Parmenter was founded in 1989 by Darryl Parmenter to capitalize on opportunities resulting from the market dislocation of the late eighties. Darryl Parmenter foresaw the wave of distressed assets and the ability to acquire assets well below cost and intrinsic value. Prior to forming the firm, Darryl Parmenter was a Managing Partner at Lincoln Property Company where he for more than 10 years focused on acquiring both distressed properties and office development in southern regions of the United States.
From 1992 through 1997 the company engaged primarily in one-off transactions and invested principal’s capital alongside joint venture capital to fund the equity component of these real estate acquisitions. John Davidson, who would later join the company as a Managing Principal, implemented much of the property improvements during this phase of the company’s growth.
In 1995, Andrew Weiss joined the company as Chief Operating Officer and Managing Principal to oversee the operational side of the business. In the late nineties Parmenter raised its first fund, Parmenter Realty Fund I (“Fund I”), and acquired its first asset, Bank of America Tower, formerly Nations Bank, in Jacksonville, FL.
In 2002, Stephen Bronner, who previously worked with Mr. Parmenter at Lincoln Property Company, and John Davidson joined Parmenter as Managing Principals. In 2003, the company raised its first institutional real estate fund, Parmenter Realty Fund II (“Fund II”), which totaled $88.1 million in total capital commitments. With Fund II raised, the company opened a regional office in the Dallas market, led by Mr. Bronner, to handle the growth and company’s operations in the southwest region.
In 2006, John Davidson relocated to Atlanta, GA, to establish the southeast regional office. Atlanta was and continues to be considered the southeast financial capital and serves as a regional headquarter for many of the major real estate brokerage firms. That same year, Parmenter Realty Fund III (“Fund III”) was raised, totaling $245.5 million in total capital commitments. The LP base included all of the institutional investors from Fund II.
In 2011, Parmenter raised Parmenter Realty Fund IV (“Fund IV”), totaling $344.5 million of total capital commitments, to continue its strategy of investing in the Sunbelt markets of the United States.
In late 2012, the company opened another regional office in Washington, DC and hired Christopher McGrew as Managing Principal to oversee operations and identify and execute on opportunities in that market, which includes northern Virginia and Maryland.
In 2014, Jeffrey Granoff and Michael Loftis joined the company as Chief Financial Officer, and Managing Principal for the southwest region, respectively.
Parmenter is a privately held, vertically-integrated real estate operator and investment fund manager with over 100 employees. The company manages office assets throughout its targeted markets in the United States, and is headquartered in Miami, Florida with three regional offices in Atlanta, Dallas and Washington, D.C.
The success of the company is due to the dedication of its employees, all of whom are integral to the company’s operations. Darryl Parmenter, the company’s senior principals and all of the company’s employees share a common vision based on complete transparency, integrity, professionalism and trust, along with an unwavering commitment to serve the interests of all partners, tenants and employees.