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Mar. 15, 2013

SunTrust to Anchor 105,000-Sq.-Ft. Sharon Square Office Component

By Eliza Theiss, Associate Editor

Atlanta-based SunTrust Banks Inc. is consolidating its Charlotte area operation and has chosen Pappas Properties’ SouthPark mixed-use development as its future location. According to a report by the Charlotte Business Journal, SunTrust has signed a 43,500-square-foot lease at Sharon Square, which translates into the second and third floor of a five-story 105,500-square-foot Class A office building set to break ground in May. The new location will act as SunTrust’s Charlotte headquarters beginning in the second quarter of 2014, the planned date of relocation.

SunTrust’s Charlotte presence includes a 30,000-square-foot office building under its ownership and an approximately 30,000-square-foot lease in a SouthPark office building. Some of its operations from these locations will be consolidated at Sharon Square, where the company plans to open street-level retail branch.

Pappas Properties is developing Sharon Square with the Allen Tate Co. The four-phase property is currently adding a $52 million Phase Two, which broke ground in September 2012.  It comprises two luxury residential buildings with street-level retail space, as well as a 445-car parking facility.

As previously reported on this page, retail will occupy 22,000 square feet and will contain restaurants and high-end boutiques. Some of the amenities of the residential component will include private courtyards, landscaped garden terraces, fitness center and elevated pool terraces. According to the Charlotte Business Journal, units will include one-, two- and three-bedroom apartments with the first units completed in Fall 2013 along with the retail space.

Phase One of the project opened in August 2012 and is anchored by Charlotte’s first Whole Foods store with a total surface of 48,000 square feet.

Image courtesy of pappasproperties.com