Talcott paid New York City-based Invesco $100.92 per sf, "well below replacement cost," according to Kevin Markwordt of Transwestern's Atlanta office who represented Invesco. Built in the mid to late 1980s, Chase Corporate Center is located in the Riverchase office submarket which is anchored by the 200-shop Riverchase Galleria mall, the largest in Birmingham boasting a nine-story atrium.

Markwordt is confident the property will provide "an opportunity that will quickly reward" Talcott. The broker calls Chase Corporate Center "one of only a handful of institutional grade suburban office projects in Birmingham" with "a historic strong occupancy for more than 15 years." Markwordt says that record "attests to its solid position as the premier office building in the Riverchase submarket."

Markwordt tells GlobeSt.com the sale took three months to complete, from letter of intent to closing. Jon Kleinberg of Transwestern worked with Markwordt on the deal.