HFF closes sale of and arranges financing for Class A office tower in Birmingham, Alabama
CHARLOTTE, NC – September 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Financial Center, a 311,201-square-foot, Class A office tower in downtown Birmingham, Alabama.
HFF arranged the sale on behalf of the seller, Allegiance Realty Corporation. An affiliate of Daniel Corporation purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, HFF placed the floating-rate acquisition loan with a life insurance company.
Completed in 1982, Financial Center has been substantially renovated beginning in 2013, including renovations to the lobby and common areas, elevator modernizations, adding an outdoor patio and a new location for Edgar’s Bakery. The 18-story building is home to a variety of tenants – including Christian & Small and Crowne Partners – that will soon include Daniel Corporation after it relocates its corporate headquarters to Financial Center. Located at 505 20th Street North in downtown Birmingham, Financial Center is situated in the largest office market between Georgia and Texas. The tower is two blocks from the Jefferson County Courthouse and the federal courthouse and proximate to Interstates 20, 59 and 65, which run through Birmingham.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, managing director Ralph Smalley and associate director Kelly Kuykendall.
The HFF debt placement team representing the new owner was led by director Jeremy Sain and senior managing director Travis Anderson.
About Allegiance Realty Corporation
Allegiance Realty Corporation is a privately-held real estate investment company founded in 1996 with a current portfolio totaling 4.5 million square feet. It is focusing on acquiring under-performing office properties in primary and secondary markets throughout the U.S. For more information, visitwww.allegiancerealestate.com.
About Daniel Corporation
Founded in 1964, Daniel Corporation is an innovative, full-service real estate organization engaged in development, investment and management of office, multifamily, retail, urban mixed-use, hospitality and medical properties. Headquartered in Birmingham, Alabama, with a regional office in Atlanta, Georgia, the firm currently focuses on markets in the Southeast and Mid-Atlantic states. Daniel’s broad range of real estate experience and fiduciary tradition enables the company to respond with the flexibility and timeliness demanded by the real estate industry. http://www.danielcorp.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.