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New York equity company buys Capitol Center building

Real Estate - Commercial
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A New York equity firm has purchased the 25-story Capitol Center building at 1201 Main St.

Columbia real estate agency CBRE arranged the sale of the 460,020-square-foot building, the tallest in South Carolina at 349 feet, at an undisclosed price to Hamilton Equity Partners of New York, N.Y.

The 25-story Capitol Center building has been sold to a New York equity firm. (Photo/Provided)The Class A office space building, purchased in 2008 for $47.3 million, is valued at $35.2 million, according to Richland County property records.

Hamilton Equity Partners acquired the building from a joint venture between M&J Wilkow and Intercontinental Real Estate Corp. on Friday.

Capitol Center is 87% occupied, with anchor tenants including BB&T, Haynsworth Sinkler Boyd law firm, Alliance Consulting Engineers, the S.C. Department of Commerce and private dining restaurant Capital City Club.

The sale continues a trend of declining vacancy in Columbia’s Central Business District. A CBRE report showed that downtown vacancy dropped to 11.3% in the second quarter of 2017. Capitol Center is the fourth office tower in the CBD to trade this year.

Justin Parsonnet, CBRE executive vice president, said the building received considerable national interest.

“We are pleased that Hamilton Equity Partners is making a meaningful investment in the Columbia market,” Parsonnet said in a news release.

The Capitol Center was built in 1987.

“We are excited to own such an iconic building in a market that has a great future,” said Hamilton Equity Partners COO Malkiel Svei. “We look forward to improving the already great building experience through upgrading common areas and amenities.”

Upgrades are planned for the main lobbies, conferencing facilities and elevators, CBRE said.

One new tenant in the building is North Carolina-based technology and software firm SAS Institute, which solidified its presence in the South Carolina market by leasing space there. 

Colliers International represented the landlord in the lease of space in the Capitol Center building at 1201 Main St., which appealed to SAS Institute because of its proximity to downtown clients and amenities, according to a release from Colliers.

“We are excited to welcome SAS Institute to South Carolina and to Capitol Center,” said Colliers brokerage associate Allen Wilkerson in a news release. “We’ve seen significant growth in business analytics and cloud analytics strategy in the Columbia market in the last year.”

Colliers also handled the sale of 16.27 acres of land off Corley Mill road, representing the Wilbur C. Corley Revocable Trust in the $1.2 million transaction. Land Holdings Two LLC bought the property.

In other transactions:

Colliers represented Smith Stalvey LLC in the investment sale of a 1,926-square-foot office property at 1830 Sumter St. from Millhouse 2 LLC for $302,500.

Colliers agents also represented Park Place 440 LLC in the lease of 440 Knox Abbot Drive, Suite 425, to Microstaffit Holdings; GCAM Sandhill in the lease of 715 Fashion Drive, Suite 3, to Thile Nail Bar; and Violet Tsiantis in the lease of 539 Harden St. to SunCom Wireless Property Co.

Fastmile Delivers LLC leased 30,000 square feet of industrial warehouse space at 1517 Key Road, located between Bluff Road and Shop Road near Williams-Brice Stadium. NAI Avant brokers represented the landlord, Statewide Investments LLC, in the transaction. 

NAI Avant also represented Cedric Davis in the $375,000 sale of nine acres at 7716 Fairfield Road to American Scrap Iron & Metal. The property includes a 3,600-square-foot industrial building.

 

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