BL Harbert acquires office condo in Mountain Brook for $2.75M

//BL Harbert acquires office condo in Mountain Brook for $2.75M

BL Harbert acquires office condo in Mountain Brook for $2.75M

B.L. Harbert International has bought more office space in Mountain Brook.

The large general contractor paid $2.75 million for 500 Office Park Drive, Unit 1, or about $115 per square foot, according to public records. The purchasing entity was 500 Office Park East LLC, and the deal closed June 3.

B.L. Harbert bought the approximately 24,000-square-foot office condominium to support its growth and has no redevelopment plans for the property, according to a company spokesperson.

The building’s second unit, which was not part of the deal, is about 38,000 square feet.

The selling entity, 500 Office Park LLC, is registered to Rob Howland of Capstone Communities. It had acquired 500 Office Park Drive in 2015 for $6 million, according to property records.

Built in the 1970s, the three-story building is 62,534 square feet. Oikon manages the property, and Graham & Co. oversees leasing.

Situated near U.S. 280 between Hollywood Boulevard and Shades Creek Parkway, the property is located in the Midtown submarket, one of Birmingham’s healthiest office submarkets. It is one of a string of prominent office real estate deals for Birmingham, particularly in the downtown area.

[Read Article Here]

By |2021-06-14T16:17:49-05:00June 14th, 2021|Categories: News|0 Comments

About the Author: