Sep
09

Columbia Office Tower Sold For $65.44/SF

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Jackson, Miss.-based Parkway Properties Inc. has sold the tower at 1301 Gervais St. in Columbia for $19.5 million, the company announced Thursday. In-Rel, a Lake Worth, Fla. company, is the buyer.

The tower, currently labeled the Wilbur Smith Building, is a 298,000-square-foot office property located in the central business district of the South Carolina state capital. The tower was built in 1973, and has 20 floors, with a typical floor comprising 15,000 square feet. The building is an attractive property because of the high occupancy rate – 92.7% – and that outperforms overall central business district properties by a couple of basis points, said Ron Riley, In-Rel executive vice president of operations.

“The building is home to some of the most high profile tenants in the Columbia market, including Wilbur Smith, South Carolina Chamber of Commerce, The Palmetto Club, Colliers International, VC3 and IT-Ology,” Riley said. “The building’s unparallel location, tenant base and track record were strong draws from an investment standpoint.”

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