This building, then Alabama’s tallest building and originally SouthTrust Tower was purchased by Greenstone principals.
The purchase of the building was complicated by the Seller, who, at the time, was in default of its financing. Greenstone principals worked with both the Seller, as well as the project lender to complete the purchase transaction.
The purchase was further complicated by SouthTrust Bank, the building’s lead tenant, being acquired by Wachovia. As part of the acquisition, Wachovia was reducing its space in the building substantially.
Following its acquisition, Greenstone principals renovated the building’s main lobby, common areas, elevators and other major equipment.
VEF Funds (an Apollo affiliate) – Equity partner
Wachovia Bank – Acquisition Financing