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“ T H R O U G H G R A H A M & C O M P A N Y ’ S K N O W L E D G E O F L O C A L A N D N AT I O N A L
r e a l e s t a t e m a r k e t s , t h e y w e r e a b l e t o s e c u r e a q u a l i t y t e n a n t
f o r o u r r e c e n t o f f i c e d e v e l o p m e n t . T h e y d i d a t e r r i f i c j o b . ”
- B i l l T h o r n t o n -
C E O , T H O R N T O N H O M E S
Overall Market . . . . . . . . . . . . . . . . 1
Downtown . . . . . . . . . . . . . . . . . . . . 2
Midtown/West Homewood . . . . . . . 4
Highway 280/I-459 . . . . . . . . . . . . . 6
Southern/I-65 . . . . . . . . . . . . . . . . . 8
Birmingham Map. . . . . . . . . . . . . . 10
Recent Graham Activities. . . . . . . . .11
Principals & Offi ce Group . . . . . . . 12
Offi ce Services . . . . . . . . . . . . . . . . 14
Investment/Development . . . . . . . . 15
About Graham & Company . . . . . . 16
T A B L E O F C O N T E N T S
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
[ 2 6 M I L L I O N S F T O T A L ]
SINGLE TENANT 10,218,048 SF
MULTI-TENANT 15,821,682 SF
OV E R A L L
M A R K E T
Th i s repor t i nc ludes curren t space s av a i l ab le for sub le a se . 1
MILLION
1.3
-40THOUSAND
686THOUSAND
N E W C O N S T R U C T I O N & R E H A B A B S O R P T I O N
1.5 Mil l ion
1.25 Mil l ion
SF
1 Mil l ion
750,000
500,000
250,000
-250,000
0
2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4
371THOUSAND
THOUSAND
470
THOUSAND
1500
623THOUSAND
THOUSAND
159THOUSAND
136
B I R M I N G H A M , A L A B A M A O F F I C E M A R K E T
B I R M I N G H A M O F F I C E M A R K E T O V E R V I E W
A S PR E D I C TE D, 2 0 0 6 PROV E D TO B E TH E Y E A R N E W S P EC U L AT I V E C L A S S A O F F I C E
CO N S TRU C T I O N A P P E A R E D. After fi ve years of virtually no new speculative developments,
Lakeshore Crossings delivered a 49,608 sf building, and in 2007 Brookwood Mall will deliver
a 170,000 sf development. Several other potential sites are poised for offi ce development, most
of which are in the Midtown submarket, and we expect to see more ground breaking for
large scale projects over the next twelve to eighteen months. It is safe to say, especially in the
suburbs, the offi ce market has rebounded from the 2001 slump, and landlords are now holding
the upper hand.
Three of the four submarkets experienced a positive absorption, including the Central Busi-
ness District. With the merger of AmSouth and Regions Bank, Birmingham is now home to one
of the ten largest banks in the country. This will pose potential challenges for the Central Busi-
ness District, but could also be a much needed shot in the arm for Alabama’s fi nancial center.
Large building sales were at a multi-year high in 2006 with at least nine Class A buildings
sold. Most sold to institutional investors, making 2006 the busiest in the institutional arena in
memory. Birmingham is certainly “on the radar” for institutional investments.
In 2006, Midtown continued to be the most desired market by tenants, and the new construc-
tion solidifi es Midtown as the one to watch for 2007. Hwy 280/I-459 continued its torrid pace of
absorption and is now the submarket with the highest occupancy.
FUTURE : New development at record rental rates to be seen in 2007 with more to come in 2008.
The offi ce market in Birmingham will continue to be a healthy investment.
DAN LOVELL, SIOR WALTER BROWN SAM CARROLL SPENCER SOUTH CHRISTIE S. NEELY
Director Vice President Vice President Sales/Development Real Estate Asst.
Office Group Office Group Office Group Office Group Office Group
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 72
D OW N T OW N
M A R K E T
F O R TH E S ECO N D Y E A R I N A ROW, TH E C B D
O F F I C E M A R K E T I S D E A L I N G W ITH TH E E F F EC T S
O F A M A J O R B A N K M E RG E R . The AmSouth/Regions
merger (now Regions Bank) will potentially have more
of an impact than the buyout of SouthTrust Bank by
Wachovia. However, to date the AmSouth/Regions
merger has had a positive effect on the CBD offi ce
market. Although only moderate, the CBD absorbed
a positive 11,471 sf in 2006, compared to a negative
157,000 sf in 2005. This fi gure also did not include a
58,500 sf lease in the Harbert Tower signed in December
which will be counted in next year’s fi gures.
The CBD market also saw a slight increase of 1.34% in the multi-tenant rate to an average
of $19.22 psf and a slight increase in multi-tenant occupancy to 84.74%.
The Birmingham News moved into its new headquarters this year, solidifying its commit-
ment to the CBD. Institutional investor Allegiance Realty made a strong commitment with its
purchase of Park Place Tower.
The fi nancial district for Birmingham continues to be the CBD and now is home to one of
the nation’s top ten banking powers, Regions Bank, and we expect an improving market for
this submarket.
1st Ave. N
1st Ave. N
3rd Ave. N
8th Ave. N
6th Ave. N
3rd Ave. S
3rd Ave. S
8th Ave. S
Messer - Airport
Hwy.
University College
(U.A.B.)Highland
Ave.
Court
House
FivePoints
20th St.
19th St.
21st St.
Elton B. Stephens Expwy.
31280
31
[ 7. 3 M I L L I O N S F T O T A L ]
SINGLE TENANT 2,772,456 SF
MULTI-TENANT 4,635,678 SF
– BIRMINGHAM NEWS BUILDING –
The Birmingham News opened its new
110,000 sf headquarters in the fall of 2006.
– PARK PLACE TOWER –
This 278,000 offi ce tower sold to
Allegiance Realty Corporation for $25,100,000.
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
D OW N TOW N M A R K E T
3
2 0 0 2 2 0 0 3
M U L T I - T E N A N T
O C C U P A N C Y
M U L T I - T E N A N T
R A T E P S F
100
95
%
90
85
80
75
20
19
$
18
17
16
152 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4
2 0 0 6 O V E R A L L A V E R A G E S
O c c u p a n c y 9 0 . 2 % • R a t e P S F $ 1 8 . 9 5
78.5%
84.4%
87.6%
$18.97
84.7%
$19.22
85.6%
$18.16
$18.61
$19.13
103
-157
106121
2 0 0 2 2 0 0 3
160
80
0
-160
-80
2 0 0 62 0 0 52 0 0 4
SF
TH
OU
SA
ND
S
A B S O R P T I O N
11
BUILDING SF TENANT COMMENTS
Harbert Tower 115,000 Balch & Bingham LLP Renewal/Expansion
Harbert Tower 58,500 Regions Bank New Lease
Park Place Tower 35,000 Whatley Drake LLC New Lease
Two North Twentieth 11,620 DCMA/GSA New Lease
Financial Center 10,252 Xspedius Communications Renewal
Financial Center 7,272 Hollis & Wright PC Expansion
Two North Twentieth 6,711 Bayside Business Solutions, Inc. New Lease
S I G N I F I C A N T L E A S E S
DATE BUILDING SF PRICE PSF BUYER
8/06 Park Place Tower 278,000 $25,100,000 $90.29 Allegiance Realty Corp.
S I G N I F I C A N T S A L E S
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
HOMEWOOD
VESTAVIA
MOUNTAINBROOKFive
Points
WildwoodCentre
BrookwoodMall
SamfordUniv.
Green Springs Lakeshore Dr.
Montev
allo
Rd.
Oxmoor Rd. Valley A
ve.
Mar
tin L
uthe
r Ki
ng D
r.
Clairmont Ave.
1st Ave. N
3rd Ave. S
8th Ave. S
Airport Hwy.
Montclair Rd.
Cahaba Rd.
20th St.
HighlandAve.
Lakeshore Pkwy.
Alford Ave.
Shades Crest Rd.
W. O
xmoo
r
Indu
stria
l Dr.
8th Ave. N
Hwy.
31
78
11
280
M I D T OW N /
W E S T
H O M E WO O D
M A R K E T
4
[ 7. 1 M I L L I O N S F T O T A L ]
SINGLE TENANT 2,486,512 SF
MULTI-TENANT 4,635,505 SF
AS PREDICTED, M IDTOWN I S E XPER IENCING THE MOST CHANGE IN THE B IRMINGHAM
MARKET WITH NE W CONSTRUCTION BE ING ADDED AND MORE ON THE WAY IN 20 07.
Lakeshore Crossings added 100 London Parkway, a
one story 49,608 sf speculative offi ce building in the
beginning of 2006. Colonial Properties will open a
new 170,000 sf midrise offi ce building at Brookwood
Mall in mid 2007. In addition, at least three other
Midtown sites are in varying stages of planning for
new substantial offi ce projects.
Multi-tenant market rates held steady at an average
of $17.45 psf, and occupancy held steady at 89.1%.
Although the submarket lost a large tenant to the
Highway 280 corridor, much of that space has been
leased and the submarket experienced a positive absorption of 23,430 sf.
Not only is new construction occurring in the submarket, several older, well-located proper-
ties are being redeveloped at lower than replacement values. The Mountain Brook Offi ce Park
area in particular is seeing a tremendous amount of redevelopment due to its most desirable
location. In addition to its attractive product, Midtown’s popularity is insured by a location
which provides easy access to all areas of Metropolitan Birmingham.
– 100 LONDON PARKWAY –
This 49,608 sf building at Lakeshore Crossings
was the fi rst speculative development in
Midtown in the last fi ve years.
– 110 OFFICE PARK DRIVE –
The accounting fi rm of Pearce, Bevill,
Leesburg & Moore, along with a local investment
group, will re-develop this 51,058 sf building.
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 75
M I DTOW N / W E S T H O M E WO O D M A R K E T
2 0 0 2 2 0 0 3
100
95
%
90
85
80
75
20
19
$
18
17
16
152 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4
89.0%89.0%$17.46
89.0%$17.45
88.9%
$17.03 $17.03 $17.01
90.2%
M U L T I - T E N A N T
O C C U P A N C Y
M U L T I - T E N A N T
R A T E P S F
2 0 0 6 O V E R A L L A V E R A G E S
O c c u p a n c y 9 2 . 9 % • R a t e P S F $ 1 7 . 6 6
S I G N I F I C A N T L E A S E S
S I G N I F I C A N T S A L E S
DATE BUILDING SF PRICE PSF BUYER
1/06 2129 Arrington Blvd. 4,272 $750,000 $175.56 CS Beatty Properties LLC
1/063489 Independence Drive –
Nohab Building12,000 $1,700,000 $141.67 Local Investment Group
2/06 201 Summit Parkway 28,800 $1,550,000 $53.82 Teklinks
3/06 516 Brookwood Blvd. 12,500 $1,850,000 $148.00 Southwood Properties
4/06 120 Offi ce Park Drive 18,000 $2,060,000 $114.44 Ard Contractors
5/06Heninger Burge –
2146 Highland Avenue12,500 $1,900,000 $152.00 J R Prewitt
8/06 298 West Valley Avenue 37,177 $1,700,000 $45.73 S & R Property II LLC
8/06 110 Offi ce Park Drive 51,058 $5,105,800 $100.00 Highpoint Ltd/PBLM
9/06 Beacon Ridge Tower 153,427 $11,000,000 $71.70 In-Rel Management
9/06 100 Union Hill 9,135 $1,100,000 $120.42 AM Robbins/Condon
11/06 3928 Montclair Road 22,380 $1,800,000 $80.43 Montclair Partners
11/06 3055 Independence Drive 4,126 $1,000,000 $242.37 Cordovan LLC
BUILDING SF TENANT COMMENTS
First Commercial 72,000 First Commercial Bank Renewal
Independence Plaza 31,000 McGriff, Seibels & Williams Inc. Renewal/Expansion
Brookwood Metroplex 26,731 EHS New Lease
University Park 25,465 O2 Ideas New Lease
110 Offi ce Park Drive 23,094 Pearce, Bevill, Leesburg & Moore PC New Lease
Southbridge 17,012 HQ Global Workplaces, Inc. Renewal
Southbridge 14,988 National Cement Company Renewal/Expansion
Southbridge 12,905 Sellers Richardson Renewal/Expansion
100 London Parkway 12,722 Nationwide Insurance New Lease
Lakeshore Park Plaza 11,331 Dent Baker & Company LLP New Lease
The Park Building 9,817 Dixon Hughes PLLC Renewal/Expansion
Southbridge 8,123 Smith & Ely LLP Renewal
University Park 7,561 Gordon & Associates Renewal/Expansion
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
Caha
ba V
alley
Rd.
Over
ton
Alta
dena
R
d.
Valleyd
ale R
d.
Lakeshore D
r.
Old Rocky Ridg
e Rd.
Rd.
Roc
kyRi
dge
Rd.
Cald
wel
lM
illRd
.
CahabaHeights
InvernessPkwy.
VESTAVIA
HOOVER
Inverness
MeadowBrook
Oak Mountain State Park
Liberty Park
Summit
ColonnadeBrookHighland
Grandview
119
1714
280
280
H I G H WAY
2 8 0 / I - 4 5 9
M A R K E T
6
[ 6 . 4 M I L L I O N S F T O T A L ]
SINGLE TENANT 2,085,138 SF
MULTI-TENANT 4,378,326 SF
THE H IGHWAY 28 0 / I - 459 SUBMARKET CONTINUED ITS MARKET LE ADING PACE IN
ABSORPTION OF SQUARE FOOTAGE . The submarket
absorbed 148,964 sf, which led the Birmingham market
in 2006. In fact, the Highway 280 market has absorbed
over 522,000 sf in the last four years, making it by far
the most active market in the metro area.
With the exception of a 32,000 sf owner-occupied
building, the submarket saw no new speculative
construction for the fi fth year in a row. In addition,
no new speculative construction is expected for the
next twelve to eighteen months which will further
strengthen rental rates and occupancies in the area.
The multi-tenant rental rate rose 1.33% to $18.90 psf, and the multi-tenant occupancy rose
3.39% to 93.31%. The Highway 280 market is now the strongest in terms of occupancy in the
area. This is a far stretch from its position after the down turn in 2001-2002.
One year after relocating its corporate headquarters to the area, Infi nity Insurance is also
leasing a 115,000 sf call center to add to its Birmingham presence. This space barely hit the
market prior to the Infi nity lease, which was a great boon for the building.
Large corporations including BellSouth, HealthSouth, and Infi nity, as well as the area’s best
retail developments, will continue to make 280 a strong submarket for the foreseeable future.
– 1950 STONEGATE –
The architectural fi rm, Turner Batson,
purchased this 25,000 sf facility in Liberty Park.
– GRANDVIEW II –
An institutional investor purchased this
Class A 149,463 sf building.
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
H I G H WAY 2 8 0 / I - 4 59 M A R K E T
7
S I G N I F I C A N T L E A S E S
2 0 0 2 2 0 0 3
100
95
%
90
85
80
75
20
19
$
18
17
16
152 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4
89.9%
$18.6593.3%$18.90
89.3%
$18.57
84.2%
81.4%
$18.25 $18.37
M U L T I - T E N A N T
O C C U P A N C Y
M U L T I - T E N A N T
R A T E P S F
2 0 0 6 O V E R A L L A V E R A G E S
O c c u p a n c y 9 5 . 5 % • R a t e P S F $ 1 9 . 0 7
DATE BUILDING SF PRICE PSF BUYER
2/06 33 Inverness Center 87,000 $9,150,000 $105.17 Inverness Properties (Altec)
6/06 2700 Meadowbrook South 98,216 $11,875,000 $120.00 Lord Baltimore
6/06 600 Meadowbrook 43,314 $5,500,000 $126.00 Noland Properties
9/066801 Cahaba Valley Road
(Highway 119)16,000 $1,685,000 $105.31 Hawthorne Place LLC
10/06 Grandview II 149,463 $22,750,000 $152.21 Behringer Harvard REIT I
11/06 1950 Stonegate 25,000 $3,275,000 $131.00 Turner Batson
BUILDING SF TENANT COMMENTS
100 Meadow Brook 30,000 LM Berry New Lease
Federal Reserve Building
Liberty Park23,000 GSA New Lease
Grandview I 20,000 Charter Communications Renewal
600 Meadow Brook 17,000 Lewis Communications Renewal
31 Inverness 13,100 Resource Management Services New Lease
3570 Grandview Parkway 12,039 Strayer University New Lease
3800 Colonnade 11,982Friedman Leak Dazzio
Zulanas & Bowling PCRenewal/Expansion
10 Inverness 11,000 J Smith Lanier New Lease
10 Inverness 10,500 SunGard Workfl ow Solutions Renewal
S I G N I F I C A N T S A L E S
2 0 0 2 2 0 0 3
225
150
-75
-75
0
2 0 0 62 0 0 52 0 0 4
SF
TH
OU
SA
ND
S
A B S O R P T I O N
222
-52
124149
27
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
Rocky R
idge
Rd.
Old Roc
ky R
idge
Rd.
Alta
dena
Rd.
Caldwell
Tyler Rd.
Alford Ave.
Cahaba Valley Rd.
Lorna Rd.
Valle
ydale
Rd.
Columbiana Rd.
HOOVER
PELHAM
RockyRidge
VESTAVIA
Riverchase
Oak Mountain State Park
Galleria
RiverchasePkwy. East
Mill
Rd.
150
261
119
17
31
31
8
S O U T H E R N
I - 6 5
M A R K E T
[ 4 . 7 M I L L I O N S F T O T A L ]
SINGLE TENANT 2,728,214 SF
MULTI-TENANT 2,070,655 SF
T H E S O U T H E R N I - 6 5 S U B M A R K E T W H I C H E N CO M PA S S E S T H E B O R D E R S O F V E S TAV I A
H I L L S , H O OV E R , A N D R I V E RC H A S E I S T H E S M A L L E S T O F T H E B I R M I N G H A M S U B M A R K E T S .
The overall occupancy is healthy at 92.9% even though
the multi-tenant occupancy dropped slightly, 2.29%
from the prior year, to 83.6%.
In what is typically a slower submarket than the
others, two of the largest Class A buildings sold in
2006: Chase Corporate Center (210,065 sf) sold for
$21,200,000 and Concourse at Riverchase (2 buildings,
169,985 sf total) sold for $17,500,000.
For several years, this submarket has not added any
signifi cant speculative square footage. With negative
absorption of (47,661) sf, it was the only area submar-
ket with negative absorption for the year. The lack of construction will continue to help this
submarket over the next few years. We expect 2007 will show strength and a better year for
the property owner. Large users such as BellSouth, Blue Cross / Blue Shield, and Regions
Bank continue to occupy the bulk of the corporate space within the Southern market.
Easily accessible by both I-65 and I-459, many of the Southern submarket buildings are
surrounded by lush wooded areas, superb landscaping and rolling terrain contributing to the
area being a convenient and peaceful place to work.
– CONCOURSE AT RIVERCHASE 100 –
In-Rel Management purchased this 124,128 sf
complex adding to its Birmingham holdings.
– CHASE CORPORATE CENTER –
After several years of ownership by Invesco,
this 210,065 sf building sold in 2006.
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
S O U T H E R N / I - 6 5 M A R K E T
9
$15.24
2 0 0 2 2 0 0 3
100
95
%
90
85
80
75
18
17
$
16
15
14
132 0 0 5 2 0 0 62 0 0 4 2 0 0 2 2 0 0 3 2 0 0 5 2 0 0 62 0 0 4
81.7%
79.8%
85.9%
$15.53
83.6%
$15.56
82.0%
$15.22$15.16
M U L T I - T E N A N T
O C C U P A N C Y
M U L T I - T E N A N T
R A T E P S F
2 0 0 6 O V E R A L L A V E R A G E S
O c c u p a n c y 9 2 . 9 % • R a t e P S F $ 1 7 . 1 2
DATE BUILDING SF PRICE PSF BUYER
1/06 Highpoint – Chambers 30,000 $3,000,000 $100.00 Mountaintop Holdings
3/06Southlake Medplex
(2 Buildings)54,000 $7,400,000 $137.04 Local Investor
4/06 3141 Lorna Road 12,000 $1,050,000 $87.50 Valor Properties
5/06Highpoint –
Walker & Shelby85,286 $6,420,000 $75.27 Arcis Investments
8/06100 First Alabama
Bank Drive10,500 $1,325,000 $126.19 Triad Building LLC
9/06 Concourse 100 124,128 $12,900,000 $103.92 In-Rel Management
9/06 Concourse 800 45,857 $4,600,000 $100.31 In-Rel Management
10/06 Chase Corporate Center 210,065 $21,200,000 $100.92 Talcott Realty
BUILDING SF TENANT COMMENTS
1855 Data Drive 21,777 CGI-AMS, Inc. Renewal
Vestavia Centre 16,560 D R Horton Renewal/ Expansion
River Place 14,847 Berney Offi ce Solutions New Lease
Riverchase Center 9,474 IKON Offi ce Solutions New Lease
Riverchase Center 5,615 Valencia Group New Lease
S I G N I F I C A N T L E A S E S
S I G N I F I C A N T S A L E S
44
80
-38 -48
2 0 0 2 2 0 0 3
100
50
0
-100
-150
-50
2 0 0 62 0 0 52 0 0 4
SF
TH
OU
SA
ND
S
A B S O R P T I O N
-105
78
11
78
11
78
31
31
31
31
31
280
280
65
65
66
95
95
93
93
42
6
2
52
58
74
39
39
52
52
11
11
41
43
35
62
64
94
96
105
143
120
124
17
14
93
13
91
95
76
67
94
67
150150
119
119
261
269
75
149
79
341
India
n V
al Brookside Rd.
Coalburg Rd.
Rob
erta
Rd.
Cherry Ave.
Cherry Ave.
Heflin Ave.
Pinehill Rd.
Sprin
gvill
Vand
erbi
lt R
d.
Pinson V
alley
Pkw
y.
Cent
erpo
int
Lawson
Rd.
Queen
stown Rd.
Alton Rd.
Ruffne
r Rd.
3rd Ave. S Messer - Airport H
wy.
27th Ave.
East Lake
Blvd
.
Jeffe
rson
Ave
.
Tusc
aloosa
Ave.
Dennison Ave.
8th Ave. S
8th Ave. N
1st Ave.
N
20th St.
Cahaba Rd.
Finley Blvd.
Daniel Pay
ne D
r.
Pratt Hw
y.
Minor Pkw
y.
Bess
emer
Sup
er H
wy.
Bush Blvd. 8
th Ave.
Lomb Ave.
Ishko
oda - Wenonah
Rd.
Ave.
E.
Clairmont Ave.
Montclair Rd.
W. O
xmoo
r
Oxmoor Rd.
Montev
allo R
d.
Rd.
W. Valley
Valley A
ve.
Ave.
Patton Chapel Rd.
Alford Ave.
Lakeshore Dr.
Old Leed
s Rd.
Grants Mill Rd. Ove
rton
Rd.
Columbiana Rd.
Lorna Rd.
Old Rock
y Ridge
Rd.
Roc
ky R
idge
Rd.
Alta
dena
Rd.
Caldwell M
ill Rd.
Valle
ydale
Rd.
Shades Cres
t Rd.
Dunna
vant
Vall
ey R
d.
BessemerMunicipalAirport
Bear
Cree
k Rd.
Walker Chapel Rd.
BirminghamInternationalAirport
Huffman
Morgan
BamfordMorning
Star
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Grants Mill
Shoal Creek
Chelsea
East Saginaw
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HighlandLakes
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TARRANT
HOOVER
HELENA
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FULTONDALE
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HOMEWOOD
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Pratt City
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Graymont
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BluffPark
Shannon
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Inverness
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Five Points
Crestline
Cahaba Heights
Woodlawn
Avondale
East Lake
Oak MountainState Park
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0 1 2 3 4SCALE IN MILES:
B I R M I N G H A M A R E A
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 711
R E C E N T G R A H A M A C T I V I T I E S
– 3570 GRANDVIEW PARKWAY – – 2140 11TH AVENUE SOUTH –
12,039 SF OFFICE SPACE
Graham represented the landlord in the leasing of space in
Grandview Corporate Park off Highway 280 to Strayer University.
Agent: Walter Brown
9,817 SF OFFICE SPACE
Graham represented the tenant, Dixon Hughes,
in the leasing of space in the Park Building.
Agent: Dan Lovell, SIOR
– 3928 MONTCLAIR ROAD –
SOLD
22,380 SF OFFICE BUILDING
Graham represented the seller of this
offi ce building in Mountain Brook.
Agent: Sam Carroll
– US HIGHWAY 431 SOUTH, GUNTERSVILLE – – 2111 PARKWAY OFFICE CIRCLE –
SOLD
11,112 SF RETAIL CENTER
Graham represented the buyer of this O’Charley’s
anchored retail center for a private investor.
Agent: Dan Lovell, SIOR
14,847 SF OFFICE SPACE
Graham represented the tenant, Berney Offi ce Solutions,
in the leasing of space in the River Place Building
Agent: Sam Carroll
– 100 CENTERVIEW DRIVE –
LEASED
30,000 SF OFFICE BUILDING
Graham represented the owner in the sale of the Chambers Building
located in Vestavia Hills to Mountaintop Community Church.
Agent: Walter Brown
SOLD
LEASED
LEASED
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 712
P R I N C I P A L S
STEVE GRAHAM, Chairman of Graham & Company,
coordinates the company’s appraisal/consulting and asset
management services. He is widely respected for his skills
in commercial real estate appraising and consulting. He is
a member of the Appraisal Institute (MAI) and holds the
Counselor of Real Estate (CRE) designation.
Steve Graham is a graduate of the University of the
South and earned a law degree from Samford University’s
Cumberland School of Law.
MIKE GRAHAM, President of Graham & Company, heads
the company’s commercial real estate division, which
includes sales, leasing, and development activities. One of
few commercial realtors in Alabama to earn the prestigious
SIOR designation from the Society of Industrial & Offi ce
Realtors, he has served as National Chairman of several
committees. He is also a former president of the Alabama
chapters of SIOR, Institute of Real Estate Management
(IREM), and National Association of Industrial & Offi ce
Parks (NAIOP).
Mike Graham is a graduate of the University of the
South and holds a Masters in Business Administration
(MBA) from Emory University.
M I K E G R A H A M , C P M , S I O R
S T E V E G R A H A M , M A I , C R E
O F F I C E G R O U P
D A N L OV E L L , S I O R
D I R E C TO R , O F F I C E G R O U P
JOINED GRAHAM & COMPANY: 1991
AFFILIATIONS/HONORS:
• Birmingham Business Journal
“Top 40 Under 40” 2003
• Lifetime Member of the
Birmingham Association of
Realtors Million Dollar Sales Club
• SIOR designation in 1997, one of only eight
offi ce-designated SIOR’s in Birmingham area
• 2003 President of NAIOP – Alabama Chapter
• Compass Bank Young Executive Board 2002-04
• Birmingham Metropolitan Development Board
(Board Member, 2003)
CLIENTS INCLUDE:
• IKON Offi ce Solutions • Cisco Systems • Earth Tech
• Capstone Building • Coca-Cola • Friedman Leak
• Hand Arendall • Ernst & Young, LLP • United Healthcare
• Carr Allison • Progressive Casualty Insurance Company
• Amsher Collection Services • Capmark
WA LT E R B R O W N
V I C E P R E S I D E N T, O F F I C E G R O U P
JOINED GRAHAM & COMPANY: 1999
AFFILIATIONS/HONORS:
• Lifetime Member of the
Birmingham Association of
Realtors Million Dollar Sales Club
• CCIM Candidate (Certifi ed
Commercial Investment Member)
• Earned Certifi cate for Regional & Urban Planning
• Member NAIOP – Alabama Chapter
• Board of Directors – Homewood-Oxmoor Rotary Club
CLIENTS INCLUDE:
• Jack Henry & Associates • Ernst & Young • Nexity Financial
• Warren, Averett, Kimbrough & Marino • The Kullman Firm
• Children’s Hospital • Ferguson, Frost & Dobson, LLP
• Brown Jordan International • United Healthcare (UHG)
• Nex 21 • PetNet Pharmaceuticals • MedMined
• Lamar, Miller, Norris, Haggard & Christie, P.C. • Norstan
• Lending Edge Mortgage • Mountaintop Community Church
• Computer Technology Solutions (CTS) • Thornton Homes
• Sears Roebuck & Company • BancPartners, Inc.
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7
D O R OT H Y W O Z N Y
P R O P E R T Y M A N A G E R
JOINED GRAHAM & COMPANY: 2000
AFFILIATIONS/HONORS:
• Member of Building Owners and
Managers Association
International (BOMA)
• Earned Real Property
Administrator (RPA) Designation in 2004
OFFICE BUILDINGS MANAGED:
• Highpoint Offi ce Park • Vestavia Centre
O F F I C E G R O U P
13
H AY D E N M O N T G O M E RY
P R O P E R T Y M A N A G E R
JOINED GRAHAM & COMPANY: 2003
AFFILIATIONS/HONORS:
• Member of Building Owners and
Managers Association
International (BOMA)
• Earned Real Property
Administrator (RPA) Designation in 2005
• Member of International Facility Management Association
(IFMA), Birmingham Chapter
OFFICE BUILDINGS MANAGED: Woodcrest Place
S P E N C E R S O U T H
S A L E S / D E V E L O P M E N T
JOINED GRAHAM & COMPANY: 2007
AFFILIATIONS/HONORS:
• CCIM Candidate (Certifi ed
Commercial Investment Member)
S A M C A R R O L L
V I C E P R E S I D E N T, O F F I C E G R O U P
JOINED GRAHAM & COMPANY: 2002
AFFILIATIONS/HONORS:
• Lifetime Member of the
Birmingham Association of
Realtors Million Dollar Sales Club
CLIENTS INCLUDE:
• Orkin • World Health Staffi ng
• Atlantic Video Corporation • Farmer’s Insurance
• Imaging Business Machines • Auto Owners Insurance
• Delphi Automotive Systems • Qwest Communications
• ADT Security Systems • IKON Offi ce Solutions
• Insurance Company of the West • Venturi Partners
• Impact Family Counseling • Berney Offi ce Solutions
• URS Corporation • Hollis & Wright, PC • Doozer Software
• Jefferson County Board of Education • Adams Beverages
• Alabama Broadcasters Association • The Valencia Group
• Cox Auto Trader • Gary C. Wyatt, Inc. • Offi ce Depot
• The Cochran Firm, PC • Jeffcoat & Associates, LLC
• Guardian Pharmacy of Birmingham, LLC
L A R RY E T H R I D G E
P R O P E R T Y M A N A G E R
JOINED GRAHAM & COMPANY: 2005
AFFILIATIONS/HONORS:
• Member of Building Owners and
Managers Association
International (BOMA)
• 18 years facilities management
experience
OFFICE BUILDINGS MANAGED: 110 Offi ce Park • KAPAR
C H R I S T I E S . N E E LY
A S S I S TA N T, O F F I C E G R O U P
JOINED GRAHAM & COMPANY: 2006
T H O M A S K R E B E S , F M A , R PA
P R O P E R T Y M A N A G E R
JOINED GRAHAM & COMPANY: 1999
AFFILIATIONS/HONORS:
• Member of Building Owners and
Managers Association
International (BOMA)
• 18 years facilities management
experience
OFFICE BUILDINGS MANAGED: Concord Center
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 714
O F F I C E S E R V I C E S
OVER THE PAST 25 - PLUS YE ARS , GR AHAM & COMPANY HAS
CONS I STENTLY ACHIE VED INCRE AS ING SALES VOLUMES AND
typically participates in many of the Birmingham area’s largest
real estate transactions. The company’s strong performance is due
in no small part to the ongoing presence of a professional staff of
dedicated and talented real estate specialists.
Long recognized among Alabama’s leading industrial real estate
fi rms, Graham & Company also enjoys a growing reputation in
the leasing and management of offi ce space. In response to client
demand, Graham has systematically extended both its range of
services and geographic reach, serving clients throughout Alabama,
Florida, and several surrounding states. Graham agents and staff
are encouraged to pursue prestigious professional designations
such as SIOR, CCIM, CPM, and RPA to enhance service by keeping
abreast of industry trends. Along with other affi liations (the
Appraisal Institute, Counselors of Real Estate), these memberships
also provide a nationwide network of key industry contacts.
To meet the needs of offi ce users and investors, Graham &
Company offers a full range of services, including brokerage, tenant
representation, and third-party management. The company also
represents clients in the acquisition or disposition of investment-
grade offi ce properties.
In aggressively expanding its offi ce component, Graham has
developed strong relationships with local, regional, and national
clients – among them such notable names as Eastman Kodak,
Harcourt General, IKON Offi ce Solutions, Coca Cola, Cisco Systems,
State Farm Insurance, and Ernst & Young LLP.
Combining expert service with an unwavering commitment to
integrity and fairness, Graham’s professional staff enjoys the respect
of Birmingham’s industrial and fi nancial communities, as well as
that of business recruitment allies like the Alabama Development
Offi ce and the Birmingham Metropolitan Development Board.
– VESTAVIA CENTRE –
– HIGHPOINT OFFICE CENTER –
– CONCORD CENTER –
– 2200 WOODCREST PLACE –
G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 7X15
I N V E S T M E N T / D E V E L O P M E N T S E R V I C E S
ROUNDING OUT THE FULL R ANGE OF SERV ICES AVAIL ABLE TO CL IENTS OF GR AHAM
& COMPANY ARE THE INVESTMENT SERV ICES AND DE VELOPMENT SERV ICES DIV I S IONS .
While Graham’s brokerage division works with end-
users of industrial, offi ce, and commercial properties,
investment services is geared toward clients who
view real estate as an income-producing commodity.
Maximizing the profi tability of such investments
requires not just an intimate working knowledge of
the risks and rewards of investing in real estate, but
also a familiarity with the markets and requirements
of our customers—a combination that places Graham
& Company in a unique position to provide the fullest
possible range of expertise.
Ultimately, the income-producing capacity of any property is proportional to the ability to
attract and retain tenants. Graham & Company is experienced in the disposition of properties
under tax-deferred exchanges. Our agents have strategic relationships with attorneys and
escrow agents necessary to comply with exchange requirements.
Should a client or investment group have a specifi c property need or a desire to build-to-
suit, Graham & Company’s development services group has the experience and expertise to
navigate the complicated building process to fruition. Development services entail procuring
a suitable site with appropriate fi nancing, assembling a team of architects, engineers and
contractors, monitoring and managing the building process, negotiating leases for speculative
buildings and establishing on-going property management services
In accordance with the mission of Graham & Company to create value for its clients, the
investment and development divisions strive to identify or create opportunities and complete
transactions of mutual benefi t to owners and tenants.
– BUTLER POINTE –
Graham & Company acquired this 162,500 sf
offi ce building in Jacksonville, Florida.
– FORMER MOUNTAIN BROOK INN SITE –
Graham & Company represented the purchaser,
a local investment group with plans for future
development of this 5.75 acre site.
A B O U T G R A H A M & C O M P A N Y
Founded in 1978, Graham & Company is a full-service commercial real estate fi rm based in
Birmingham. With offi ces in Birmingham and Huntsville, Alabama and Jacksonville, Florida,
the company offers professional services including sales, leasing, property management,
appraisal, consulting, investment and development. In response to client demand, Graham
has systematically extended its range of services and geographic reach, now serving clients
throughout Alabama and several surrounding states.
C O R P O R AT E S E R V I C E S
As an adjunct to the brokerage services, Graham now offers a wide array of corporate real
estate services to include property tax notices, lease abstracts and lease administration. Our
corporate clients can trust Graham & Company’s attention to detail and seek our counsel on
real estate strategies to meet or develop investment objectives.
C O M M U N I T Y I N V O LV E M E N T
Part of making Birmingham a better place to work includes teaching the next generation about
commercial real estate. Graham & Company annually sponsors a community service program
known as LEAD (Leadership, Experience, Attitude, Determination). Through this program, we
hire inner-city students from local high schools to spend a summer gaining experience and
developing work skills in the commercial real estate industry. Also, every quarter, Graham &
Company employees volunteer their time and expertise in support of Habitat for Humanity. We
continue to support this fi ne community program in providing homes for families in need.
A F F I L I AT I O N S
CORFAC International–Corporate Facility Advisors
SIOR–Society of Industrial & Offi ce Realtors
NAIOP–National Association of Industrial & Offi ce Properties
IREM–Institute of Real Estate Management
Appraisal Institute
Counselors of Real Estate–CRE
Certifi ed Commercial Investment Member–CCIM
Building Owners and Managers Association–BOMA
Birmingham Association of Realtors
Huntsville Board of Realtors
GR AHAM & COMPANY, INC .
220 0 Woodcre s t P l ace , Su i t e 210
B i rmingham , A l abama 35209
T E L 205 . 871.710 0 - F A X 205 . 871. 3331
w w w. GrahamCompany.com
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Copyr i gh t 20 07. Reproduc t ion , i n who le or par t , o f t h i s repor t i s proh ib i t ed . G R A H A M & C O M P A N Y
B I R M I N G H A M O F F I C E S U R V E Y 2 0 0 716
“ O U R C O M P A N Y H A S G R O W N F R O M T H R E E E M P L O Y E E S T O O V E R E I G H T Y.
G r a h a m & C o m p a n y ’ s r e a l e s t a t e e x p e r t i s e h a s b e e n o f s i g n i f i c a n t v a l u e t o o u r
c o m p a n y i n t h e p l a n n i n g a n d a c c o m m o d a t i n g o f o u r o f f i c e g r o w t h r e q u i r e m e n t s . ”
- G . T . L a B o r d e -
C E O , M E D M I N E D
“ G R A H A M & C O M P A N Y, I N C . W A S I N S T R U M E N TA L I N T H E A C Q U I S I T I O N
o f o u r o f f i c e . T h r o u g h t h e i r e f f o r t s , w e h a v e m a i n t a i n e d
a n e x c e l l e n t o c c u p a n c y a n d t e n a n t m i x . ”
- W a y n e H u d s o n -
E X E C U T I V E P A S T O R , M O U N T A I N T O P C O M M U N I T Y C H U R C H
INDIVIDUALMEMBERSHIPS
INDIVIDUALMEMBERSHIPS
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BIRMINGHAM, AL
Graham & Company, Inc.
2200 Woodcrest Place, Suite 210
Birmingham, Alabama 35209
Phone (205) 871-7100
Fax (205) 871-3331
GRAHAM & COMPANY PERSONNEL – BIRMINGHAM
PRINCIPALS
Steve Graham, MAI, CRE
Mike Graham, CPM, SIOR
ADMINISTRATIVE ASST.
B. J. McAnnally
COMMERCIAL/INDUSTRIAL GROUP
Jack Brown, SIOR
John ColemanSonny Culp, SIOR
Ogden Deaton, SIOR
Jack Key, SIOR
COMMERCIAL AGENT ASST.
Robin DomitPeggy Pearson
COMMERCIAL APPRAISALS
Hayden L. ScottM. List Underwood III
INFORMATION TECHNOLOGY
Jebb Long
GRAPHIC DESIGN
Jane McGriff
OFFICE GROUP
Dan Lovell, SIOR – DirectorWalter BrownSam CarrollSpencer SouthChristie S. Neely – Real Estate Asst.
PROPERTYMANAGEMENT
Thomas P. Krebes, FMA, RPA– Senior Asset ManagerLarry EthridgeHayden MontgomeryDorothy WoznyEleanor Caver – Admin. Asst.
ACCOUNTING
Charlie CraneMaria GoldschmidtAllyson Harris – Admin. Asst.
RECEPTIONIST
Alicia Dill
FACILITIES
Carl FinchJames GraceCraig JacksonDavid Thomas
HUNTSVILLE, AL
Graham & CompanySoutheast, LLC
200 Westside Square, Suite 800
Huntsville, Alabama 35801
Phone (256) 382-9010
Fax (256) 382-9011
JACKSONVILLE, FL
Graham & CompanySoutheast, LLC
4500 Salisbury Road, Suite 180
Jacksonville, Florida 32216
Phone (904) 281-0003
Fax (904) 281-0849