Even as Wells Fargo economists Mark Vitner and Michael Brown said that Alabama has “likely slipped into a recession, ” the building that houses their Alabama home has a new owner that has paid a price tag of $65 million.
Vitner and Brown’s report says that the economic contraction in July has pushed Alabama into recession with another 12 states about to follow. Two of the state’s economic experts—Sam Addy at the University of Alabama and Keivan Deravi at Auburn University Montgomery—disagreed with the report, with Deravi saying Alabama is not significantly worse off than other states and Addy saying recession might come but isn’t here yet.
The Birmingham Tower was sold by AREA Property Partners to an affiliate of CommonwealthREIT. In addition to the bank, the landmark building is home to law firms Burr & Forman and Baker Donelson and to financial firms Merrill Lynch, KPMG and Deloitte.
AREA Property Partners said that it upgraded the building and renewed leases with key tenants to make the property more attractive to buyers.
By Nedra Bloom
