The University of Alabama at Birmingham's acquisition of the former Daniel Building was one of the most significant deals in Birmingham last year. Located between Downtown and the Southside/Medical district, the former Daniel Building is one of the tallest in Birmingham outside the city's central business district.
The $16 million sale and the expansion of the university earned the deal a 2024 CoStar Impact Award for the sale/acquisition of the year, as judged by local real estate professionals familiar with the market.
Built in 1970 as the regional offices of Daniel International, which included its real estate division, Daniel Realty, the office tower was acquired by Compass Bancshares in 1993, which was later acquired by BBVA to become BBVA Compass. PNC Bank acquired BBVA Compass in 2021, becoming the fifth-largest bank in the United States, and inherited the office property as part of the acquisition.
UAB will be the building's owner-user, using some of the space for its medical faculty and services. The University of Alabama at Birmingham is the city's largest employer, and the tower is near the school's existing infrastructure.
About the Project: The 19-story office tower measures over 300,000 square feet at 15 S. 20th St. The property was almost completely vacant at the time of the sale. It was most recently renovated in 1993.
What the Judges Said: "The Former Daniel Building not only set a precedent for the innovative reuse of vacant office space in a challenging market but also significantly impacts the local community by expanding UAB Medicine's footprint," said Stephanie Hill, the director of marketing and research at Southpace Properties. "The comprehensive benefits to the community, the healthcare system, and the local real estate market highlight the transaction's exceptional value and alignment with the award's criteria."
They Made It Happen: Matt Gilchrist, SIOR, and Sam Carroll of Graham & Co. represented the seller.