Bham fintech firm relocating from Mountain Brook to Lakeshore Park Plaza

//Bham fintech firm relocating from Mountain Brook to Lakeshore Park Plaza

Bham fintech firm relocating from Mountain Brook to Lakeshore Park Plaza

Jerry Grant represented the landlord of Lakeshore Park Plaza in this transaction.

A Birmingham-based financial technology company has moved from Mountain Brook to Homewood.

Prepaid Technologies is taking more than 8,000 square feet in a vacant spot at Lakeshore Park Plaza in a deal brokered by Philip Currie, president at J.H. Berry & Gilbert Inc.

Financial terms of the deal were not disclosed.

Jerry Grant of Graham & Co. represented landlord, Lakeshore Property Owner LLC. In 2014, the entity acquired the property from Cousins of Daniel LLC for $25 million, which had acquired the property from Mutual Life Insurance Co. of New York for $4.5 million in 1998, according to research from real estate data firm Reonomy.

“Prepaid Technologies continues to grow quickly, and we needed more space to support our growing team,” said Stephen Faust, Prepaid Technologies CEO.

The company recently acquired select assets of Karmic Labs, a San Francisco-based purchasing card portfolio and expense management platform. Faust was named a BBJ Top 40 Under 40 winner in 2017.

“We’re glad to see Prepaid Technologies find the right space for their growing business,” Currie said. “Lakeshore Park Plaza is an excellent location and able to accommodate growing technology firms. This lease shows that demand continues to persist in the Midtown submarket.”

Located at 2204 Lakeshore Drive, the Class A suburban office building includes surface as well as leased covered parking and has a $24 lease rate, according to information from Graham & Co. Tenants include Milo’s Tea Co.’s new corporate offices.

A group of local investors recently acquired the office building next door at 2200 Lakeshore Drive for $8.25 million.

Founded in 1908, Birmingham-based J.H. Berry & Gilbert specializes in the lease, sale and management of office, industrial and health care properties.

 

[Read Article Here]

By |2019-07-22T10:35:44-05:00July 22nd, 2019|Categories: News|0 Comments

About the Author: