CBRE Arranges Sale of Capitol Center Office Tower in Columbia
Oct 04, 2017 01:14PM
By Emily Stevenson
CBRE has arranged the sale of Capitol Center, a 460,020-square-foot Class-A office building in Columbia, South Carolina. Hamilton Equity Partners of New York, New York, acquired the property from a joint venture between M&J Wilkow and Intercontinental Real Estate Corporation on Sept. 29, 2017. CBRE’s Justin Parsonnet, Will Yowell, Ryan Reethof, Patrick Gildea, Martin Moore and Aaron Dupree represented the seller.
Capitol Center is 87 percent occupied and located in Columbia’s CBD submarket. The tallest building in South Carolina features 25 stories and provides unparalleled views and visibility to its diverse tenant base that spans across government, law, banking, insurance and more. Anchor tenants include Haynsworth Sinkler Boyd, BB&T, Alliance Consulting Engineers, Gallivan White & Boyd, South Carolina Department of Commerce and the building’s own private dining club, Capital City Club.
The CBD is Columbia’s dominant and strengthening office submarket. According to CBRE’s Q2 2017 Columbia Office Marketview, the CBD’s downtown vacancy has declined by more than 50 basis points to 11.3%. Affordable rents and an educated workforce from the University of South Carolina are attracting outside investors drawn to the market’s solid fundamentals. Capitol Center is the fourth office tower in the CBD to trade this year.
“We received considerable interest in the Capitol Center offering from national, institutional quality purchasers, demonstrating the increased confidence investors have in this remarkable property, Columbia’s office market and its economy in general,” said Justin Parsonnet, Executive Vice President with CBRE. “We are pleased that Hamilton Equity Partners is making a meaningful investment in the Columbia market and expect it will be a highly successful investment.”
“We are excited to own such an iconic building in a market that has a great future”, said Malkiel Svei, Chief Operating Officer with Hamilton Equity Partners. “We look forward to improving the already great building experience through upgrading common areas and amenities.”
CBRE has been hired as the exclusive leasing agent for Capitol Center. Planned improvements for Capitol Center include upgrades to the main lobbies, conferencing facilities, elevators, and common areas.
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. Please visit our website at www.cbre.com.