Aug
06

Columbia’s Towering Capitol Center Under Contract

By

August 6, 2008

By Noelle Phillips – The State

The Capitol Center, South Carolina’s tallest building, has a new owner.

A Boston real estate investment firm has a contract on the 25-floor building at 1201 Main Street in Columbia, according to tenants.

The building houses some of the most important members of the state’s economic development community, including the S.C. Department of Commerce and several state and local business groups.

“It’s kind of the economic development center of the state,” said Jim Gambrell, director of Columbia’s economic development office and one of the building’s tenants.

The building’s new owner will be U.S. Real Estate Investment Fund, which is managed by Boston-based Intercontinental Real Estate Corp., tenants said.

Parkway Properties, a Jackson, Miss.-based real estate investment trust, has owned the building since 1999. The company announced the sale in its second-quarter report to investors, and the deal should be completed by Sept. 30.

Parkway is selling Capitol Center and its Wachovia Plaza in St. Petersburg, Fla., for $73.5 million, the report said. The report did not say how much Parkway would receive for each building.

Attempts to reach officials at Intercontinental’s headquarters were unsuccessful Tuesday. Parkway officials would not release further details about the sale.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/business/story/481387.html
.
BLOG NOTE:
.
I hear that the sales price is around $120 per square foot.
.
MBD

Be Sociable, Share!
    Categories : Columbia

    Comments are closed.