BIRMINGHAM, AL-Allegiance Realty Corp. has acquired the Financial Center Tower building here for $20.9 million.
The Charlotte-based investor acquired the 17-story, 311,201-square-foot building at a more than 25% discount from the initial asking price of $28 million, according to the Charlotte Business Journal. Allegiance says it will undertake between $3 million to $5 million in improvements to the property that is the fourth largest multi-tenant office building in Birmingham.
The deal expands Allegiance's presence in Birmingham. The firm already owns the 15-story Park Place Tower office building. See story in the Charlotte Business Journal.
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