CBRE arranges sale of Tower at 1301 Gervais in Columbia, S.C.
Sep 12, 2017 02:14PM
By Kathleen Maris
CBRE has arranged the sale of Tower at 1301 Gervais, a 298,926-square-foot Class-A office building in Columbia. RealOp Investments, LLC of Greenville acquired the property from Morning Calm Management for $28,125,000. CBRE’s Patrick Gildea, Aaron Dupree, Martin Moore, and Matt Smith represented Morning Calm Management.
The Tower at 1301 Gervais is currently 80 percent occupied and located in Columbia’s CBD submarket. Having recently undergone a $2 million renovation, the building has an upgraded fitness center, common area, restrooms, and tenant spaces offering open office environments. The 20-story building is a prominent feature in Columbia’s skyline, providing unparalleled views and visibility, and is attractive to a diverse tenant base that spans across technology, education, government, law, real estate, insurance, and other sectors. Anchor tenants include the University of South Carolina, South Carolina Chamber of Commerce, Cumulus Media, TM Floyd & Company, IT-oLogy, and Merrill Lynch.
The Tower offers tenants walkability to multiple dining options, retail, the Visa entertainment district, and the University of South Carolina. Within five miles of three interstates, the Tower has seamless ingress and egress for commuters.
“The Tower garnered competitive interest from investors who recognized the area’s technology growth and momentum,” said Patrick Gildea, executive vice president. “Cutting-edge technology and media firms choose to office at the Tower at 1301 Gervais and benefit from the University of South Carolina’s technology outreach program. Continued technology industry growth in the Columbia area ensures continued success for these firms.”
The Columbia office market has experienced declining vacancy rates and 14 consecutive quarters of positive absorption. Following a national trend, Columbia has seen an increase in asking rates, of nearly 9 percent over the past year. Despite the increase, the area has seen an influx of new tenants to the market and organic growth among existing tenants. A combination of consistent production of a highly educated workforce and affordability is attracting out-of-market investors.
About CBRE Group, Inc.:
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction, and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. For more information, visit www.cbre.com.