8:52 AM
Newmark announced today that it brokered a renewal lease totaling 104,514 square feet for the Birmingham office of law firm Burr & Forman LLP at the Wells Fargo Tower in downtown Birmingham. The deal marks one of the largest transactions completed in Birmingham over the last year, and represents the law firm’s long-term commitment to the downtown area.
Burr & Forman will continue to occupy the top six floors at the soon-to-be Shipt Tower, which is owned by Hertz Investment Group. Burr & Forman’s renewed lease comes at a time where the firm is experiencing major regional growth, recently acquiring the Carolinas-based McNair law firm. As of January 1st, 2019, the firm now has 19 offices in eight states with a total of 360 attorneys across the region.
Burr & Forman has long been and will continue to be the largest tenant in the building. Located at 420 20th Street North, the 514,893-square-foot Class A building was built in 1986 and is one of two Class A properties in the city. The building is currently 87 percent occupied, and is in close proximity to several dining and entertainment destinations.
“This building has provided an ideal environment for fostering healthy growth and long-term stability in the heart of Birmingham, and we are pleased to continue our partnership with Hertz Investment Group,” said Ed Christian, chief executive officer and firm managing partner at Burr & Forman. “Newmark’s professionalism and efficiency made this a seamless transaction for both parties, and we look forward to the next chapter of our firm as we continue to expand across the Southeast.”
Newmark Vice Chairman Gregory Katz and Executive Managing Director Monty Harris represented the tenant. Colliers International represented the landlord.
“Burr & Forman’s decision to renew a long-term lease with Hertz Investment Group at Shipt Tower is the latest evidence of continued growth and investment happening in downtown Birmingham,” said Katz. “The emerging talent hub that is forming in the CBD provides the ideal setting for employers across the region to grow and expand. Newmark is pleased to help finalize this lease agreement, which provides a significant win for Birmingham’s business community.”
The transaction reflects a strong outlook by investors for Birmingham’s metropolitan area. In 2017, 40 companies announced more than 3,000 jobs and $500 million in capital investment in the region’s primary business sectors.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.