Jul
31

Charlotte’s Fifth Third Center Under Contract for $215 Million

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Parmenter Realty Partners announced today that it is under contract to sell Fifth Third Center in Charlotte, North Carolina for $215 million to Cousins Properties, after purchasing the trophy office tower two years ago for $163 million. The 30-story, 697,817 square foot building is located at 201 North Tryon Street in Uptown Charlotte, and was purchased by Parmenter Realty Fund IV in 2012. Will Yowell, Jay O’Meara, and Patrick Gildea from CBRE represented Parmenter in the sale.

“Fifth Third Center is a premier and iconic asset and was a solid performer in Parmenter Fund IV,” said Darryl Parmenter, Chairman and Chief Executive Officer of Parmenter Realty Partners. “We accelerated our business plan at the property and felt the time was right to sell. This will be the second asset from Parmenter Realty Fund IV that we have sold.”

“Fifth Third Center is considered one of only a handful of AA quality buildings in Uptown Charlotte,” said John Davidson, Managing Principal Southeast Region. “During our ownership we restructured the Fifth Third Banklease and extended the McGuire Woods lease adding significant lease term and value to the property. We also leased approximately 40,000 square feet of new leases, to tenants including Winstead PC and Insight Global.”

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