"The building is perfect for tenants that have been priced out of the primary corner in Alabama, (20th Street North and Fifth Avenue North) or firms that are looking to save on their rent expense but not sacrifice location," said John Pavone, the West Second Street executive overseeing the firm's efforts to fill Regions Plaza.
"We purchased the property at the right price and are well positioned to compete aggressively for tenants."
Neither Regions nor West Second Street
have disclosed the purchase price for the building.
said most of the floors in the tower have 11,000-square-feet of space, though some floors have been divided into two 5,000-square-foot spaces.
"The bank was a great caretaker of the space," Pavone
"It was impeccably maintained and recently renovated prior to them vacating."
said the company is willing to replace paint and flooring for tenants at an added cost, but for those who want "as is" space, there are bargains.
West Second Street
is asking $15 to $30 per square foot in annual rents, depending on the degree of tenant improvements.
"The location of the building is perfect for businesses that support the financial services industry or the court system," he
The ground floor, which was home to a Regions Bank
branch for decades, is being pitched to several banks, including some that would be new to the Birmingham market, Pavone
"A bank branch anchoring the main floor is a obvious fit.
The basement is equipped with a bank vault and secure access," he
"We are actively courting some new names to Birmingham, potentially a bank that does not have a presence in Birmingham yet."
has submitted the building to the U.S.
General Services Administration, which is looking for space for several federal offices in Birmingham, including 75,000 square feet to relocate the U.S. Treasury Department
from Homewood, 20,000 square feet for the U.S. Department of Labor
and the Bureau of Mines
to share, and 27,000 square feet for an unidentified agency.
said the GSA has no firm date for deciding where the new offices will be.
West Second Street
has specialized in GSA projects, completing nearly two dozen of them in the past.
"They typically move at their own pace and it is hard to predict their timing or next step," Pavone
"We provided them the best offer we could and are patiently awaiting their determination.
In general, government leasing is slowing down due to federal budgetary concerns."
The economy already killed one deal for the building.
Birmingham's Harbert Realty Services tried for more than three years to bring a $61 million, 261-room Marriott Renaissance Hotel.
The economy soured and made it difficult to secure financing for the four-diamond luxury hotel.
said the new $50 million Westin Hotel being built near the Birmingham-Jefferson Convention Complex will cater to convention and recreational travel and give weekend visitors a new option.
said there is still a need for the business traveler who wants to be near the law offices, government offices and banks downtown during the week.
"The lower floors -- floors two through eight -- would be perfect for a boutique or upscale hotel catering to the financial/court services traveler," Pavone
"The original plan to convert the entire building to a hotel would be overly ambitious in today's economy.
But a 125-150 room hotel occupying those floors would likely be at full capacity throughout the work week."
said a hotel component to Regions Plaza remains an option, but is not definitive.
"No decision has been made on the hotel concept as of yet," he
, the West Second Street broker leasing the building, would not say if any of those entities are possible tenants when interviewed by The Birmingham News
in October, when the newspaper first reported West Second Street had an option to buy the building.
At that time, Pavone
said the company was open to leasing the space to most any office user.