OFFICE MARKET SURVEY | BIRMINGHAM

O F F I C E M A R K E T S U R V E Y | B I R M I N G H A M

2019

Overall Market . . . . . . . . . . . . . . . . 1

Downtown . . . . . . . . . . . . . . . . . . . . 3

Midtown . . . . . . . . . . . . . . . . . . . . . 5

Highway 280 | I-459 . . . . . . . . . . . 7

Southern | I-65 . . . . . . . . . . . . . . . . 9

Vulcan | Oxmoor . . . . . . . . . . . . . . 11

Birmingham Area Map . . . . . . . . 12

Principals & Office Group . . . . . 13

Property Management Group . . 14

Recent Graham Activities . . . . . . 15

For Sale or Lease . . . . . . . . . . . . . 16

Office Services . . . . . . . . . . . . . . . 18

Graham Team . . . . . . . . . . . . . . . . 20

TA B L E O F C O N T E N T S

Information deemed reliable,

but not guaranteed .

Copyright 2019 .

Reproduction, in whole or part,

of this report is prohibited .

Cover: Interior of Graham & Co . Library, a part of its office located at

1801 5th Avenue North, Birmingham

Birmingham’s office market remained strong in 2018 with the CBD and Midtown submarkets having posted positive absorption. Midtown had the strongest performance, with more than 179,000 sf of positive absorption. In 2018, the overall Birmingham Office Market posted -73,287 sf of absorption. This change can be attributed mostly to the 280/I-459 submarket which continued the trend of companies migrating from the suburbs back toward the city center. Confidence in the office market continues to remain high as many of the large blocks are beginning to backfill and local companies are continuing to grow. During 2018, there was more than $213 million in building sales greater than 25,000 sf. The largest sale transaction of the year was Colonnade Office Park; the 419,165 sf, three building portfolio, sold to an out-of-state investment group for $65 million. Additionally, the Gray Building in the CBD and Corporate Center in Midtown traded as investment sales. Nine class A office buildings traded for more than $179 million in 2018, continuing a trend for Class A office sales the Birmingham office market has experienced during the last few years.

FUTURE The CBD is expected to continue its redevelopment activity driven in part by the Alabama Historic Tax Credit. Additionally, the submarket is poised to capitalize on the new Opportunity Zones incentive established by Congress in the Tax Cuts & Jobs Act of 2017, with almost the entirety of north and central Birmingham within the designated area. The Birmingham market’s greatest challenge continues to be job growth. While there are a number of contributing factors, lack of cooperation between the dozens of municipalities within the metro has been at the top of the list. A recent initiative, dubbed the Good Neighbor Pledge and signed by mayors of almost 2 dozen cities, is a major first step toward improving collaboration. This “no-poaching” agreement should facilitate a pivot in job recruitment efforts toward new companies outside of the Birmingham market. The Birmingham Office Market is set to instill confidence in its future, and the suburban submarkets will continue to offer options for continued growth.

Overall Market

2019

[ 27.2 MILLION SF TOTAL ]

SINGLE TENANT 9,173,235 SF

MULTI-TENANT 18,048,044 SF

BIRMINGHAM OFFICE MARKET OVERVIEW

G R A H A M & C O M PA N Y | 2 0 1 9 O F F I C E M A R K E T S U R V E Y | B I R M I N G H A M 2

Overall Market

2019

MULTI-TENANT OCCUPANCY MULTI-TENANT RATE PSF100

95

%

90

85

80

75

22

21

$

20

19

18

17

2018 OVERALL AVERAGES: OCCUPANCY 88.01% • RATE PSF $19.97

$19.83 $19.76

20182012 2013 20162014 2015

84.3% 85.3%

82.6%

$19.80

85.4%

81.9 %82.4%

$19.91$20.15 $20.24

$20.61

86.0%

20182017 2012 2013 20162014 2015 2017

BIRMINGHAM, ALABAMA OVERALL MARKET

OVERALL ABSORPTION600

SF

400

200

0

-200

-600

-400

TH

OU

SA

ND

S

-244

-519

2018

214 193

2012 2013 2015 20162014 2017

-91-73

-17

G R A H A M & C O M PA N Y | 2 0 1 9 O F F I C E M A R K E T S U R V E Y | B I R M I N G H A M

Downtown Market




-20-11

-31

201520142012 2017 201820162013

OVERALL ABSORPTION

118

61

17

-50

50

0

-100

-150

-250

-200

150

100

150

SF

TH

OU

SA

ND

S

-200-150-100

-500

50100150

-250-200-150-100

-500

50100150

20142013 -218

Downtown Market

Birmingham’s Central Business District continued the resurgence it has been

experiencing during the past several years. In 2018, multi-tenant occupancy levels in the CBD submarket increased by 0.35% to 78.70%. Multi-tenant rental rates inched up, averaging $20.61 psf, which represented a 1.26% increase from the prior year.

The most significant transaction in the CBD during 2018 was the sale of the former AT&T City Center. An out-of-state investment group purchased the office tower with plans for mixed use redevelopment of the 617,456 sf building. Also making headlines, the recently redeveloped Gray Building was purchased by a local investor. Viva Health expanded its footprint by 20,111 sf at the Plaza, and Jones Walker, LLP leased 16,927 sf at Wells Fargo Tower.

The Birmingham market is receiving national recognition as a burgeoning technology hub. A new strategic effort is underway to spur growth within the submarket’s “Innovation District” by creating new incentives and tax credits. Additionally Shipt, Birmingham’s largest startup company to-date, was acquired by Target in 2018 for more than half a billion dollars. Moreover, after the acquisition, Target announced it was expanding Shipt with more than 800 new jobs coming to the market. With this expansion, the company will anchor Birmingham’s tallest office building and the Shipt logo will replace the long-standing Wells Fargo marquee.

We foresee the renaissance in downtown Birmingham continuing into the years to come. The area is more vibrant than ever with restaurants, entertainment venues, and office tenants making the CBD bustle with activity.

CITY CENTERThis 617,456 SF office tower was purchased for $31,000,000 by an out-of-state investment group with plans to redevelop the location for

mixed-use.

GRAY BUILDINGGraham & Co represented Gray Construction in

the disposition of this newly renovated, 57,000 SF,

class A, office building which was purchased by a

local investor for $10,900,000.

3

4G R A H A M & C O M PA N Y | 2 0 1 9 O F F I C E M A R K E T S U R V E Y | B I R M I N G H A M

2019


95

%

90

85

80

75

21

20

$

19

18

17

16


$20.07 $20.11

20182012 2013 20162014 2015

80.9%81.9% 82.5%

$20.05

81.1%

78.7%78.4%

$20.20 $20.28 $20.35$20.61$20.61

81.3%

20182017 2012 2013 20162014 2015 2017

BUILDING SF TENANT COMMENTS

THE PLAZA 20,111 VIVA HEALTH EXPANSION

RENASANT PLACE 17,889 CABINNIS JOHNSTON GARDNER DUMAS & O'NEAL, LLP RENEWAL

WELLS FARGO TOWER 16,927 JONES WALKER, LLP NEW

FORUM BUILDING 15,000 ALEXANDER SHUNNARAH PERSONAL INJURY ATTYS SUBLEASE

NEW SOUTH FEDERAL BUILDING 11,854 THE UNITED STATES OF AMERICA (GSA) NEW

REGIONS HARBERT PLAZA 10,500 REGIONS FINANCIAL RENEWAL

FINANCIAL CENTER 8,595 SPAIN & GILLON, LLC NEW

TWO NORTH TWENTIETH 7,000 THERANEST NEW

THE PLAZA 6,631 PEOPLES BANK OF ALABAMA NEW

SAKS BUILDING 6,571 WATKINS & EAGER, PLLC NEW

TWO NORTH TWENTIETH 6,000 BIRMINGHAM INVESTMENT GROUP RENEWAL

FINANCIAL CENTER 5,653 STOCKHAM, COOPER & POTTS, PC REN/EXPANSION

FINANCIAL CENTER 5,291 TWO MAIDS FRANCHISING SUBLEASE

LAND TITLE 4,200 JAFFE & ERDBERG NEW

S I G N I F I C A N T L E A S E S

DATE BUILDING SF PRICE PSF BUYER

4/6 2021-2023 3RD AVENUE NORTH

(O'NEILL BUILDING) 21,000 $1,750,000 $83 .33 2021 3RD AVE N, LLC

6/1 2129 1ST AVENUE NORTH 10,546 $837,500 $79 .41 2129 FAN, LLC

8/9 1227 1ST AVENUE SOUTH 13,300 $925,000 $69 .55 SUPERIOR COMMERCIAL

PROPERTIES, LLC (MATTHEW HOGAN)

10/3 2717 3RD AVENUE SOUTH 10,030 $1,250,000 $124 .63 RJA PROPERTIES, LLC

10/5 1301 1ST AVENUE SOUTH 23,491 $1,400,000 $59 .60 ORCHESTRA PARTNERS

DEVELOPMENT, LLC (1301 1ST AVENUE SOUTH, LLC)

10/1 2229 1ST AVENUE NORTH 13,000 $1,700,000 $130 .77 MOUNTAINSIDE BIRMINGHAM, LLC

11/1 600 19TH STREET NORTH

(FORMER AT&T CITY CENTER) 617,456 $31,000,000 $50 .21

VCP CITY CENTER, LLC (VARDEEN CAPITAL)

11/7 2100 MORRIS AVENUE 7,550 $900,000 $119 .21 2100 MORRIS AVENUE, LLC

11/14 1410 REVEREND ABRAHAM WOODS

JR . BLVD . (US TREASURY) 86,000 $22,000,000 $255 .81

EASTERLY GOVERNMENT PROPERTIES, INC .

11/30 1728 3RD AVENUE NORTH

(GRAY BUILDING) 57,000 $10,900,000 $191 .23 MIKE MOURON

12/14 3613 6TH AVENUE SOUTH 8,093 $825,000 $101 .94 3613 6TH AVE S, LLC

12/21 2401 15TH AVENUE NORTH 23,215 $500,000 $21 .54 RED ROOF INVESTMENTS, LLC

12/21 1601 5TH AVENUE NORTH 14,000 $750,000 $53 .57 FREEDOM 1957, LLC

S I G N I F I C A N T S A L E S

D O W N T O W N M A R K E T

G R A H A M & C O M PA N Y | 2 0 1 9 O F F I C E M A R K E T S U R V E Y | B I R M I N G H A M

The Midtown submarket posted a very healthy

93.64% multi-tenant occupancy in 2018, an increase

of 4.12% from the previous year. This submarket benefits from its location between the city center and the most affluent residential neighborhoods in the metro. Multi-tenant rental rates increased slightly to $22.67 psf, and large blocks of space have become very difficult to find.

Daxko, LLC renewed and expanded for a total of 41,484 sf at 600 University Park Place, and Milo’s Tea Company, Inc. leased 25,926 sf at Lakeshore Park Plaza. The recently developed Pump House Plaza, along the Highway 280 corridor, new headquarters for First US Bank, reached full occupancy. All of these transactions point to the demand for office space in Midtown.

The Midtown submarket continues to be one of the most desirable locations with easy access to the city center and close proximity to the Over-the-Mountain neighborhoods and amenities.

600 UNIVERSITY PARK PLACEGraham & Co represented the landlord in its

lease renewal/expansion of 41,484 SF to Daxko,

LLC in this class A, Midtown location.

Midtown Market


SINGLE TENANT 935,049 SF


LAKESHORE PARK PLAZAGraham & Co represented the landlord in its

lease of 25,926 SF to Milo’s Tea Company, Inc.

in this class A, Midtown office building.

201520142012

100

150

50

0

-100

-50

2017 201820162013

200

SF

TH

OU

SA

ND

S

OVERALL ABSORPTION

88

47

-58 -57

-17

-59

179

5


2019


95

%

90

85

80

75

24

22

$

20

18

16

14


$21.52 $21.53

20182012 2013 20162014 2015

91.2%93.3%

$21.78 $22.27 $22.49 $22.67

$21.62

91.8% 91.5%89.5%

93.6%94.5%

20182017 2012 2013 20162014 2015 2017


600 UNIVERSITY PARK PLACE 41,484 DAXKO, LLC REN/EXPANSION

PUMP HOUSE PLAZA 27,656 HUIE FERNAMBUCQ & STEWART, LLP NEW

LAKESHORE PARK PLAZA 25,926 MILO'S TEA COMPANY, INC . NEW

BB&T BUILDING 14,632 CHARTER COMMUNICATIONS NEW

SOUTHBRIDGE 13,000 SOURCEPOINTE REN/EXPANSION

600 UNIVERSITY PARK PLACE 11,941 GORDON, DANA & GILMORE, LLC RENEWAL

CRESTBROOK PLAZA 11,624 DERMLAB REN/EXPANSION

LAKESHORE PARK PLAZA 10,726 SSOE, INC . NEW

HOMEWOOD PLAZA 8,850 UROLOGY CENTERS OF ALABAMA NEW

PARK BUILDING 8,605 PETRA RMS NEW

SOUTHBRIDGE 8,000 COMMERCEONE NEW

880 BUILDING 7,790 CITY PAPER COMPANY NEW

600 UNIVERSITY PARK PLACE 7,790 MANN & POTTER REN/EXPANSION

600 UNIVERSITY PARK PLACE 7,302ALABAMA INSURANCE GUARANTY

ASSOCIATIONNEW


M I D T O W N M A R K E T


1/19 3620 8TH AVENUE SOUTH (FORMER

RAM BUILDING) 33,317 $3,200,000 $96 .05 UNITED WAY OF CENTRAL ALABAMA, INC .

1/3 2918 CLAIRMONT AVENUE 5,520 $1,100,000 $199 .28 2918 CLAIRMONT, LLC

3/5 720 MONTCLAIR ROAD 50,845 $2,850,000 $56 .05 INTEGRATED PROPERTIES, LLC (ED

DRUMMOND)

5/1 716 30TH STREET SOUTH 8,171 $1,650,000 $201 .93 BRASFIELD & GORRIE LLC

8/1 3001 7TH AVENUE SOUTH 2,250 $327,500 $145 .56 BRASFIELD & GORRIE LLC

9/6 2700 ROGERS DRIVE (CORPORATE

CENTER HOMEWOOD) 28,032 $4,200,000 $149 .83 ABACO PARTNERS, LLC

10/1 1101 RICHARD ARRINGTON JR .

BOULEVARD 3,800 $605,000 $159 .21 REVITALEX PROPERTIES, LLC

10/2 431 OFFICE PARK DRIVE 21,460 $3,800,000 $177 .07 WBCL PROPERTIES, LLC

10/9 2921 2ND AVENUE SOUTH 11,444 $2,100,000 $183 .50 SLOSS 2931 SECOND AVENUE, LLC

10/1 201 OFFICE PARK DRIVE 64,871 $10,475,000 $161 .47 CAPSTONE REAL ESTATE INVESTMENTS,

LLC

10/1 402 OFFICE PARK DRIVE (UNIT 2B) 20,527 $2,587,000 $126 .03 MOURON BROTHERS, LLC

12/5 3324 INDEPENDENCE DRIVE 5,000 $835,000 $167 .00 3324 INDEPENDENCE DRIVE, LLC

12/10 3525 INDEPENDENCE DRIVE

(ALABAMA ORTHOPEDIC CENTER) 11,414 $3,400,000 $297 .88 AFFINITY HOSPITAL, LLC

12/14 3485 & 3489 INDEPENDENCE DRIVE

(2 BUILDINGS) 36,763 $14,750,000 $401 .22 3485 INDEPENDENCE DRIVE, LLC

12/18 790 MONTCLAIR ROAD 27,200 $2,000,000 $73 .53 790 MONTCLAIR, LLC

12/27 10 OLD MONTGOMERY HIGHWAY 8,284 $950,000 $114 .68 SPINE GROUP ALABAMA HOLDINGS, LLC


G R A H A M & C O M PA N Y | 2 0 1 9 O F F I C E M A R K E T S U R V E Y | B I R M I N G H A M7

The Highway 280/I-459 submarket experienced

-230,890 sf of absorption in 2018, the result of

several larger companies relocating. The overall occupancy rate of 87.47% was still within a healthy range. The overall rental rate increased to $21.08 psf, a climb of 2.69% from the previous year.

This area continues to have great appeal and vacancies are expected to fill. With demand for large blocks tight in other submarkets, the Highway 280/I-459 submarket offers opportunity to those companies seeking larger spaces.

Investor interest in this submarket has continued during the past few years. The largest sale transaction in 2018, the 3 building portfolio at the Colonnade, sold for $65 million. Additionally, the Bruno Capital building sold for $9.6 million, and two other Colonnade Parkway buildings, 4000 & 4100 together, traded for $3.9 million.

The Liberty Park neighborhood is also seeing significant population growth which bodes well for occupancy outlooks at the Urban Center office park.

Confidence in the submarket amongst investors continues to be strong. Expect this submarket to grow and vacancy rates to decline in the coming years.

THE COLONNADEAn out-of-state investment group purchased

this 3-building, 419,165 SF, class A office

campus for $65,000,000. Graham & Co.

represented RxBenefits in its expansion and it

now occupies a total of 82,425 SF.

MEADOW BROOK 2700Graham & Co represented the landlord in its

lease of 27,600 SF to Employment Screening

Services, Inc. (ESS) in this class A, office

building within Meadow Brook office park.

Highway 280 | I-459 Market




201520142012 201720162013

SF

TH

OU

SA

ND

S

OVERALL ABSORPTION

2018

-99

-201

5414

-230

250

0.2

-250

-200

-150

-100

-50

0

50

100

150

200

250

300


2019


95

%

90

85

80

75

22

21

$

20

19

18

17


$20.56$20.88

$20.56$20.88

20182012 2013 20162014 2015

85.7%87.2%

85.7%87.2%

$20.63$20.87

$21.65$21.65

88.9%

82.7%

87.2%

20182017 2012 2013 20162014 2015 2017


44 INVERNESS 112,500 FIS NEW

URBAN CENTER 1000 59,983 DRUMMOND COMPANY, INC . RENEWAL

MEADOW BROOK 2700 27,600 EMPLOYMENT SCREENING SERVICES, INC . (ESS) NEW

COLONNADE 3700 27,475 RXBENEFITS, INC . EXPANSION

MEADOW BROOK 600 18,300 HARGROVE & ASSOCIATES, INC . NEW

MEADOW BROOK 2700 17,530 JACK HENRY & ASSOCIATES, INC . RENEWAL

4200 COLONNADE PARKWAY 10,000 GRANDVIEW MEDICAL CENTER NEW

PERIMETER PARK TWO 9,000 VALMONT INDUSTRIES, INC . RENEWAL

GRANDVIEW II 8,705 HARBUCK, KEITH & HOLMES, LLC RENEWAL

2 PERIMETER PARK SOUTH 8,614 EBIX, INC . NEW

URBAN CENTER 1500 8,410 AMERIPRISE FINANCIAL SERVICES, INC . RENEWAL

PERIMETER PARK TWO 8,135 CONTINUUMRX RENEWAL

31 INVERNESS 6,500 AMERIPRISE FINANCIAL SERVICES, INC . NEW

MEADOW BROOK 100 6,433 KANE STEEL & IRON RENEWAL

361 SUMMIT BOULEVARD 6,249 BORLAND BENEFIELD, PC EXTENSION

GRANDVIEW I 6,210 NORWOOD CLINIC NEW

CAHABA OFFICE PARK 5,122 EIS RENEWAL

URBAN CENTER 1400 4,457 THE DISTRIBUTION POINT NEW

URBAN CENTER 1000 4,414 CHUBB RENEWAL

MEADOW BROOK 2700 4,220 STANDRIDGE LOGISTICS & CONSULTING, LLC EXTENSION


H I G H WAY 2 8 0 | I - 4 5 9 M A R K E T


1/4 3184 CAHABA HEIGHTS ROAD 4,695 $840,000 $178 .91 BECKUM PROPERTIES, LLC

1/10 5101 CYRUS CIRCLE 9,381 $1,300,000 $138 .58 OGA REALTY

1/30 2000 EAGLE POINT CORPORATE DRIVE 4,957 $625,000 $126 .08 FORBES DISTRIBUTING COMPANY, INC .

4/13 4000 & 4100 COLONNADE PARKWAY 39,705 $3,907,900 $98 .42 SHANNON WALTCHAK

6/18 3500, 3700, 3800 COLONNADE PARKWAY 419,165 $65,000,000 $155 .07 JFR GLOBAL INVESTMENTS, LLC

7/13 7 HUDDLE DRIVE 7,200 $1,200,000 $166 .67 AL HOOVER HWY 119, LLC

7/25 2100 DEVEREUX CIRCLE 11,387 $1,728,000 $151 .75 CP DEVEREUX, LLC

9/25 1800 CORPORATE DRIVE 14,000 $2,500,000 $178 .57 DIVERSIFIED GAS & OIL, PLC

11/30 1100 CORPORATE DRIVE 8,173 $1,200,000 $146 .82 SHEFFIELD REALTY

12/6 100 GRANDVIEW PLACE 61,909 $9,600,000 $155 .07 BIRMINGHAM - GRANDVIEW, LLC

12/21 100 VILLAGE STREET 15,000 $1,500,000 $100 .00 PHAROS-HUNT, LLC



201520142012

75

150

0

-75

-225

-150

2017 201820162013

225

SF

TH

OU

SA

ND

S

OVERALL ABSORPTION

37

127

-21 -36

-101

-3131

-5

Southern | I-65 Market




The Southern/I-65 submarket experienced a

slight dip in occupancy during 2018. Overall the

occupancy was 93.36%, down only 0.12% from the previous year. The overall rental rate increased to $18.25 psf. This submarket has remained steady and that trend is expected to continue.

Several companies renewed leases of more than 10,000 sf. Grayson & Associates, PC relocated and leased 10,340 sf at the Offices at 3000 Riverchase, and Yates Construction expanded by 6,292 sf at Woods Point II. There were six sales transactions in 2018 greater than $1 million.

Easily accessible by both I-65 and I-459, many of the buildings in the Southern submarket are surrounded by lush wooded areas and rolling terrain, all of which contribute to the area’s reputation as a convenient and desirable place to work.

OFFICES AT 3000 RIVERCHASEGraham & Co represented Grayson & Associates,

PC in its lease 10,340 SF in this class A

office building located in the Southern/I-65

submarket.

1560 WOODS OF RIVERCHASEGraham & Co represented the seller in its

disposition of this 7,000 SF office building

located in Hoover. A local law firm purchased

the property for $1,225,000 for its new HQ.


2019


95

%

90

85

80

75

19

18

$

17

16

15

14


$17.27$17.22

2018

84.4%

$17.68$17.52

88.6%

83.9%85.4% 85.1%

90.2%

85.4%

20182012 2013 20162014 2015 2017 2012 2013 20162014 2015 2017

$17.92 $17.95 $18.16

S O U T H E R N / I - 6 5 M A R K E T


2111 PARKWAY OFFICE CIRCLE 16,520 MODERN BUSINESS MACHINES RENEWAL

OFFICES AT 3000 RIVERCHASE 11,000 TRAVELERS RENEWAL

OFFICES AT 3000 RIVERCHASE 11,000 INFLUENCE HEALTH RENEWAL

OFFICES AT 3000 RIVERCHASE 10,340 GRAYSON & ASSOCIATES, PC NEW

VESTAVIA HILLS CITY CENTER 7,200 ITAC SOLUTIONS, LLC RENEWAL

WOODS POINT II 6,292 YATES CONSTRUCTION EXPANSION

2111 PARKWAY OFFICE CIRCLE 5,076 BRIDGEWELL RESOURCES, LLC NEW

2500 SOUTHLAKE PARK 5,000 AUDUBON FIELD SOLUTIONS, LLC NEW

100 CONCOURSE PARKWAY 4,245 GRAYSON & ASSOCIATES, PC RENEWAL



1/5 2010 PATON CHAPEL ROAD 20,291 $2,030,000 $100 .04 COM PROPERTIES, LLC

4/18 1560 WOODS OF RIVERCHASE DRIVE 7,000 $1,225,000 $175 .00 DAMNEK ENTERPRISE, LLC AND/OR

ASSIGNS

5/31 5 RIVERCHASE RIDGE 6,432 $1,037,000 $161 .23 CARONA ALABAMA HOLDINGS, LLC

6/29 2151 OLD ROCKY RIDGE ROAD 16,361 $1,640,000 $100 .24 K&P INVESTMENTS, LLC

12/20 502 MONTGOMERY HIGHWAY 8,800 $1,380,000 $156 .82 SHADES CREST PROFESSIONAL

CENTER, LLC

12/27 1220 ALFORD AVENUE 8,268 $1,045,000 $126 .39 OBA 301S, LLC




BEACON RIDGE TOWER 33,900 PORTFOLIO RECOVERY ASSOCIATES, LLC RENEWAL

201 LONDON PARKWAY 16,704 DEPARTMENT OF REHABILITATION SERVICES NEW

BEACON CENTER (631) 13,798 STATE OF ALABAMA MENTAL HEALTH NEW



5/18 1102 OXMOOR ROAD 3,636 $917,000 $252 .20 TAYLOR FLANNAGAN PROPERTIES,

LLC

5/22 212 FRANKFURT CIRCLE 9,544 $615,000 $64 .44 DANIEL HERRERA AND/OR ASSIGNS

6/18 121 SUMMIT PARKWAY 10,000 $340,000 $34 .00 JARLAND, LLC


Vulcan | Oxmoor Market


SINGLE TENANT 875,221 SF


Birmingham’s smallest submarket had overall occupancy

of 71.53% and absorption of -34,140 sf. The Vulcan/Oxmoor

submarket did have some positive activity during 2018 with 3 notable office building sales as well as some significant leases with The Department of Rehabilitation Services leasing 16,704 sf at Lakeshore Crossings and the State of Alabama Mental Health leasing 13,798 sf at Beacon Center. The former Wells Fargo

operations center has been rebranded as Patriot Midtown Park and offers approximately 300,000 sf across two buildings in a variety of configurations.

This submarket is very well located with easy access to the I-65 corridor, and The City of Homewood has expressed interest in further improvements to the area which would enhance the economic landscape of the neighborhood.

212 FRANKFURT CIRCLEGraham & Co represented the purchaser in

its acquisition of this 9,544 SF office building

located in the Vulcan/Oxmoor submarket.

A locally based data center purchased the

property for $615,000.



Principals Office Group

MIKE GRAHAM, CPM, SIOR

STEVE GRAHAM, MAI, CRE

Steve Graham, Chairman of Graham & Company, co-

ordinates the company’s appraisal/consulting and asset

management services . He is widely respected for his skills

in commercial real estate appraisal and consulting . He is

a member of the Appraisal Institute (MAI) and holds the

Counselor of Real Estate (CRE) designation .

Steve is a graduate of the University of the South and

earned a law degree from Samford University’s Cumberland

School of Law .

Mike Graham, President of Graham & Company, heads the

company’s commercial real estate division, which includes

sales, leasing and development activities . Active in the

development community, Mike earned the prestigious SIOR

designation from the Society of Industrial & Office Realtors;

he has served as National Chairman of several committees . He

is also a former president of the Alabama chapters of SIOR,

Institute of Real Estate Management (IREM), and NAIOP

Commercial Real Estate Development Association .

Mike is a graduate of the University of the South and

holds a Masters in Business Administration (MBA) from

Emory University .

AFFILIATIONS/HONORS• SIOR Office Specialist designation

since 1997 LEED AP, certified 2008

• BBVA Bank Board of Directors – Current

• Prior President of NAIOP – AL Chapter

• Birmingham Association of Realtors Commercial Real Estate Club of Excellence Top Producer – Investment Division

• Monday Morning Quarterback Club (Crippled Children’s Foundation) Coach

AFFILIATIONS/HONORS

• Birmingham Association of Realtors Commercial Real Estate Club of Excellence 2007 Vulcan Award 2008 Producer – Sales & Leasing

• SIOR Office Specialist designation since 2008

• Member NAIOP – AL Chapter, 2008 Office Broker of the Year

• Birmingham Business Journal “Deals of the Year” 2008 for Lakeshore Crossings

• Earned Certificate for Regional & Urban Planning

• Homewood Rotary Club Board of Directors

• Community Service Award – Graham & Company

CLIENTS INCLUDE

• Carr Allison • Southlake Orthopaedics • BBVA Bank •

Hand Arendall • Friedman Dazzio • Grayson & Associates •

Wells Fargo Bank • Cadence Bank • CW Capital • Amsher

Collection Services • People’s Bank of Alabama • Alabama

Power Company • Samford University

CLIENTS INCLUDE

• Warren Averett • Ferguson, Frost & Dodson, LLP • Baptist

Health Centers • Miller, Christie & Kinney, P .C . • Avadian

Credit Union • Baptist Health System • Community Health

System • Martin Advertising • American Family Care • First

US Bank

DAN LOVELL, SIOR, LEED AP | [email protected]

DIRECTOR, OFFICE GROUP | JOINED GRAHAM: 1991

WALTER BROWN, SIOR | [email protected]

SR VICE PRESIDENT, OFFICE GROUP | JOINED GRAHAM: 1999

CHRISTIE NEELY

CLIENT SERVICESMANAGER

MATT ROWAN

MARKET RESEARCHANALYST

LAUREN LIMBAUGH

MARKETINGASSISTANT


Office Group

AFFILIATIONS/HONORS

• SIOR Office Specialist designation since 2008

• Birmingham Business Journal “Top 40 Under 40” 2008

AFFILIATIONS/HONORS

• Member NAIOP – AL Chapter

• Fellows Program Member

• Exceptional Foundation, Junior Board Member

• Completed SIOR designation classes

AFFILIATIONS/HONORS

• CCIM designation (Certified Commercial Investment Member)

• Member NAIOP – AL Chapter, 2009 Office Broker of the Year, Past President and Current National Board Member

• Birmingham Commercial Realtors Council (BCRC), Past President

AFFILIATIONS/HONORS

• Licensed Real Estate Agent – AL


AFFILIATIONS/HONORS

• Member NAIOP-AL Chapter

• Phoenix Club Member

• Camp Winnataska

• Birmingham Zoo Junior Board

• Delta Waterfowl Executive Board

CLIENTS INCLUDE

• Charter Communications • CRST Logistics • IBML • Tyco

• PNC Bank • Lloyd, Gray, Whitehead & Monroe, PC • ADT

• Hollis & Wright, PC • Doozer Software • CenturyLink • CW Capital • APAC Mid-South • Shamrock Investments

CLIENTS INCLUDE

• Gray Construction • Jefferson County • My Office Products

• Express Oil • CW Capital • Shamrock • LNR • PNC Bank •

HP Hotels• Forestry Environmental Services • Northwestern

Mutual • McConnell White and Terry • Mercy Medical • Bell

Media

CLIENTS INCLUDE

• RX Benefits, Inc . • Greyhound Lines • Cadence Bank •

Blackwater Resources • Lord Baltimore Properties • PNC

Bank, NA • Greenfield Partners • Noland Health • Legacy

Federal • Lubert Adler • Cousins Properties, Inc . • Wells Real

Estate Funds • Samford University

CLIENTS INCLUDE

• Samford University • Speed Pro • Benjamin Edwards

• Rimkus Consulting Group

SAM CARROLL, SIOR | [email protected]

SR VICE PRESIDENT, OFFICE GROUP | JOINED GRAHAM: 2002

MATT GILCHRIST | [email protected]

VICE PRESIDENT, OFFICE GROUP | JOINED GRAHAM: 2014

JERRY L. GRANT, CCIM | [email protected]

VICE PRESIDENT, OFFICE GROUP | JOINED GRAHAM: 2015

MATTHEW GRAHAM | [email protected]

VICE PRESIDENT OF INVESTMENT | JOINED GRAHAM: 2018

WILSON YEILDING, MBA | [email protected]

ASSOCIATE, OFFICE GROUP | JOINED GRAHAM: 2016

AFFILIATIONS/HONORS

• Licensed Associate Broker – AL


HENRY V. GRAHAM II | [email protected]

VICE PRESIDENT OF DEVELOPMENT | JOINED GRAHAM: 2013

Armed with past experience in asset

and financial performance tracking,

construction management, property

management and brokerage – today

Henry works directly with Mike Graham

to spearhead Graham & Company’s development efforts .

As the footprint of both Graham & Company and Graham

Commercial Properties continues to expand, Henry focuses on

creating personal relationships that can lead to build-to-suits,

redevelopment opportunities and speculative projects across

the Southeast .

Matthew’s primary responsibilities include

promoting the continued growth of

Graham & Company’s brokerage teams as

well as sourcing investment opportunities

for the Company . Prior to his time at

Graham & Company, Matthew worked

for Eastdil Secured in Washington, DC where he contributed

to the successful closing of over $3 .4 billion of commercial

real estate debt, equity, and joint-venture transactions across

office, industrial, multifamily, retail, and other commercial uses .


COLONNADE 3700

27,475 SF CLASS A OFFICE SPACEGraham & Co represented RxBenefits in its lease expansion of 27,475 SF in this class A office building located at The Colonnade office park .

33,317 SF OFFICE BUILDINGGraham & Co represented the seller in its disposition of the 33,317 SF office building which was purchased by United Way of Central Alabama, Inc . for $3,200,000 .

790 MONTCLAIR ROAD

3620 8TH AVENUE SOUTH

2918 CLAIRMONT AVENUE SOUTH

100 VILLAGE STREET

27,200 SF OFFICE BUILDINGGraham & Co represented the seller in its disposition of this 27,200 SF office building located on Montclair Road which sold for $2,000,000 .

5,520 SF OFFICE BUILDINGGraham & Co represented both the seller and the purchaser in the sale of this Southside office building which is now the new HQ for Crafton Communications .

15,000 SF OFFICE BUILDINGGraham & Co represented the seller in its disposition of this Hoover office location which sold for $1,500,000 .

SOLD

Recent Graham Activities

SOLD

SOLD

PUMP HOUSE PLAZA

27,656 SF CLASS A OFFICE SPACEGraham & Co represented the landlord in its lease of 27,656 SF to law firm Huie, Fernambucq & Stewart, LLP bringing this recently developed, class A office building to 100% occupancy .

LEASED

LEASED

SOLD


For Sale or Lease

VESTAVIA HILLS OFFICE BUILDING FOR SALE100 VESTAVIA PARKWAY, VESTAVIA HILLS, AL

AVAILABLE: ±29,322 SF

• City of Vestavia Hills – Best Suburbs in America by Business Insider

• Free surface parking – 4 .4/1,000 SF

• Quick access to Highway 31 & I-65

100 VESTAVIA PARKWAY

PATRIOT MIDTOWN PARK FOR LEASE210 WILDWOOD PARKWAY , HOMEWOOD, AL


• Walkable, scenic campus with shared outdoor seating area

• Full-scale cafeteria• Excellent access to entire metropolitan area

via Lakeshore Drive & I-65

PATRIOT MIDTOWN PARK

THE CHAMBERS BUILDING FOR SALE/LEASE100 CENTERVIEW DRIVE, VESTAVIA HILLS, AL

AVAILABLE: 34,313 SF

• Located within Highpoint Office Center• Easy access to Highway 31, I-65, & I-459• Convenient to shopping, restaurants, hotels,

banks, & residential developments

THE CHAMBERS BUILDING

500 MTN BROOK OFFICE PARK

CLASS A SUBURBAN OFFICE BUILDING FOR SALE500 OFFICE PARK DRIVE, MOUNTAIN BROOK, AL


• 92 .5% Occupancy• Located in the highly desirable Midtown

submarket• High traffic counts, just off Highway 280

(106,900 VPD)

PROFESSIONAL OFFICE BUILDING FOR SALE2603 MOODY PARKWAY, MOODY AL


2603 MOODY PARKWAY

Contacts:

Walter Brown, SIOR [email protected]

Matt [email protected]

Contacts:

Dan Lovell, SIOR, LEED AP [email protected]

Matt [email protected]

Contacts:

Sam Carroll, SIOR

[email protected]

Wilson Yeilding, MBA

[email protected]

Contact:


Contacts:

Jerry Grant, CCIM

[email protected]


• Quality tenant mix• 100% Occupancy • Great location on Moody Parkway


GRANDVIEW II FOR LEASE3595 GRANDVIEW PARKWAY, BIRMINGHAM, AL


• Class A suburban office building• Free surface parking• Easy access to retail amenities

• On-site fitness room

LAKESHORE PARK PLAZA FOR LEASE2204 LAKESHORE DRIVE, HOMEWOOD, AL

AVAILABLE: 1,011 – 2,819 SF

• Class A suburban office building• Nearby paved activity trail

• Fitness center• Easy access to nearby retail destinations

For Sale or Lease

THE FRANK FOR LEASE205 20TH STREET NORTH , BIRMINGHAM, AL


• Signage opportunity • Amazing views of Birmingham• Great walkability to eating, shopping, &

entertainment

THE FRANK

DEVELOPMENT OPPORTUNITY

Contact:

Jerry Grant, CCIM [email protected]

Contacts:

Sam Carroll, SIOR [email protected]

Matt Gilchrist [email protected]

Contacts:



Contacts:



GRANDVIEW II

VESTAVIA HILLS LAND DEVELOPMENT OPPORTUNITY FOR SALE225 CENTERVIEW DRIVE, VESTAVIA HILLS, AL

AVAILABLE: 19 AC

• Zoning – C-1• Favorable demographics

• All utilities available on-site

LAKESHORE PARK PLAZA

CLASS A SUBURBAN OFFICE BUILDING FOR LEASE600 UNIVERSITY PARK PLACE, HOMEWOOD, AL

AVAILABLE: 2,971 SF

• 24 Hour secured card access

• Easy access to major transportation

arteries I-65 and Highway 31

• Close proximity to an array of retail

amenities

Contacts:

Jerry Grant, CCIM [email protected]

Wilson Yeilding, MBA [email protected] UNIVERSITY PARK PLACE


For Sale or Lease

THE FINANCIAL CENTER FOR LEASE505 20TH STREET NORTH, BIRMINGHAM, AL


• Completely renovated main lobby, common area, & restrooms

• Exterior building signage opportunities• Favorable leasing terms

THE FINANCIAL CENTER

CBD PROFESSIONAL OFFICE CONDOS FOR SALE1820 3RD AVENUE NORTH, BIRMINGHAM, AL

AVAILABLE: 6,500 – 13,000 SF

• Exposed brick & original wood rafters• Open space with natural lighting• Prime location near restaurants and multiple

parking decks

CBD PROFESSIONAL OFFICE

RIVERCHASE OFFICE BUILDING FOR SALE/LEASE2176 PARKWAY LAKE DRIVE, BIRMINGHAM, AL


• Direct access to Highway 31• Monument signable with visibility off Parkway

Lake Drive• Built-in workstations included

RIVERCHASE OFFICE BUILDING

1800 INTERNATIONAL PARK

INTERNATIONAL PARK OFFICE SPACE FOR LEASE1800 INTERNATIONAL PARK DRIVE, HOOVER, AL

AVAILABLE: 1,000 – 8,019 SF

• Class A office space• Building fitness center and vending area on

site• Overlooking Cahaba Lake, 12-acre lake with

lakeside pavilion

PATCHWORK FARMS (OUTPARCEL) FOR SALEHEALTHY WAY, VESTAVIA HILLS, AL

AVAILABLE: 1.02 AC

PATCHWORK FARMS

Contacts:



Contacts:



Contacts:

Jerry Grant, CCIM

[email protected]


[email protected]

Contacts:



Contacts:



• 11,000 Vehicles per day on Cahaba River Road

• 1-Mile to Grandview Medical Center• PUD- Planned Unit Development, Vestavia

Hills


Office Services

110 OFFICE PARK DRIVE

GRANDVIEW II

Over the past twenty-five plus years, Graham &

Company has consistently achieved increasing

sales volumes and typically participates in many of the Birmingham area’s largest real estate transactions. The company’s strong performance is due in no small part to the ongoing presence of a professional staff of dedicated and talented real estate specialists.

Graham & Company enjoys a stellar reputation in the leasing and management of office space. In response to client demand, Graham has systematically extended both its range of services and geographic reach, serving clients throughout Alabama, Florida and several surrounding states. Graham agents and staff are encouraged to pursue prestigious professional designations such as SIOR, CCIM, CPM and RPA to enhance service by keeping abreast of industry trends. Along with other affiliations, these memberships also provide a nationwide network of key industry contacts.

To meet the needs of office users and investors, Graham & Company offers a full range of services, including brokerage, tenant representation and property management services. Graham & Company also represents clients in the acquisition or disposition of investment-grade office properties.

In aggressively expanding its office component, Graham has developed strong relationships with local, regional and national clients – among them such notable names as LNR Partners, ADT, Cisco Systems, Coca-Cola, State Farm Insurance, Avadian Credit Union and SouthernLINC.

Combining expert service with an unwavering commitment to integrity and fairness, Graham’s professional staff enjoys the respect of Birmingham’s commercial and financial communities, as well as that of business recruitment allies like the Alabama Department of Commerce and the Birmingham Business Alliance.

INVESTMENT/DEVELOPMENT SERVICESRounding out the full range of services available to clients of Graham & Company are the investment services and development services divisions. While Graham’s brokerage division works with end-users of industrial, office and other commercial properties, investment services are geared toward clients who view real estate as an income-producing commodity. Maximizing the profitability of such investments requires not just an intimate working knowledge of the risks and rewards of investing in real estate, but also a familiarity with the markets and requirements of our


Office Services

• Disposition | Acquisition • Build-to-Suit | Development • Sale Leasebacks • Lease Transaction Services

• Lease Administration • Property Management (GCP) • Appraisal Services • Construction | Project Management

GRAHAM & COMPANY • CORPORATE SERVICES

customers – a combination that places Graham & Company in a unique position to provide the fullest possible range of expertise.

Ultimately, the income-producing capacity of any property is proportional to the ability to attract and retain tenants. Graham & Company is experienced in the disposition of properties under tax-deferred exchanges. Our agents have strategic relationships with attorneys and escrow agents necessary to comply with exchange requirements.

Should a client or investment group have a specific property need or a desire to build-to-suit, Graham & Company’s development services group has the experience and expertise to navigate the complicated building process to fruition. Development services entail procuring a suitable site with appropriate financing, assembling a team of architects, engineers and contractors, monitoring and managing the building process, negotiating leases for speculative buildings and establishing on-going property management services.

In accordance with Graham & Company’s mission to create value for its clients, the investment and development divisions strive to identify or create opportunities and complete transactions of mutual benefit to owners and tenants.

CORPORATE SERVICESGraham & Company provides a full array of corporate real estate services. Our Company will form strategic partnerships with select partners and pursue limited corporate relationships where we add value and have a mutually beneficial economic impact with our partners. Graham & Company will be your single point of contact for all your corporate real estate requirements.

Graham & Company’s experienced team provides comprehensive commercial real estate services including investment, development, appraisals, sales, property management and leasing of office, industrial, medical and retail spaces.

• Disposition | Acquisition • Build-to-Suit | Development • Sale Leasebacks • Lease Transaction Services

• Lease Administration • Property Management (GCP) • Appraisal Services • Construction | Project Management


BIRMINGHAM

HUNTSVILLE GULF COAST

Graham Team

Sonny Culp, SIOR

Henry Graham

Dan Lovell, SIOR, LEED AP

Ogden Deaton, SIOR

Courtney DeShazo


Christie Neely

Jordan Tubb, sior

Matt Gilchrist

Jerry Grant, CCIM

Jeremy Pope, CCIM, SIOR

Jack Brown, SIOR

Tyler Fanning Jason Carnes

Walter Brown, SIOR

Erika Harless Kevin Williams, CCIM

Mike Graham, CPM, SIORMatthew Graham

Sam Carroll IV, SIOR

Steve Graham, MAI, CRE

John Coleman, SIOR

Bart Smith, CCIM, SIOR George Twitty, Jr.

Matt Rowan Hayden Scott, MAI

Joelle RogersLauren Limbaugh

Joel Dorning


SIOR–Society of Industrial & Office Realtors

CCIM–Certified Commercial Investment Member

CRE–Counselors of Real Estate

IREM–Institute of Real Estate Management

LEED–Leadership in Energy and Environmental Design

Appraisal Institute

A B O U T G R A H A M & C O M P A N Y

Founded in 1978, Graham & Co . is a full-service commercial real estate firm based in Birmingham, with offices in Birmingham

and Huntsville, Alabama and the Gulf Coast, Florida . The company offers professional services including sales, leasing, property

management, appraisal, consulting, investment, and development . In response to client demand, Graham has systematically extended

its range of services and geographic reach, now serving clients throughout Alabama and several surrounding states .

C O M M U N I T Y I N V O LV E M E N T

Part of making Birmingham a better place to work includes teaching the next generation about commercial real estate . Graham & Co . annually

sponsors a community service program known as LEAD (Leadership, Experience, Attitude, Determination) . Through this program, Graham

hires inner-city students from local high schools to spend a summer gaining experience and developing work skills in the commercial real

estate industry . Graham & Co . employees also volunteer their time and energy in support of a variety of community and social causes .

A F F I L I AT I O N S

NAIOP–Commercial Real Estate Development Association

G R A H A M & C O M P A N Y P E R S O N N E L

INDIVIDUAL MEMBERSHIPS INDIVIDUALMEMBERSHIPS

PRINCIPALS

Steve Graham, MAI, CRE

Mike Graham, CPM, SIOR

INDUSTRIAL GROUP

Jack Brown, SIOR

John Coleman, SIOR

Sonny Culp, SIOR

Ogden Deaton, SIOR

Jordan Tubb, SIOR

Courtney DeShazo – Marketing Coordinator

Joelle Rogers – Administrative Assistant .

INVESTMENT

Matthew Graham

MARKET RESEARCH ANALYST

Matt Rowan

DEVELOPMENT

Henry Graham II

OFFICE GROUP

Dan Lovell, SIOR, LEED AP

– Director

Walter Brown, SIOR

Sam Carroll IV, SIOR

Jerry Grant, CCIM

Matt Gilchrist


Lauren Limbaugh – Marketing Assistant

CLIENT SERVICES MANAGER

Christie Neely

COMMERCIAL APPRAISALS

Hayden Scott, MAI

– Director, Valuation Group

GRAPHIC DESIGN

Joel Dorning

HUNTSVILLE OFFICE

Bart Smith, CCIM, SIOR

Tyler Fanning, SIOR

Jeremy Pope, CCIM, SIOR

George Twitty, Jr .

Erika Harless – Real Estate Assistant

GULF COAST OFFICE

Jason Carnes

Kevin Williams, CCIM

1801 Fifth Avenue North, Suite 300Birmingham, AL 35203

TEL 205.871.7100FAX 205.871.3331

GrahamCompany.com

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