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| Parmenter Realty Partners |
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Overview:
Parmenter Realty Partners is a fully integrated real estate investment, management and development firm that manages more than a billion dollars in assets throughout the United States. Parmenter is one of the country's oldest and most respected real estate organizations, active nationally in the ownership and operation of high-quality office properties. Parmenter operates a series of institutional investment funds focused on the southeast, southwest and Metro DC regions, and is actively involved in the expansion of its portfolio across a broad range of investment markets.
As a developer of many high-profile real estate assets, Parmenter has a well-earned reputation for quality and performance. Parmenter identifies and acquires underperforming properties, and through its vertically-integrated platform increases value on behalf of its investors and partners.
Investors and partners include endowments and foundations, large public and private pension funds, insurance companies, family offices, and high net worth individuals. Parmenter Realty Partners is headquartered in Miami, Florida, and has three regional offices in Atlanta, Dallas, and Washington, DC.
TRUST: integrity and ethics
Parmenter Realty Partners has strong track record of building successful long-term relationships. Open and honest communication is an integral component of Parmenter’s commitment to promoting trust and respect among employees, partners and investors. The teams work closely together and share a common vision based on complete transparency, integrity and professionalism along with an unwavering commitment to serving the interests of clients and partners first.
PASSION: real estate investment expertise
The company’s success is due to the commitment and dedication of its employees who are focused on every aspect of the operation. All managing partners have significant experience and tenure in the commercial real estate and financial services industry. An in-depth understanding of commercial real estate investments from inception, planning, acquisition through financing, development, asset management, leasing and the disposition process, is what differentiates Parmenter Realty Partners.
INNOVATION: entrepreneurial spirit
Parmenter Realty Partners’ entrepreneurial spirit, enable it to tailor investment structures to suit the individual projects, circumstance, and partners' needs. Parmenter fosters an environment where employees can take initiatives that benefit the company and community. The company is continually looking for ways to reduce the impact its buildings have on the environment, and incorporates holistic management principles to the operation of its buildings. Commitment to corporate responsibility and sustainability, have led to better investments, better assets, and to the rapid growth and success of Parmenter Realty Partners. |
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History:
Parmenter Realty Partners was founded in 1989 by Darryl Parmenter at the beginning of the real estate downturn of the late eighties. Darryl Parmenter foresaw a wave of distressed assets that were going to be available in the market, and left Lincoln Property Company where he had been a Managing Partner for more than 10 years to focus on distressed office properties in infill markets in the southern regions of the United States. From 1992 to 1997 the company did Joint Venture and one-off transactions, in which John Davidson, who later joined the company as Managing Principal, was implementing much of the property improvements.
In 1995, Andrew Weiss joined the company as COO and Managing Principal to oversee the operational side of the business. In the late nineties the company raised its first fund, Parmenter Realty Fund I, from high net worth investors and bought its first property, Bank of America Tower, formerly Nations Bank, in Jacksonville, FL.
In 2002, Stephen Bronner, who formerly worked with Darryl Parmenter at Lincoln Property Company, and John Davidson joined Parmenter as Managing Principals. Together they raised the first institutional fund, Parmenter Realty Fund II, with The Stanford University Endowment, MacArthur Foundation and Warren Foundations as lead investors. These investors would later reinvest in Parmenter’s subsequent funds. During this time, Parmenter Realty Partners Advisory Committee was formed, consisting of 12 industry veterans. The company also opened a regional office in the Dallas market headed by Stephen Bronner to handle the growth in the southwest region.
In 2006, John Davidson moved to Atlanta to open the southeast regional office. Atlanta was and continues to be considered the southeast financial capital of the southeast and regional headquarters for many of the major real estate brokerage firms. That same year, Parmenter Realty Fund III was raised and included all of the investors from Fund II reinvesting along with the University Endowments of Vanderbilt, Emory, and Southern Methodist as well as the Carnegie Mellon and Hewlett Foundations.
In 2011, Parmenter Realty Partners raised Parmenter Realty Fund IV with KAUST Investment Management, Tennessee Consolidate Retirement System, and Exelon Corporation as major investors. That same year Timothy Shine joined the company as Managing Principal handling capital initiatives including fund, co-investment and separate account capital. In late 2012, the company opened another regional office in Washington, DC and hired Chris McGrew as Managing Principal to handle the growth and opportunities in that market.
In 2013, Parmenter fully divested all its assets in Parmenter Realty Fund II. Also, Stephen Bonner was promoted to Vice Chairman to help expand the firm into new business lines.
Today, Parmenter Realty Partners is a privately held, vertically-integrated real estate investment, management and development company, with over 150 employees that manage over a billion dollars in assets throughout the United States. The company is headquartered in Miami, Florida with three regional offices in Atlanta, Dallas and Washington, DC.
The success of the company is due to the dedication of its employees who are focused on every aspect of the operation. Darryl Parmenter, Stephen Bronner and the five managing principals share a common vision based on complete transparency, integrity, professionalism and trust, along with an unwavering commitment to serving the interests of all partners, tenants and employees. |
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