Main Street’s newest office building – the Main & Gervais building - has been sold.
The previous owners — tenants NBSC, the McNair Law Firm and Edens along with master developer John Holder of Atlanta — sold the building at 1221 Main St. to California’s KBS Realty Advisors, Holder confirmed to The State.
Holder Properties will be retained as property manager, Holder said.
The sale price was $65 million, according to Richland County property tax records. Holder and the tenants built the 18-story building in 2009 for an estimated $60 million.
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“We and our tenant partners determined it was a great time to market our trophy building,” Holder said. “We did so with (commercial brokers) CBRE and found there was very strong interest. We thought that KBS was the right fit given their building portfolio in the Southeast and their pricing.”
KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992, according to its website. The company noted on its website that the Main and Gervais building is currently 98 percent leased. Other tenants include the regional law firms of Parker Poe Rogers Townsend & Thomas and Womble Carlyle, along with The Oak Table restaurant.
“The property features an irreplaceable location with an impressive rent roll,” KBS Eastern Regional President Marc DeLuca said. “The property is also a short walk from the University of South Carolina.”
The wedge-shaped glass and steel building at Main and Gervais — known as the NBSC building — is located across Gervais Street from the State House. It is considered one of the state’s most prestigious business addresses.
It was one of three office towers built at the head of Main Street before the Great Recession struck.
The others were the Meridian tower, build in 2004 when the Nelson Mullins Riley & Scarborough law firm partnered with BankMeridian; and the First Citizens building in 2006, home of the Nexsen Pruet law firm.