birmingham office market survey - home - … accounting fi rm of pearce, bevill, leesburg &...

2 0 07 B I R M I N G H A M O F F I C E M A R K E T S U R V E Y

“ T H R O U G H G R A H A M & C O M P A N Y ’ S K N O W L E D G E O F L O C A L A N D N AT I O N A L

r e a l e s t a t e m a r k e t s , t h e y w e r e a b l e t o s e c u r e a q u a l i t y t e n a n t

f o r o u r r e c e n t o f f i c e d e v e l o p m e n t . T h e y d i d a t e r r i f i c j o b . ”

- B i l l T h o r n t o n -

C E O , T H O R N T O N H O M E S

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

Downtown . . . . . . . . . . . . . . . . . . . . 2

Midtown/West Homewood . . . . . . . 4

Highway 280/I-459 . . . . . . . . . . . . . 6

Southern/I-65 . . . . . . . . . . . . . . . . . 8

Birmingham Map. . . . . . . . . . . . . . 10

Recent Graham Activities. . . . . . . . .11

Principals & Offi ce Group . . . . . . . 12

Offi ce Services . . . . . . . . . . . . . . . . 14

Investment/Development . . . . . . . . 15

About Graham & Company . . . . . . 16

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

G R A H A M & C O M P A N Y

B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7

[ 2 6 M I L L I O N S F T O T A L ]

SINGLE TENANT 10,218,048 SF

MULTI-TENANT 15,821,682 SF

OV E R A L L

M A R K E T

Th i s repor t i nc ludes curren t space s av a i l ab le for sub le a se . 1

MILLION

1.3

-40THOUSAND

686THOUSAND

N E W C O N S T R U C T I O N & R E H A B A B S O R P T I O N

1.5 Mil l ion

1.25 Mil l ion

SF

1 Mil l ion

750,000

500,000

250,000

-250,000

0

2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4

371THOUSAND

THOUSAND

470

THOUSAND

1500

623THOUSAND

THOUSAND

159THOUSAND

136

B I R M I N G H A M , A L A B A M A O F F I C E M A R K E T

B I R M I N G H A M O F F I C E M A R K E T O V E R V I E W

A S PR E D I C TE D, 2 0 0 6 PROV E D TO B E TH E Y E A R N E W S P EC U L AT I V E C L A S S A O F F I C E

CO N S TRU C T I O N A P P E A R E D. After fi ve years of virtually no new speculative developments,

Lakeshore Crossings delivered a 49,608 sf building, and in 2007 Brookwood Mall will deliver

a 170,000 sf development. Several other potential sites are poised for offi ce development, most

of which are in the Midtown submarket, and we expect to see more ground breaking for

large scale projects over the next twelve to eighteen months. It is safe to say, especially in the

suburbs, the offi ce market has rebounded from the 2001 slump, and landlords are now holding

the upper hand.

Three of the four submarkets experienced a positive absorption, including the Central Busi-

ness District. With the merger of AmSouth and Regions Bank, Birmingham is now home to one

of the ten largest banks in the country. This will pose potential challenges for the Central Busi-

ness District, but could also be a much needed shot in the arm for Alabama’s fi nancial center.

Large building sales were at a multi-year high in 2006 with at least nine Class A buildings

sold. Most sold to institutional investors, making 2006 the busiest in the institutional arena in

memory. Birmingham is certainly “on the radar” for institutional investments.

In 2006, Midtown continued to be the most desired market by tenants, and the new construc-

tion solidifi es Midtown as the one to watch for 2007. Hwy 280/I-459 continued its torrid pace of

absorption and is now the submarket with the highest occupancy.

FUTURE : New development at record rental rates to be seen in 2007 with more to come in 2008.

The offi ce market in Birmingham will continue to be a healthy investment.

DAN LOVELL, SIOR WALTER BROWN SAM CARROLL SPENCER SOUTH CHRISTIE S. NEELY

Director Vice President Vice President Sales/Development Real Estate Asst.

Office Group Office Group Office Group Office Group Office Group



D OW N T OW N

M A R K E T

F O R TH E S ECO N D Y E A R I N A ROW, TH E C B D

O F F I C E M A R K E T I S D E A L I N G W ITH TH E E F F EC T S

O F A M A J O R B A N K M E RG E R . The AmSouth/Regions

merger (now Regions Bank) will potentially have more

of an impact than the buyout of SouthTrust Bank by

Wachovia. However, to date the AmSouth/Regions

merger has had a positive effect on the CBD offi ce

market. Although only moderate, the CBD absorbed

a positive 11,471 sf in 2006, compared to a negative

157,000 sf in 2005. This fi gure also did not include a

58,500 sf lease in the Harbert Tower signed in December

which will be counted in next year’s fi gures.

The CBD market also saw a slight increase of 1.34% in the multi-tenant rate to an average

of $19.22 psf and a slight increase in multi-tenant occupancy to 84.74%.

The Birmingham News moved into its new headquarters this year, solidifying its commit-

ment to the CBD. Institutional investor Allegiance Realty made a strong commitment with its

purchase of Park Place Tower.

The fi nancial district for Birmingham continues to be the CBD and now is home to one of

the nation’s top ten banking powers, Regions Bank, and we expect an improving market for

this submarket.

1st Ave. N

1st Ave. N

3rd Ave. N

8th Ave. N

6th Ave. N

3rd Ave. S

3rd Ave. S

8th Ave. S

Messer - Airport

Hwy.

University College

(U.A.B.)Highland

Ave.

Court

House

FivePoints

20th St.

19th St.

21st St.

Elton B. Stephens Expwy.

31280

31

[ 7. 3 M I L L I O N S F T O T A L ]



– BIRMINGHAM NEWS BUILDING –

The Birmingham News opened its new

110,000 sf headquarters in the fall of 2006.

– PARK PLACE TOWER –

This 278,000 offi ce tower sold to

Allegiance Realty Corporation for $25,100,000.



D OW N TOW N M A R K E T

3

2 0 0 2 2 0 0 3

M U L T I - T E N A N T

O C C U P A N C Y


R A T E P S F

100

95

%

90

85

80

75

20

19

$

18

17

16

152 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4

2 0 0 6 O V E R A L L A V E R A G E S

O c c u p a n c y 9 0 . 2 % • R a t e P S F $ 1 8 . 9 5

78.5%

84.4%

87.6%

$18.97

84.7%

$19.22

85.6%

$18.16

$18.61

$19.13

103

-157

106121

2 0 0 2 2 0 0 3

160

80

0

-160

-80

2 0 0 62 0 0 52 0 0 4

SF

TH

OU

SA

ND

S

A B S O R P T I O N

11

BUILDING SF TENANT COMMENTS

Harbert Tower 115,000 Balch & Bingham LLP Renewal/Expansion

Harbert Tower 58,500 Regions Bank New Lease

Park Place Tower 35,000 Whatley Drake LLC New Lease

Two North Twentieth 11,620 DCMA/GSA New Lease

Financial Center 10,252 Xspedius Communications Renewal

Financial Center 7,272 Hollis & Wright PC Expansion

Two North Twentieth 6,711 Bayside Business Solutions, Inc. New Lease

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

DATE BUILDING SF PRICE PSF BUYER

8/06 Park Place Tower 278,000 $25,100,000 $90.29 Allegiance Realty Corp.

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



HOMEWOOD

VESTAVIA

MOUNTAINBROOKFive

Points

WildwoodCentre

BrookwoodMall

SamfordUniv.

Green Springs Lakeshore Dr.

Montev

allo

Rd.

Oxmoor Rd. Valley A

ve.

Mar

tin L

uthe

r Ki

ng D

r.

Clairmont Ave.

1st Ave. N

3rd Ave. S

8th Ave. S

Airport Hwy.

Montclair Rd.

Cahaba Rd.

20th St.

HighlandAve.

Lakeshore Pkwy.

Alford Ave.

Shades Crest Rd.

W. O

xmoo

r

Indu

stria

l Dr.

8th Ave. N

Hwy.

31

78

11

280

M I D T OW N /

W E S T

H O M E WO O D

M A R K E T

4

[ 7. 1 M I L L I O N S F T O T A L ]



AS PREDICTED, M IDTOWN I S E XPER IENCING THE MOST CHANGE IN THE B IRMINGHAM

MARKET WITH NE W CONSTRUCTION BE ING ADDED AND MORE ON THE WAY IN 20 07.

Lakeshore Crossings added 100 London Parkway, a

one story 49,608 sf speculative offi ce building in the

beginning of 2006. Colonial Properties will open a

new 170,000 sf midrise offi ce building at Brookwood

Mall in mid 2007. In addition, at least three other

Midtown sites are in varying stages of planning for

new substantial offi ce projects.

Multi-tenant market rates held steady at an average

of $17.45 psf, and occupancy held steady at 89.1%.

Although the submarket lost a large tenant to the

Highway 280 corridor, much of that space has been

leased and the submarket experienced a positive absorption of 23,430 sf.

Not only is new construction occurring in the submarket, several older, well-located proper-

ties are being redeveloped at lower than replacement values. The Mountain Brook Offi ce Park

area in particular is seeing a tremendous amount of redevelopment due to its most desirable

location. In addition to its attractive product, Midtown’s popularity is insured by a location

which provides easy access to all areas of Metropolitan Birmingham.

– 100 LONDON PARKWAY –

This 49,608 sf building at Lakeshore Crossings

was the fi rst speculative development in

Midtown in the last fi ve years.

– 110 OFFICE PARK DRIVE –

The accounting fi rm of Pearce, Bevill,

Leesburg & Moore, along with a local investment

group, will re-develop this 51,058 sf building.



M I DTOW N / W E S T H O M E WO O D M A R K E T

2 0 0 2 2 0 0 3

100

95

%

90

85

80

75

20

19

$

18

17

16

152 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4

89.0%89.0%$17.46

89.0%$17.45

88.9%

$17.03 $17.03 $17.01

90.2%


O C C U P A N C Y


R A T E P S F






1/06 2129 Arrington Blvd. 4,272 $750,000 $175.56 CS Beatty Properties LLC

1/063489 Independence Drive –

Nohab Building12,000 $1,700,000 $141.67 Local Investment Group

2/06 201 Summit Parkway 28,800 $1,550,000 $53.82 Teklinks

3/06 516 Brookwood Blvd. 12,500 $1,850,000 $148.00 Southwood Properties

4/06 120 Offi ce Park Drive 18,000 $2,060,000 $114.44 Ard Contractors

5/06Heninger Burge –

2146 Highland Avenue12,500 $1,900,000 $152.00 J R Prewitt

8/06 298 West Valley Avenue 37,177 $1,700,000 $45.73 S & R Property II LLC

8/06 110 Offi ce Park Drive 51,058 $5,105,800 $100.00 Highpoint Ltd/PBLM

9/06 Beacon Ridge Tower 153,427 $11,000,000 $71.70 In-Rel Management

9/06 100 Union Hill 9,135 $1,100,000 $120.42 AM Robbins/Condon

11/06 3928 Montclair Road 22,380 $1,800,000 $80.43 Montclair Partners

11/06 3055 Independence Drive 4,126 $1,000,000 $242.37 Cordovan LLC


First Commercial 72,000 First Commercial Bank Renewal

Independence Plaza 31,000 McGriff, Seibels & Williams Inc. Renewal/Expansion

Brookwood Metroplex 26,731 EHS New Lease

University Park 25,465 O2 Ideas New Lease

110 Offi ce Park Drive 23,094 Pearce, Bevill, Leesburg & Moore PC New Lease

Southbridge 17,012 HQ Global Workplaces, Inc. Renewal

Southbridge 14,988 National Cement Company Renewal/Expansion

Southbridge 12,905 Sellers Richardson Renewal/Expansion

100 London Parkway 12,722 Nationwide Insurance New Lease

Lakeshore Park Plaza 11,331 Dent Baker & Company LLP New Lease

The Park Building 9,817 Dixon Hughes PLLC Renewal/Expansion

Southbridge 8,123 Smith & Ely LLP Renewal

University Park 7,561 Gordon & Associates Renewal/Expansion



Caha

ba V

alley

Rd.

Over

ton

Alta

dena

R

d.

Valleyd

ale R

d.

Lakeshore D

r.

Old Rocky Ridg

e Rd.

Rd.

Roc

kyRi

dge

Rd.

Cald

wel

lM

illRd

.

CahabaHeights

InvernessPkwy.

VESTAVIA

HOOVER

Inverness

MeadowBrook

Oak Mountain State Park

Liberty Park

Summit

ColonnadeBrookHighland

Grandview

119

1714

280

280

H I G H WAY

2 8 0 / I - 4 5 9

M A R K E T

6

[ 6 . 4 M I L L I O N S F T O T A L ]



THE H IGHWAY 28 0 / I - 459 SUBMARKET CONTINUED ITS MARKET LE ADING PACE IN

ABSORPTION OF SQUARE FOOTAGE . The submarket

absorbed 148,964 sf, which led the Birmingham market

in 2006. In fact, the Highway 280 market has absorbed

over 522,000 sf in the last four years, making it by far

the most active market in the metro area.

With the exception of a 32,000 sf owner-occupied

building, the submarket saw no new speculative

construction for the fi fth year in a row. In addition,

no new speculative construction is expected for the

next twelve to eighteen months which will further

strengthen rental rates and occupancies in the area.

The multi-tenant rental rate rose 1.33% to $18.90 psf, and the multi-tenant occupancy rose

3.39% to 93.31%. The Highway 280 market is now the strongest in terms of occupancy in the

area. This is a far stretch from its position after the down turn in 2001-2002.

One year after relocating its corporate headquarters to the area, Infi nity Insurance is also

leasing a 115,000 sf call center to add to its Birmingham presence. This space barely hit the

market prior to the Infi nity lease, which was a great boon for the building.

Large corporations including BellSouth, HealthSouth, and Infi nity, as well as the area’s best

retail developments, will continue to make 280 a strong submarket for the foreseeable future.

– 1950 STONEGATE –

The architectural fi rm, Turner Batson,

purchased this 25,000 sf facility in Liberty Park.

– GRANDVIEW II –

An institutional investor purchased this

Class A 149,463 sf building.



H I G H WAY 2 8 0 / I - 4 59 M A R K E T

7


2 0 0 2 2 0 0 3

100

95

%

90

85

80

75

20

19

$

18

17

16

152 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4

89.9%

$18.6593.3%$18.90

89.3%

$18.57

84.2%

81.4%

$18.25 $18.37


O C C U P A N C Y


R A T E P S F




2/06 33 Inverness Center 87,000 $9,150,000 $105.17 Inverness Properties (Altec)

6/06 2700 Meadowbrook South 98,216 $11,875,000 $120.00 Lord Baltimore

6/06 600 Meadowbrook 43,314 $5,500,000 $126.00 Noland Properties

9/066801 Cahaba Valley Road

(Highway 119)16,000 $1,685,000 $105.31 Hawthorne Place LLC

10/06 Grandview II 149,463 $22,750,000 $152.21 Behringer Harvard REIT I

11/06 1950 Stonegate 25,000 $3,275,000 $131.00 Turner Batson


100 Meadow Brook 30,000 LM Berry New Lease

Federal Reserve Building

Liberty Park23,000 GSA New Lease

Grandview I 20,000 Charter Communications Renewal

600 Meadow Brook 17,000 Lewis Communications Renewal

31 Inverness 13,100 Resource Management Services New Lease

3570 Grandview Parkway 12,039 Strayer University New Lease

3800 Colonnade 11,982Friedman Leak Dazzio

Zulanas & Bowling PCRenewal/Expansion

10 Inverness 11,000 J Smith Lanier New Lease

10 Inverness 10,500 SunGard Workfl ow Solutions Renewal


2 0 0 2 2 0 0 3

225

150

-75

-75

0

2 0 0 62 0 0 52 0 0 4

SF

TH

OU

SA

ND

S

A B S O R P T I O N

222

-52

124149

27



Rocky R

idge

Rd.

Old Roc

ky R

idge

Rd.

Alta

dena

Rd.

Caldwell

Tyler Rd.

Alford Ave.

Cahaba Valley Rd.

Lorna Rd.

Valle

ydale

Rd.

Columbiana Rd.

HOOVER

PELHAM

RockyRidge

VESTAVIA

Riverchase

Oak Mountain State Park

Galleria

RiverchasePkwy. East

Mill

Rd.

150

261

119

17

31

31

8

S O U T H E R N

I - 6 5

M A R K E T

[ 4 . 7 M I L L I O N S F T O T A L ]



T H E S O U T H E R N I - 6 5 S U B M A R K E T W H I C H E N CO M PA S S E S T H E B O R D E R S O F V E S TAV I A

H I L L S , H O OV E R , A N D R I V E RC H A S E I S T H E S M A L L E S T O F T H E B I R M I N G H A M S U B M A R K E T S .

The overall occupancy is healthy at 92.9% even though

the multi-tenant occupancy dropped slightly, 2.29%

from the prior year, to 83.6%.

In what is typically a slower submarket than the

others, two of the largest Class A buildings sold in

2006: Chase Corporate Center (210,065 sf) sold for

$21,200,000 and Concourse at Riverchase (2 buildings,

169,985 sf total) sold for $17,500,000.

For several years, this submarket has not added any

signifi cant speculative square footage. With negative

absorption of (47,661) sf, it was the only area submar-

ket with negative absorption for the year. The lack of construction will continue to help this

submarket over the next few years. We expect 2007 will show strength and a better year for

the property owner. Large users such as BellSouth, Blue Cross / Blue Shield, and Regions

Bank continue to occupy the bulk of the corporate space within the Southern market.

Easily accessible by both I-65 and I-459, many of the Southern submarket buildings are

surrounded by lush wooded areas, superb landscaping and rolling terrain contributing to the

area being a convenient and peaceful place to work.

– CONCOURSE AT RIVERCHASE 100 –

In-Rel Management purchased this 124,128 sf

complex adding to its Birmingham holdings.

– CHASE CORPORATE CENTER –

After several years of ownership by Invesco,

this 210,065 sf building sold in 2006.



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

9

$15.24

2 0 0 2 2 0 0 3

100

95

%

90

85

80

75

18

17

$

16

15

14

132 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4

81.7%

79.8%

85.9%

$15.53

83.6%

$15.56

82.0%

$15.22$15.16


O C C U P A N C Y


R A T E P S F




1/06 Highpoint – Chambers 30,000 $3,000,000 $100.00 Mountaintop Holdings

3/06Southlake Medplex

(2 Buildings)54,000 $7,400,000 $137.04 Local Investor

4/06 3141 Lorna Road 12,000 $1,050,000 $87.50 Valor Properties

5/06Highpoint –

Walker & Shelby85,286 $6,420,000 $75.27 Arcis Investments

8/06100 First Alabama

Bank Drive10,500 $1,325,000 $126.19 Triad Building LLC

9/06 Concourse 100 124,128 $12,900,000 $103.92 In-Rel Management

9/06 Concourse 800 45,857 $4,600,000 $100.31 In-Rel Management

10/06 Chase Corporate Center 210,065 $21,200,000 $100.92 Talcott Realty


1855 Data Drive 21,777 CGI-AMS, Inc. Renewal

Vestavia Centre 16,560 D R Horton Renewal/ Expansion

River Place 14,847 Berney Offi ce Solutions New Lease

Riverchase Center 9,474 IKON Offi ce Solutions New Lease

Riverchase Center 5,615 Valencia Group New Lease



44

80

-38 -48

2 0 0 2 2 0 0 3

100

50

0

-100

-150

-50

2 0 0 62 0 0 52 0 0 4

SF

TH

OU

SA

ND

S

A B S O R P T I O N

-105

78

11

78

11

78

31

31

31

31

31

280

280

65

65

66

95

95

93

93

42

6

2

52

58

74

39

39

52

52

11

11

41

43

35

62

64

94

96

105

143

120

124

17

14

93

13

91

95

76

67

94

67

150150

119

119

261

269

75

149

79

341

India

n V

al Brookside Rd.

Coalburg Rd.

Rob

erta

Rd.

Cherry Ave.

Cherry Ave.

Heflin Ave.

Pinehill Rd.

Sprin

gvill

Vand

erbi

lt R

d.

Pinson V

alley

Pkw

y.

Cent

erpo

int

Lawson

Rd.

Queen

stown Rd.

Alton Rd.

Ruffne

r Rd.

3rd Ave. S Messer - Airport H

wy.

27th Ave.

East Lake

Blvd

.

Jeffe

rson

Ave

.

Tusc

aloosa

Ave.

Dennison Ave.

8th Ave. S

8th Ave. N

1st Ave.

N

20th St.

Cahaba Rd.

Finley Blvd.

Daniel Pay

ne D

r.

Pratt Hw

y.

Minor Pkw

y.

Bess

emer

Sup

er H

wy.

Bush Blvd. 8

th Ave.

Lomb Ave.

Ishko

oda - Wenonah

Rd.

Ave.

E.

Clairmont Ave.

Montclair Rd.

W. O

xmoo

r

Oxmoor Rd.

Montev

allo R

d.

Rd.

W. Valley

Valley A

ve.

Ave.

Patton Chapel Rd.

Alford Ave.

Lakeshore Dr.

Old Leed

s Rd.

Grants Mill Rd. Ove

rton

Rd.

Columbiana Rd.

Lorna Rd.

Old Rock

y Ridge

Rd.

Roc

ky R

idge

Rd.

Alta

dena

Rd.

Caldwell M

ill Rd.

Valle

ydale

Rd.

Shades Cres

t Rd.

Dunna

vant

Vall

ey R

d.

BessemerMunicipalAirport

Bear

Cree

k Rd.

Walker Chapel Rd.

BirminghamInternationalAirport

Huffman

Morgan

BamfordMorning

Star

Roebuck

Grants Mill

Shoal Creek

Chelsea

East Saginaw

Greystone

HighlandLakes

Forestdale

TARRANT

HOOVER

HELENA

PELHAM

FULTONDALE

IRONDALE

HOMEWOOD

MOUNTAIN

BROOK

VESTAVIA

FAIRFIELD

TRUSSVILLE

B I R M I N G H A M

Pratt City

Central Park

Ensley

NorthBirmingham

Powderly

West End

Graymont

Riverchase

BluffPark

Shannon

RockyRidge

Inverness

MeadowBrook

Five Points

Crestline

Cahaba Heights

Woodlawn

Avondale

East Lake

Oak MountainState Park

South S

hade

s C

rest

Rd

.

S

hade

s C

rest

Rd

.

Green Springs Hwy.

Cahaba Valley Rd.

Caha

ba V

alley

Rd.

Red Lane Rd.

Lake

shor

e Pkw

y.

0 1 2 3 4SCALE IN MILES:

B I R M I N G H A M A R E A



R E C E N T G R A H A M A C T I V I T I E S

– 3570 GRANDVIEW PARKWAY – – 2140 11TH AVENUE SOUTH –

12,039 SF OFFICE SPACE

Graham represented the landlord in the leasing of space in

Grandview Corporate Park off Highway 280 to Strayer University.

Agent: Walter Brown


Graham represented the tenant, Dixon Hughes,

in the leasing of space in the Park Building.

Agent: Dan Lovell, SIOR

– 3928 MONTCLAIR ROAD –

SOLD

22,380 SF OFFICE BUILDING

Graham represented the seller of this

offi ce building in Mountain Brook.

Agent: Sam Carroll

– US HIGHWAY 431 SOUTH, GUNTERSVILLE – – 2111 PARKWAY OFFICE CIRCLE –

SOLD

11,112 SF RETAIL CENTER

Graham represented the buyer of this O’Charley’s

anchored retail center for a private investor.

Agent: Dan Lovell, SIOR


Graham represented the tenant, Berney Offi ce Solutions,

in the leasing of space in the River Place Building

Agent: Sam Carroll

– 100 CENTERVIEW DRIVE –

LEASED

30,000 SF OFFICE BUILDING

Graham represented the owner in the sale of the Chambers Building

located in Vestavia Hills to Mountaintop Community Church.

Agent: Walter Brown

SOLD

LEASED

LEASED



P R I N C I P A L S

STEVE GRAHAM, Chairman of Graham & Company,

coordinates the company’s appraisal/consulting and asset

management services. He is widely respected for his skills

in commercial real estate appraising and consulting. He is

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

Counselor of Real Estate (CRE) designation.

Steve Graham 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. One of

few commercial realtors in Alabama to earn the prestigious

SIOR designation from the Society of Industrial & Offi ce

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 National Association of Industrial & Offi ce

Parks (NAIOP).

Mike Graham is a graduate of the University of the

South and holds a Masters in Business Administration

(MBA) from Emory University.

M I K E G R A H A M , C P M , S I O R

S T E V E G R A H A M , M A I , C R E

O F F I C E G R O U P

D A N L OV E L L , S I O R

D I R E C TO R , O F F I C E G R O U P

[email protected]

JOINED GRAHAM & COMPANY: 1991

AFFILIATIONS/HONORS:

• Birmingham Business Journal

“Top 40 Under 40” 2003

• Lifetime Member of the

Birmingham Association of

Realtors Million Dollar Sales Club

• SIOR designation in 1997, one of only eight

offi ce-designated SIOR’s in Birmingham area

• 2003 President of NAIOP – Alabama Chapter

• Compass Bank Young Executive Board 2002-04

• Birmingham Metropolitan Development Board

(Board Member, 2003)

CLIENTS INCLUDE:

• IKON Offi ce Solutions • Cisco Systems • Earth Tech

• Capstone Building • Coca-Cola • Friedman Leak

• Hand Arendall • Ernst & Young, LLP • United Healthcare

• Carr Allison • Progressive Casualty Insurance Company

• Amsher Collection Services • Capmark

WA LT E R B R O W N

V I C E P R E S I D E N T, O F F I C E G R O U P

[email protected]






• CCIM Candidate (Certifi ed

Commercial Investment Member)

• Earned Certifi cate for Regional & Urban Planning

• Member NAIOP – Alabama Chapter

• Board of Directors – Homewood-Oxmoor Rotary Club

CLIENTS INCLUDE:

• Jack Henry & Associates • Ernst & Young • Nexity Financial

• Warren, Averett, Kimbrough & Marino • The Kullman Firm

• Children’s Hospital • Ferguson, Frost & Dobson, LLP

• Brown Jordan International • United Healthcare (UHG)

• Nex 21 • PetNet Pharmaceuticals • MedMined

• Lamar, Miller, Norris, Haggard & Christie, P.C. • Norstan

• Lending Edge Mortgage • Mountaintop Community Church

• Computer Technology Solutions (CTS) • Thornton Homes

• Sears Roebuck & Company • BancPartners, Inc.



D O R OT H Y W O Z N Y

P R O P E R T Y M A N A G E R

[email protected]



• Member of Building Owners and

Managers Association

International (BOMA)

• Earned Real Property

Administrator (RPA) Designation in 2004

OFFICE BUILDINGS MANAGED:

• Highpoint Offi ce Park • Vestavia Centre

O F F I C E G R O U P

13

H AY D E N M O N T G O M E RY


[email protected]






• Earned Real Property

Administrator (RPA) Designation in 2005

• Member of International Facility Management Association

(IFMA), Birmingham Chapter

OFFICE BUILDINGS MANAGED: Woodcrest Place

S P E N C E R S O U T H

S A L E S / D E V E L O P M E N T

[email protected]



• CCIM Candidate (Certifi ed

Commercial Investment Member)

S A M C A R R O L L

V I C E P R E S I D E N T, O F F I C E G R O U P

[email protected]






CLIENTS INCLUDE:

• Orkin • World Health Staffi ng

• Atlantic Video Corporation • Farmer’s Insurance

• Imaging Business Machines • Auto Owners Insurance

• Delphi Automotive Systems • Qwest Communications

• ADT Security Systems • IKON Offi ce Solutions

• Insurance Company of the West • Venturi Partners

• Impact Family Counseling • Berney Offi ce Solutions

• URS Corporation • Hollis & Wright, PC • Doozer Software

• Jefferson County Board of Education • Adams Beverages

• Alabama Broadcasters Association • The Valencia Group

• Cox Auto Trader • Gary C. Wyatt, Inc. • Offi ce Depot

• The Cochran Firm, PC • Jeffcoat & Associates, LLC

• Guardian Pharmacy of Birmingham, LLC

L A R RY E T H R I D G E


[email protected]






• 18 years facilities management

experience

OFFICE BUILDINGS MANAGED: 110 Offi ce Park • KAPAR

C H R I S T I E S . N E E LY

A S S I S TA N T, O F F I C E G R O U P

[email protected]


T H O M A S K R E B E S , F M A , R PA


[email protected]






• 18 years facilities management

experience

OFFICE BUILDINGS MANAGED: Concord Center



O F F I C E S E R V I C E S

OVER THE PAST 25 - PLUS YE ARS , GR AHAM & COMPANY HAS

CONS I STENTLY ACHIE VED INCRE AS ING 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.

Long recognized among Alabama’s leading industrial real estate

fi rms, Graham & Company also enjoys a growing reputation in

the leasing and management of offi ce 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 affi liations (the

Appraisal Institute, Counselors of Real Estate), these memberships

also provide a nationwide network of key industry contacts.

To meet the needs of offi ce users and investors, Graham &

Company offers a full range of services, including brokerage, tenant

representation, and third-party management. The company also

represents clients in the acquisition or disposition of investment-

grade offi ce properties.

In aggressively expanding its offi ce component, Graham has

developed strong relationships with local, regional, and national

clients – among them such notable names as Eastman Kodak,

Harcourt General, IKON Offi ce Solutions, Coca Cola, Cisco Systems,

State Farm Insurance, and Ernst & Young LLP.

Combining expert service with an unwavering commitment to

integrity and fairness, Graham’s professional staff enjoys the respect

of Birmingham’s industrial and fi nancial communities, as well as

that of business recruitment allies like the Alabama Development

Offi ce and the Birmingham Metropolitan Development Board.

– VESTAVIA CENTRE –

– HIGHPOINT OFFICE CENTER –

– CONCORD CENTER –

– 2200 WOODCREST PLACE –


B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7X15

I N V E S T M E N T / D E V E L O P M E N T S E R V I C E S

ROUNDING OUT THE FULL R ANGE OF SERV ICES AVAIL ABLE TO CL IENTS OF GR AHAM

& COMPANY ARE THE INVESTMENT SERV ICES AND DE VELOPMENT SERV ICES DIV I S IONS .

While Graham’s brokerage division works with end-

users of industrial, offi ce, and commercial properties,

investment services is geared toward clients who

view real estate as an income-producing commodity.

Maximizing the profi tability 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 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 specifi c 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 fi nancing, 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 the mission of Graham & Company to create value for its clients, the

investment and development divisions strive to identify or create opportunities and complete

transactions of mutual benefi t to owners and tenants.

– BUTLER POINTE –

Graham & Company acquired this 162,500 sf

offi ce building in Jacksonville, Florida.

– FORMER MOUNTAIN BROOK INN SITE –

Graham & Company represented the purchaser,

a local investment group with plans for future

development of this 5.75 acre site.

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

Founded in 1978, Graham & Company is a full-service commercial real estate fi rm based in

Birmingham. With offi ces in Birmingham and Huntsville, Alabama and Jacksonville, 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 R P O R AT E S E R V I C E S

As an adjunct to the brokerage services, Graham now offers a wide array of corporate real

estate services to include property tax notices, lease abstracts and lease administration. Our

corporate clients can trust Graham & Company’s attention to detail and seek our counsel on

real estate strategies to meet or develop investment objectives.

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 & Company annually sponsors a community service program

known as LEAD (Leadership, Experience, Attitude, Determination). Through this program, we

hire inner-city students from local high schools to spend a summer gaining experience and

developing work skills in the commercial real estate industry. Also, every quarter, Graham &

Company employees volunteer their time and expertise in support of Habitat for Humanity. We

continue to support this fi ne community program in providing homes for families in need.

A F F I L I AT I O N S

CORFAC International–Corporate Facility Advisors

SIOR–Society of Industrial & Offi ce Realtors

NAIOP–National Association of Industrial & Offi ce Properties

IREM–Institute of Real Estate Management

Appraisal Institute

Counselors of Real Estate–CRE

Certifi ed Commercial Investment Member–CCIM

Building Owners and Managers Association–BOMA

Birmingham Association of Realtors

Huntsville Board of Realtors

GR AHAM & COMPANY, INC .

220 0 Woodcre s t P l ace , Su i t e 210

B i rmingham , A l abama 35209

T E L 205 . 871.710 0 - F A X 205 . 871. 3331

w w w. GrahamCompany.com

I n format ion deemed re l i ab le , bu t not guar an teed .

Copyr i gh t 20 07. Reproduc t ion , i n who le or par t , o f t h i s repor t i s proh ib i t ed . G R A H A M & C O M P A N Y


“ O U R C O M P A N Y H A S G R O W N F R O M T H R E E E M P L O Y E E S T O O V E R E I G H T Y.

G r a h a m & C o m p a n y ’ s r e a l e s t a t e e x p e r t i s e h a s b e e n o f s i g n i f i c a n t v a l u e t o o u r

c o m p a n y i n t h e p l a n n i n g a n d a c c o m m o d a t i n g o f o u r o f f i c e g r o w t h r e q u i r e m e n t s . ”

- G . T . L a B o r d e -

C E O , M E D M I N E D

“ G R A H A M & C O M P A N Y, I N C . W A S I N S T R U M E N TA L I N T H E A C Q U I S I T I O N

o f o u r o f f i c e . T h r o u g h t h e i r e f f o r t s , w e h a v e m a i n t a i n e d

a n e x c e l l e n t o c c u p a n c y a n d t e n a n t m i x . ”

- W a y n e H u d s o n -

E X E C U T I V E P A S T O R , M O U N T A I N T O P C O M M U N I T Y C H U R C H

INDIVIDUALMEMBERSHIPS

INDIVIDUALMEMBERSHIPS

w w w.Gr ah amCompany. com

BIRMINGHAM, AL

Graham & Company, Inc.

2200 Woodcrest Place, Suite 210

Birmingham, Alabama 35209

Phone (205) 871-7100

Fax (205) 871-3331

GRAHAM & COMPANY PERSONNEL – BIRMINGHAM

PRINCIPALS

Steve Graham, MAI, CRE

Mike Graham, CPM, SIOR

ADMINISTRATIVE ASST.

B. J. McAnnally

COMMERCIAL/INDUSTRIAL GROUP

Jack Brown, SIOR

John ColemanSonny Culp, SIOR

Ogden Deaton, SIOR

Jack Key, SIOR

COMMERCIAL AGENT ASST.

Robin DomitPeggy Pearson

COMMERCIAL APPRAISALS

Hayden L. ScottM. List Underwood III

INFORMATION TECHNOLOGY

Jebb Long

GRAPHIC DESIGN

Jane McGriff

OFFICE GROUP

Dan Lovell, SIOR – DirectorWalter BrownSam CarrollSpencer SouthChristie S. Neely – Real Estate Asst.

PROPERTYMANAGEMENT

Thomas P. Krebes, FMA, RPA– Senior Asset ManagerLarry EthridgeHayden MontgomeryDorothy WoznyEleanor Caver – Admin. Asst.

ACCOUNTING

Charlie CraneMaria GoldschmidtAllyson Harris – Admin. Asst.

RECEPTIONIST

Alicia Dill

FACILITIES

Carl FinchJames GraceCraig JacksonDavid Thomas

HUNTSVILLE, AL

Graham & CompanySoutheast, LLC

200 Westside Square, Suite 800

Huntsville, Alabama 35801

Phone (256) 382-9010

Fax (256) 382-9011

JACKSONVILLE, FL

Graham & CompanySoutheast, LLC

4500 Salisbury Road, Suite 180

Jacksonville, Florida 32216

Phone (904) 281-0003

Fax (904) 281-0849

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