Renasant Place: Difference between revisions

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[[Image:Park Place Tower.JPG|right|225px|thumb|Park Place Tower, August 2010]]
[[Image:Park Place Tower.JPG|right|225px|thumb|Park Place Tower, August 2010]]


'''Renasant Place''' (formerly '''Park Place Tower''') is a 15-story, 278,027 square-foot office tower at 2001 [[Park Place]] in downtown Birmingham. The building was completed in [[1980]] and is owned by the [[Allegiance Realty Corporation]].
'''Renasant Place''' (formerly '''Park Place Tower''') is a 15-story, 278,027 square-foot office tower at 2001 [[Park Place]] in downtown Birmingham. The building was completed in [[1980]]. It has an attached five-story parking deck with space for 343 cars.


Law firm [[Bradley Arant Rose & White LLP]] occupied 4 stories until it moved to [[One Federal Place]] in [[2001]]. Park Place Tower owners at the time, Dallas, Texas-based Archon Group, upgraded lobbies, restrooms and common corridors, and installed new heating and air-conditioning systems, security and fire safety systems, and lighting in an attempt to keep existing tennants and lure new ones. In [[2003]], Mobile-based law firm [[Hand Arendall LLC]] moved from three-fourths of a floor to the renovated 12th floor. [[Elizabeth Wilson]] of [[Krumdieck Architecture & Interiors]] custom-designed the floor to Hand Arendall's specifications.
Law firm [[Bradley Arant Rose & White LLP]] occupied 4 stories at Park Place Tower until moving to [[One Federal Place]] in [[2001]]. Park Place Tower owners at the time, Dallas, Texas-based Archon Group, upgraded lobbies, restrooms and common corridors, and installed new heating and air-conditioning systems, security and fire safety systems, and lighting in an attempt to keep existing tenants and lure new ones. In [[2003]], Mobile-based law firm [[Hand Arendall LLC]] moved from three-fourths of a floor to the renovated 12th floor. [[Elizabeth Wilson]] of [[Krumdieck Architecture & Interiors]] custom-designed the floor to Hand Arendall's specifications.


In February [[2008]], Tupelo, Mississippi-based [[Renasant Bank]] announced that it would be consolidating its Alabama operations into the Park Place Tower. Corporate offices originally spread between [[Grandview Parkway]], [[The Summit]] and [[Colonnade]] were relocated by June, and the branch previously in the [[Watts Building (1928)|Watts Tower]] was relocated that September. In May, the Renansant logo was affixed to the top of the Tower, adding another logo to Birmingham's skyline. The building's name was officially changed to Renasant Place in November [[2014]].
In [[2004]] Archon Group sold the building to [[Allegiance Realty Corporation]] of Charlotte, North Carolina for $25.1 million.


In April, [[2010]], the accounting firm [[Frost Cummings Tidwell Group]] announced it would be moving all of its employees onto the 9th floor of the tower.
In February [[2008]], Tupelo, Mississippi-based [[Renasant Bank]] announced that it would be consolidating its Alabama operations into the Park Place Tower. Corporate offices originally spread between [[Grandview Parkway]], [[The Summit]] and [[Colonnade]] were relocated by June, and the branch previously in the [[Watts Building (1928)|Watts Tower]] was relocated that September. In May, the Renasant logo was affixed to the top of the tower. The building's name was officially changed to Renasant Place in November [[2014]].
 
In April [[2010]], the accounting firm [[Tidwell Group|Frost Cummings Tidwell Group]] announced it would be moving all of its employees onto the 9th floor of the tower. Archon put the building up as collateral on a $27 million CMBS loan from Bank of America in [[2011]]. The loan was watchlisted as between [[2017]] and [[2020]] occupancy rate in the building dropped to below 65%, and took a further hit when Tidwell Group moved to the [[Grandview II]] building in May of that year. Midland Loan Services assumed the loan as a special server in anticipation of a default.
 
On [[June 1]], [[2021]] the building was sold to a joint venture of Eightfold Real Estate Capital of Miami, Florida and Cicada Capital Partners of Memphis, Tennessee for $16.75 million. The $21.87 mortgage loan from Ladder Capital of New York City was calculated to provide financing for addressing deferred maintenance and other expenses.


==References==
==References==
Line 14: Line 18:
* Williams, Roy L. (April 15, 2010) "Accounting firms' merger will create jobs, millions for city." {{BN}}
* Williams, Roy L. (April 15, 2010) "Accounting firms' merger will create jobs, millions for city." {{BN}}
* Phillips, Ryan (November 3, 2014) "Park Place Tower renamed Renasant Place." {{BBJ}}
* Phillips, Ryan (November 3, 2014) "Park Place Tower renamed Renasant Place." {{BBJ}}
* Van der Bijl, Hanno (June 3, 2021) "Downtown Birmingham office tower sells for $16.75M with financing from public company." {{BBJ}}


==External links==
==External links==

Revision as of 16:55, 4 June 2021

Park Place Tower, August 2010

Renasant Place (formerly Park Place Tower) is a 15-story, 278,027 square-foot office tower at 2001 Park Place in downtown Birmingham. The building was completed in 1980. It has an attached five-story parking deck with space for 343 cars.

Law firm Bradley Arant Rose & White LLP occupied 4 stories at Park Place Tower until moving to One Federal Place in 2001. Park Place Tower owners at the time, Dallas, Texas-based Archon Group, upgraded lobbies, restrooms and common corridors, and installed new heating and air-conditioning systems, security and fire safety systems, and lighting in an attempt to keep existing tenants and lure new ones. In 2003, Mobile-based law firm Hand Arendall LLC moved from three-fourths of a floor to the renovated 12th floor. Elizabeth Wilson of Krumdieck Architecture & Interiors custom-designed the floor to Hand Arendall's specifications.

In 2004 Archon Group sold the building to Allegiance Realty Corporation of Charlotte, North Carolina for $25.1 million.

In February 2008, Tupelo, Mississippi-based Renasant Bank announced that it would be consolidating its Alabama operations into the Park Place Tower. Corporate offices originally spread between Grandview Parkway, The Summit and Colonnade were relocated by June, and the branch previously in the Watts Tower was relocated that September. In May, the Renasant logo was affixed to the top of the tower. The building's name was officially changed to Renasant Place in November 2014.

In April 2010, the accounting firm Frost Cummings Tidwell Group announced it would be moving all of its employees onto the 9th floor of the tower. Archon put the building up as collateral on a $27 million CMBS loan from Bank of America in 2011. The loan was watchlisted as between 2017 and 2020 occupancy rate in the building dropped to below 65%, and took a further hit when Tidwell Group moved to the Grandview II building in May of that year. Midland Loan Services assumed the loan as a special server in anticipation of a default.

On June 1, 2021 the building was sold to a joint venture of Eightfold Real Estate Capital of Miami, Florida and Cicada Capital Partners of Memphis, Tennessee for $16.75 million. The $21.87 mortgage loan from Ladder Capital of New York City was calculated to provide financing for addressing deferred maintenance and other expenses.

References

External links

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