FOR IMMEDIATE RELEASE
Contact: Media Relations
Telephone: (305) 379-7500
Parmenter Sells 160 Clairemont in Atlanta, Georgia
MIAMI, Fla., December 30, 2015 – Parmenter is pleased to announce the sale of 160 Clairemont in Atlanta, Georgia. Parmenter purchased the 121,954 square foot, Class A office building in September 2011 as part of its Parmenter Realty Fund IV portfolio. The six-story building is located in Downtown Decatur.
”Parmenter executed on its business plan of expanding the building lobby to provide a sense of arrival, construction of an onsite parking garage, and comprehensive mechanical and cosmetic upgrades to make 160 Clairemont the market leader in Downtown Decatur,” said Michael Holmes, Regional Chief Operating Officer. “Occupancy increased from 67% to more than 90% during our hold period which is a testament to the work our team was able to accomplish with the project.”
During its ownership Parmenter made substantial capital investments in the building’s aesthetics, interior finishes, and mechanical systems totaling more than $2 million, leading to three TOBY® (The Outstanding Building of the Year) awards, ENERGY STAR® certification and BOMA 360 Performance Program® designation. In addition, Parmenter partnered with Trammell Crow Residential on the construction of the new shared 500-space garage which will also provide parking to the new Alexan 1133 apartments.
John Davidson, Managing Principal said, ”This project utilized Parmenter’s skills in redeveloping, repositioning, leasing, and actively managing 160 Clairemont, a building which is now achieving the highest rents in the submarket. We have been honored with multiple awards for our redevelopment and sustainability initiatives which has been extremely gratifying.”
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Dallas and Atlanta. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.
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For more information on this topic please contact Parmenter Media Relations by calling (305) 379-7500 or via e-mail at MediaRelations@parmco.com.