Parmenter Sells Warren Place I & II to Rosemont Realty
Parmenter Realty Partners announced today the sale of their Tulsa office complex, Warren Place I & II. The 960,000-square-feet, two-building, Class A, office project and the asset's development site sold yesterday to Rosemont Realty LLC for an undisclosed amount.
Warren Place I & II in Tulsa, Oklahoma were sold to Rosemont Realty LLC by Parmenter Realty Partners after a more than 20% increase in occupancy since 2005. (Photo: Business Wire)
Parmenter purchased the property in 2005 as part of its closed-end Parmenter Realty Fund II Fund when the buildings had an occupancy rate of approximately 70%. Over the course of Parmenter's ownership and management of the asset, historic occupancy increased to 90%. The firm cited its value-add strategy for the asset's improved state.
Andrew Weiss, Managing Director and COO for the firm, commented, “Warren I & II is a premier asset and was a solid performer in the Parmenter Fund II portfolio. We were able to increase occupancy in the office project over the course of the last few years while generating rental rates appropriate to the Class A offices' amenities and location. By embarking on an aggressive leasing program and reducing operating costs during the recession we were able to add value, attract the right tenants, and achieve the rental rates that make this a truly successful project for our portfolio and our partner investors.”
About Parmenter Realty Partners
Parmenter Realty Partners is a commercial real estate investment, management, and development company. Parmenter operates a series of institutional investment funds focused on the Southern Tier and Mid-Atlantic regions of the US and is actively involved in the expansion of its portfolio in the regions' major markets. Headquartered in South Florida, Parmenter also operates regional offices in Dallas, Atlanta, and the DC Metro Area. Parmenter's investment strategy utilizes its vertically-integrated platform to increase value on behalf of its investors.
About Rosemont Realty LLC
Headquartered in Santa Fe, New Mexico, Rosemont Realty is a market leader in commercial property acquisition and asset management. Rosemont Realty has eight regional offices in Albuquerque, Atlanta, Dallas, Denver, Houston, New York, San Antonio and Washington D.C.
If you'd like more information about this topic, or to schedule an interview on the topic with a Parmenter representative, please call Parmenter Media Relations at 305/960-2117 or by e-mail at MediaRelations@parmco.com.
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Parmenter Realty Partners
Ashley-Renee Honnold, 305-960-2117 or 330-437-8582 (cell)