Parmenter was founded in 1989 by Darryl Parmenter to capitalize on opportunities resulting from the market dislocation of the late eighties. Darryl Parmenter foresaw the wave of distressed assets and the ability to acquire assets well below cost and intrinsic value. Prior to forming the firm, Darryl Parmenter was a Managing Partner at Lincoln Property Company where he for more than 10 years focused on acquiring both distressed properties and office development in the United States.
From 1992 through 1997 the company engaged primarily in one-off transactions and invested principal’s capital alongside joint venture capital to fund the equity component of these real estate acquisitions. John Davidson, who would later join the company as a Managing Principal, implemented much of the property improvements during this phase of the company’s growth.
In 1995, Andrew Weiss joined the company as Chief Operating Officer and Managing Principal to oversee the operational side of the business. In the late nineties Parmenter raised its first fund, Parmenter Realty Fund I (“Fund I”), and acquired its first asset, Bank of America Tower, formerly Nations Bank, in Jacksonville, FL.
In 2002, Stephen Bronner, who previously worked with Mr. Parmenter at Lincoln Property Company, and John Davidson joined Parmenter as Managing Principals. In 2003, the company raised its first institutional real estate fund, Parmenter Realty Fund II (“Fund II”). With Fund II raised, the company opened a regional office in the Dallas market, led by Mr. Bronner, to handle the growth and company’s operations in the southwest region.
In 2006, John Davidson relocated to Atlanta, GA, to establish the southeast regional office. Atlanta was and continues to be considered the southeast financial capital and serves as a regional headquarter for many of the major real estate brokerage firms. That same year, Parmenter Realty Fund III (“Fund III”) was raised. The LP base included all of the institutional investors from Fund II. In 2011, Parmenter raised Parmenter Realty Fund IV (“Fund IV”), to continue its strategy of investing in the Sunbelt markets of the United States. In 2015, Parmenter raised Parmenter Realty Fund V (“Fund V”), to continue its strategy of investing in the Sunbelt markets of the United States.
In 2016, in a move to formalize roles within its executive team and provide for a consistent management profile going forward, Christopher McGrew was appointed President and Chief Investment Officer of the firm; Michael Holmes was promoted to Principal and Robert Motes was named Principal.
Parmenter is a privately held, vertically-integrated real estate operator and investment fund manager with over 100 employees. The company manages office assets throughout its targeted markets in the United States, and is headquartered in Miami, Florida with two regional offices in Atlanta and Dallas.
The success of the company is due to the dedication of its employees, all of whom are integral to the company’s operations. Darryl Parmenter, the company’s senior principals and all of the company’s employees share a common vision based on complete transparency, integrity, professionalism and trust, along with an unwavering commitment to serve the interests of all partners, tenants and employees.