50/SF, Full Service

Space: Up to 16,476 SF Available • Exterior facing entrances• Ample parking near front door• Well manicured landscaping

Contact: Bo Grisham

200 Wildwood Pkwy, Homewood, ALRent Rate: $21.50/SF, Full Service

Space: 92,936 SF Available • Walkable, scenic campus • State-of-the-art conference facilities• Abundant surface parking and deck parking

Contacts: Dan Lovell, SIOR, LEED AP Matt Gilchrist

801 Tom Martin Drive, Birmingham, ALRent Rate: $17.50/SF, Full ServiceSale Price: $11,500,000

Space: 91,061 SF Available • New roof, HVAC systems, & new controls• Well maintained• Open floor plan Contacts: Sam Carroll, SIOR Matt Gilchrist

505 20th Street North, Birmingham, AL Rent Rate: $20.00/SF, Full Service

Space: 53,152 SF Available • Favorable leasing terms• Exterior building signage opportunities• Access to covered parking deck

Contacts: Sam Carroll, SIOR Matt Gilchrist

2603 Moody Parkway, Moody ALSale Price: $3,800,000 Size: 18,485 SF• 1.5 miles from I-20• Great location on Moody Parkway• NOI $266,165• Cap rate 7%


2204 Lakeshore Drive, Homewood, ALRent Rate: $25.50/SF, Full ServiceSize: 3,830 SF • Class-A suburban office building• Surface parking; leased covered parking• Near to lodging, dining and retail

Contact: Jerry Grant, CCIM

Patriot Midtown Park Oxmoor Office Building The Financial Center

Chase Park South Class-A Office Investment Lakeshore Park PlazaLEASE

LEASE SALE/LEASE

LEASE

LEASE

SALE

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AVAILABILITIES

800 Shades Creek Parkway, Birmingham, ALRent Rate: $27.00/SF, Full Service

Space: 554 SF Available • On-site property management• Attached private parking deck• Free visitor parking

Contact: Charles H. Simpson

100 Vestavia Parkway, Vestavia Hills, ALSale Price: $3,400,000

Space: 29,322 SF (3) Three Floors • City of Vestavia Hills – Best Suburbs in

America by Business Insider• Attractive exterior - easy upkeep• Free surface parking – 4.4/1,000 SF

Contact: Dan Lovell, SIOR, LEED AP

1800 International Park Dr., Birmingham, ALRent Rate: $23.50/SF, Full Service

Space: 7,628 SF Available • Walkable, scenic campus • 717 total parking spaces (Shared with

neighboring building)• Parking ratio: 3.4 per 1,000 SF


3570 Grandview Parkway, Birmingham, ALRent Rate: $29.50/SF, Net of Janitorial

Space: 3,769 SF Available • Brick & sandstone with limestone accents• Covered drop-off drive• Two-story atrium lobby with 28’ ceiling

Contact: Walter Brown, SIOR

1927 1st Avenue North, Birmingham, ALRent Rate: $17.50/SF, Full Service

Space: 84,435 SF Available • Prominent skyline building signage

available• Attached private parking deck• Free visitor parking


3595 Grandview Parkway, Birmingham, ALRent Rate: $23.00/SF, Full Service

Space: 37,377 SF Available • Class-A suburban office building• Free surface parking• Easy access to major transportation

arteries

Contacs: Sam Carroll, SIOR Matt Gilchrist

Synovus Center

Vestavia Corporate Office Medical Office Building Grandview II

International Park The Woodward BuildingLEASE LEASE LEASE

LEASELEASESALE


AVAILABILITIES

2728 19th Place South, Homewood, ALRent Rate: $26.50/SF, Full Service

Space: 21,475 SF Available • Easy access to Highway 31 and Red

Mountain Expressway• Highly desirable Midtown submarket• City of Homewood - no occupational

taxes

Contact: Charles H. Simpson

800 Lakeshore Parkway, Birmingham, ALRent Rate: $12.50/SF, Full ServiceSale Price: $3,795,000

Space: 120,000 SF Available • Parking - 5.5 to 1,000• Zoning - I-3 Industrial Park• City of Birmingham Water & Sewer -

Birmingham Water Works

Contacts: Walter Brown, SIOR Ogden Deaton, SIOR

500 Century Park South, Birmingham, ALRent Rate: $14.50/SF, Full Service

Space: Up to 18,890 SF Available • Exterior entrances• Ample parking near front door• Fee incentives

Contact: Bo Grisham

100 Centerview Drive, Vestavia Hills, ALRent Rate: $17.25/SF, Full ServiceSale Price: $3,400,000

Space: 10,230 SF Available; Total 34,313 SF • Easy access to Highway 31, I-65 and I-459• Zoning: O-I (Office Park District), Vestavia Hills• Located within Highpoint Office Center

Contacts: Walter Brown, SIOR Matt Gilchrist

Healthy Way, Birmingham, ALCall for Pricing

Space: 1.02 Acres Available • Office, retail, or residential development• 11,000 Vehicles per day on Cahaba River

Road• Average income more than $117,000

annually within 5-mile radius Contact: Jerry Grant, CCIM

500 Office Park Drive, Birmingham, ALCall For Pricing

Space: 62,535 SF • New building conference room• Remodeled restrooms• Free ample surface parking• Excellent mix of corporate tenants

Contacts: Dan Lovell, SIOR, LEED AP Jerry Grant, CCIM

2728 @ SoHo

Lakeshore Center

Century Park

The Chambers Building

Patchwork Farms

500 Mtn Bk Office Park

SALELEASELEASE

SALESALE/LEASESALE/LEASE

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ABOUT GRAHAM & CO

Theresa Baker Don Beaugez Jack Brown, SIOR Walter Brown, SIOR Sam Carroll IV, sior

Ogden Deaton, sior

Steve Graham, mai, cre Thomas Michael

David Walker

Matt Gilchrist

Jerry Grant, ccim

Joelle Rodgers

John Coleman, siorTanya Clark

Courtney DeShazo

Christie Neely

Tana Welch

Henry Graham

Bo Grisham

Matt Rowan

Sonny Culp, sior Joel Dorning

Jordan Tubb, siorEdward Nobinger, pa, fma, cfm

Leslie Williamson

Matthew Graham

Lauren Limbaugh

Hayden Scott, mai

Mike Graham, cpm, sior Dan Lovell, sior, leed ap

Charles H. Simpson

GRAHAM & CO – BIRMINGHAM


SIOR–Society of Industrial & Office Realtors

CCIM–Certified Commercial Investment Member

CRE–Counselors of Real Estate

IREM–Institute of Real Estate Management

LEED–Leadership in Energy and Environmental Design

ULI–Urban Land Institute

A B O U T G R A H A M & C O M P A N Y

Founded in 1978, Graham & Co is a full-service commercial real estate firm based in Birmingham, with offices in Birmingham and

Huntsville, Alabama and the Gulf Coast, Florida. The company offers professional services including sales, leasing, property management,

corporate services, consulting, investment, and development. In response to client demand, Graham has systematically extended its

range of services and geographic reach, now serving clients throughout Alabama and several surrounding states.

C O M M U N I T Y I N V O LV E M E N T

At Graham & Co we recognize that our clients can enhance the value of their property, business, and/or investment if the community

in which they live, and work is vibrant and healthy. Graham and its employees continue to give back to the community in a number of

ways including volunteering time and energy in support of a variety of community and social causes.

A F F I L I AT I O N S

NAIOP–National Association for Industrial and Office Parks

G R A H A M & C O M P A N Y P E R S O N N E L ( B I R M I N G H A M )

PRINCIPALS

Mike Graham, CPM, SIOR

Steve Graham, MAI, CRE

INDUSTRIAL GROUP

Jack Brown, SIOR

John Coleman, SIOR

Sonny Culp, SIOR

Ogden Deaton, SIOR

Courtney DeShazo

Joelle Rogers

Jordan Tubb, SIOR

INVESTMENT

Matthew Graham

MARKET RESEARCH ANALYST

Matt Rowan

FINANCE

David Walker, CFO

Tana Welch

DEVELOPMENT

Henry Graham II

OFFICE GROUP

Walter Brown, SIOR

Sam Carroll IV, SIOR

Bo Grisham

Jerry Grant, CCIM

Matt Gilchrist

Lauren Limbaugh

Dan Lovell, SIOR, LEED AP

Charles H. Simpson

CLIENT SERVICES MANAGER

Christie Neely

CORPORATE SERVICES

Hayden Scott, MAI

Tanya Clark

GRAPHIC DESIGN

Joel Dorning

PROPERTY MANAGEMENT

Theresa Baker

Don Beaugez

Thomas Michael

Edward Nobinger, PA, FMA, CFM

Leslie Williamson

HUNTSVILLE OFFICE

Tyler Fanning, SIOR

Erika Harless

Jeremy Pope, CCIM, SIOR

Bart Smith, CCIM, SIOR

George Twitty, Jr.

GULF COAST OFFICE

Jason Carnes

Kevin Williams, CCIM

INDIVIDUALMEMBERSHIPS

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2020 OFFICE MARKET SURVEYGRAHAM & CO

1801 Fifth Avenue North

Suite 300

Birmingham, AL 35203

205-871-7100

www.GrahamCompany.com

OFFICE MARKET SURVEY - Graham & Company€¦ · which offered 10 plus years remaining on its lease...

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Transcript of OFFICE MARKET SURVEY - Graham & Company€¦ · which offered 10 plus years remaining on its lease...