RealOp Investments LLC of Greenville has acquired The Tower at 1301 Gervais, a 298,926-square-foot Class A office building across from the South Carolina State House in Columbia.
RealOp, whose investment portfolio includes properties across the Upstate and the Southeast, including the Bank of America building in downtown Greenville, purchased the property from Morning Calm Management for $28.125 million.
CBRE’s Patrick Gildea, Aaron Dupree, Martin Moore, and Matt Smith represented the seller. Henry W. Roe and Will Choate of Colliers International represented the buyer and will handle leasing inquiries.
RealOp’s close working relationship with Colliers International led to the acquisition in the Columbia market.
“It’s a great location,” says Paul Sparks, RealOp managing principal and president. “Columbia downtown is revitalizing. It feels like Greenville four to five years ago.”
The 20-story building is anchored by Bank of America, University of South Carolina, S.C. Carolina Chamber of Commerce, Merrill Lynch, VC3, IT-oLogy, and TM Floyd & Company. It is currently 80 percent occupied.
The diverse tenant base, which includes information technology, education, government, law, real estate, insurance, and other sectors, was a main draw for RealOp, Sparks says. The possibility of facilitating collaboration between the tenants is the foundation for many of the renovations planned, which include creating common space all of the tenants can use simultaneously.
“It works within our thesis of modernizing and creating collaboration,” Sparks says.
The idea is to provide a platform for tenants to provide services to each other as business needs arise, such as IT or marketing.
“We want a sense of community in the building,” Sparks says. “It’s about connecting tenants, letting them know who’s there, and creating an ecosystem.”
Other plans for the property include improvements to the parking lot and retail façade, plaza upgrades, a lobby refresh, and elevator updates to bring them up to code. Additionally, they plan to increase parking in the nine-story parking deck in 2019.