Office space: Owners of former Colonial headquarters seek tenants
By Mary Sell •
[email protected] • January 21, 2011
Larry Crain Jr. first visited Montgomery in May of last year as a Hyundai dealership owner attending the carmakers' convention. He liked the city and the Arkansas man told his wife they should come back for a vacation.
Eight months later, he's back, not on a holiday, but on a marketing mission.
Crain, along with his father and brother, bought the 209,000-square-foot building formerly known as the Colonial Bank headquarters last fall.
They have no prospective tenant, but hope to have it on the rental market by Feb. 1.
"We'd love to have a tenant by April 1," Crain said during a recent visit to Montgomery.
For now, he's working on a marketing plan and on signage. The building now is called
the Capitol Commerce Center. He's planning open houses for
potential tenants and the community.
"It would be well-suited for a single user, but we don't think that's likely," Crain said.
He's prepared to offer office space starting at 1,500 square feet. The rent, depending on the space, is $17.50 to $26 per square foot and "full-service."
That includes maintenance, IT support, fiber optics, housekeeping and security.
"Those things will be big expense-savers for the company," Crain said "This is the most wired building I've ever seen."
Crain said he expects most of his tenants will be existing businesses from the River Region looking for bigger, better space.
"But we want to make sure, if there is an opportunity to bring a new employer to town, we can help do that," Crain said.
Montgomery Mayor Todd Strange said the property is on his short-list of vacant buildings that he mentions to businesses interested in moving to Montgomery.
"It is a significant asset for us to promote in economic development," the mayor said. "It's a very strategic building. It's one of the first things you see when you come into Montgomery."
Colonial built the massive structure near exit 11 on Interstate 85 in 2006 to serve as its headquarters. Three years later, the bank, with 773 employees, failed. North Carolina-based BB&T took over most liabilities and some assets in a deal with the FDIC...
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