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May. 3, 2013

32-story Uptown Office Building Hits the Market

By Eliza Theiss, Associate Editor

Following hot on the heels of last week’s sale of One Wells Fargo Center (read more about the transaction here), another uptown office high-rise has just hit the market. Though not as hot an asset as the one-million-square-foot Wells Fargo trophy tower, the 121 West Trade office tower is still very much an attractive property.

121 West Trade, previously known as the Interstate Tower, has been listed for sale with CBRE Group Inc., according to a Charlotte Business Journal report. The property, located at the corner of Trade and Tryon Streets, is 72 percent occupied, with it largest tenant—Chicago Bridge & Iron Co.—taking up a 117,000-square-foot lease set to expire in 2018. The property also houses the members-only Charlotte City Club on its top floor.

Faison Enterprises Inc. developed the 32-story office building in 1990. An affiliate of the company, Tryon Street LLC, sold the property in 2006 to Tryon Tower LLC, an affiliate of Cornerstone Real Estate Advisers LLC. The entity, current owner of 121 West Trade, paid $52.3 million for the asset.

The office tower features 330,000-square-feet of Class A office space. Amenities include a 260-car, eight-floor parking garage, onsite management by Spectrum Properties, 24-hour security service, an outdoor courtyard with water features, 360-degree views of Charlotte, and upgraded fixtures and finishes. The property features street-level retail as well. The Kohn Pedersen Fox Associates-designed office high-rise features a classical architectural look with limestone, granite and marble exteriors.

Click here for more Charlotte market data.

Photo courtesy of Civilengtiger via Wikimedia Commons