An ownership group, including Greenville-based RealOp Investments, has bought the 15-story Bank of America building in downtown Greenville for about $22.5 million.
Seph Wunder, general counsel for RealOp, a commercial real estate investment group, said his firm is the operating partner. RealOp officials declined to identify the other partners.
The seller was Greenville-based Hughes Development Corp.
Spruced up from a $4 million renovation, the Bank of America building, built in 1973, was on the market last year.
The building has 196,152 square feet of Class A office space with 14,283 square feet of ground-floor retail. Tenants include Bank of America, CBRE, IBM, Southern Management, NEXT on Main, The Iron Yard and others. It is about 77 percent leased, RealOp officials said.
The largest block of available space in the building is on the top floor, the officials said. The 12,488 square feet of available space has “sweeping views of downtown Greenville,” and the space is “extremely conducive to tech companies, who often require open, collaborative work environments,” according to marketing materials for the building.
“We all can see long-term that Greenville is a growth market,” said Kyle Putnam, RealOp’s chief investment officer. “There is a lot of opportunity.”
Importantly, “We’re investing in our local market,” he said.
Chip Hunt, RealOp’s vice president of investment management, said the ownership group is considering certain renovations and exploring upgrades and additional amenities for the building.
Robert Hughes, president of Hughes Development, said his company and its partners “have thoroughly enjoyed our relationship with all of the great tenants in the (Bank of America) building and think it is a testament to the quality of the building that a local group has decided to make this acquisition.”
“The development of ONE and the renovation of the Bank of America building has established ONE City Plaza as the new center of Greenville, and RealOp’s investment confirms this transformation,” Hughes said.