Search
 

$43M Deal Closes for 302,000-SF Office

COLUMBIA, SC-The Bank of America Plaza is 88% leased, with Bank of America occupying 27% and Edens & Advant occupying 14%. Less than 40% of the building's rent roll expires over the next six years.

By Melissa Kress | Updated on May 16, 2006

COLUMBIA, SC-RFR Holdings of New York has completed its $43.2-million sale of the Bank of America Plaza at 1901 Market St. A wholly owned entity of CRI Inc., of Rogers, AR, bought the 302,000-sf leased property, which is 88% leased.

The class A office building is 16 stories and features an attached parking garage. Among the 16 tenants are Bank of America, which occupies 27%, and Edens & Advant, which occupies 14%. Jones Lang LaSalle’s New York Capital Markets group acted on behalf of RFR Holdings, which bought the property from Trizec in December 2004. JLL also handled that deal.

“The property’s location near the federal courthouse and several blocks from Route 126 makes it very attractive to lawyers and other professional firms,” Mark De Riemer, managing director of Jones Lang LaSalle, explains in a statement. “This offering had broad appeal to private and institutional investors from all corners of the country. At a sale price of $143 per sf, the 88%-leased property traded well below reproduction cost. Less than 40% of the building’s rent roll expires over the next six years, so there is good security in the property’s cash flows.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.