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Parkway Properties Sells 525 North Tryon for $60M

15 Jan 2015, 10:19 pm

By Eliza Theiss, Associate Editor

525 North Tryon

525 North Tryon, one of the iconic high-rises of the Charlotte CBD, has traded hands, selling for $60 million or about $147 per square-foot, the Charlotte Business Journal reported.

The 406,000-square-foot tower was purchased by Grubb Properties and New York Life Real Estate Investors, the real estate investment branch of New York Life Insurance Co. subsidiary NYL Investors. Parkway Properties listed the 19-story office tower in October and was represented by HFF in the sale.

Located on the corner of North Tryon and Ninth streets, the tower sits in Charlotte’s Uptown. According to the Charlotte Business Journal, the tower is currently 64 percent occupied. With 195,000 square feet leased, Bank of America is the property’s anchor tenant. The building also comprises a below-grade parking garage with over 600 parking spaces.  Designed by Odell Associates, the office tower, also known as Odell Plaza, opened in 1998.

Parkway Properties picked 525 North Tryon in December 2012 for $47.4 million from a joint venture formed by Gramercy Capital Corp. and an affiliate of Garrison Investment Group, the Charlotte Business Journal reported.  As previously reported, Parkway Properties also purchased the 970,000-square-foot Hearst Tower for $250 million and the 395,000-square-foot NASCAR Plaza for $100 million around the same time. Parkway still owns the Hearst Tower and NASCAR Plaza.

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Image credits: James Willamor via Wikimedia Commons


Starwood Opens 300-Key Le Méridien Charlotte in Former Blake Hotel

26 Dec 2014, 10:20 pm

By Eliza Theiss, Associate Editor

Downtown Charlotte Skyline

Charlotte has welcomed the city’s first Le Méridien, with the opening of the 300-key Le Méridien Charlotte.

The property is located at 555 South McDowell Street, in the North Tower of the former Blake Hotel.

Similar to the recently-opened New Orleans Le Méridien, Le Méridien Charlotte is coming off of a multimillion dollar renovation.  The updated and converted hotel now features a modern, new façade; the brand’s signature Le Méridien Hub arrival area; the Evoke restaurant, Longitude Bar; and a state-of-the-art fitness center.

The downtown hotel features additional amenities which it shares with the 305-key Sheraton Charlotte Hotel, located in the South Tower of the former Blake Hotel. The shared amenities include over 55,000 square feet of meeting space, including the 16,000-square-foot Symphony Ballroom and the 8,000 square-foot Carolina Ballroom, an indoor pool and hot tub, and an outdoor seasonal pool.

The Sheraton Charlotte Hotel

Both Le Méridien Charlotte and the Sheraton Charlotte Hotel are franchised through Starwood Hotels & Resorts Worldwide Inc. and managed by Wischermann Partners, according to The Charlotte Observer. Starwood announced it intended to renovate and reposition The Blake Hotel in mid-2013. The hospitality giant announced it would open a Sheraton Charlotte Hotel and a Le Méridien location as part of a $20 million conversion project. The Sheraton Charlotte opened a month later, in August 2013.

Le Méridien Charlotte features 300 guestrooms with 18 suites, including three executive suites.

The Blake Hotel had been struggling for a while by the time Starwood announced its plan. During the 2012 Democratic National Convention, the downtown hotel faced complaints from convention delegates and had become somewhat of a punchline among DNC 2012 attendees, as reported by Charlotte Magazine.

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Image courtesy of Starwood Hotels & Resorts Worldwide

Beacon Partners and Morehead Properties Merge Office Holdings into $100M+ Portfolio

23 Dec 2014, 3:28 pm

By Eliza Theiss, Associate Editor

Chris E. Moffat

Beacon Partners and Morehead Properties, Inc. will merge their office portfolios in a move to meet the growing demand for urban infill office space. The merged entity will control office space valued at over $100 million. Expected to close in Q1 2015, the merger will create an office portfolio totaling 15 buildings and over 500,000 square feet in Charlotte’s booming SouthPark and Midtown submarkets. Beacon will take over leasing and management services for the expanded portfolio.

“Our office portfolios and our companies are both committed to creating value for our tenants in the Midtown and SouthPark areas,” said Mike Harrell, a partner at Beacon Partners. “This partnership with Morehead Properties will enable us to collaborate on the growth of our combined office portfolio through continued acquisition and development in urban infill markets,” he added.

“Our clients will have the same high level of service they’ve always experienced, and the combined portfolio will provide expanded flexibility for their future growth and changing office needs,” Morehead Properties Vice President Chris E. Moffat added. “This merger is mutually beneficial to our current and future tenants.”

Mike Harrell, Beacon Partners

Morehead Properties will bring six assets totaling 200,000 square feet into the new portfolio. This includes the historic Addison Building and Morehead Corporate Plaza, the company’s first acquisition and development. The company’s office assets, located on Morehead Street, boast free parking, walkability to residential and retail destinations and smooth access to Charlotte’s Uptown and interstates.

Beacon Partners will add eight office assets totaling over 300,000 square feet to the new portfolio. This includes 1616 Center, a 76,000-square-foot mixed-use project currently under construction on Camden Road. 1616 Center broke ground in October 2014 and is scheduled for completion in the fourth quarter of 2015. It will feature 68,899 square feet of office space and 10,220 square feet of street-level retail and restaurant space. The project aims to become a creative center of the dynamic South End neighborhood. It will boast amenities such as a private tenant parking deck, electric vehicle charging station, bikeshare program, access to the Lynx lightrail and rail trail, state-of-the-art private conference center, fitness center, public art and generous on-street parking.

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Images courtesy of Beacon Partners and Morehead Properties


Crescent Communities Announces Groundbreaking for 550-Acre Master Planned Project

12 Dec 2014, 10:55 pm

By Eliza Theiss, Associate Editor

James Martin, Vice President, Crescent Communities, Residential Group

Leading real estate investment and operating firm Crescent Communities has announced it will be breaking ground on Masons Bed, a 550-acre master-planned community in Fort Mill, S.C.

Development on the first phase is set to begin in the first quarter of 2015.  The project, whose development cost has yet to be announced, is Crescent’s first new foray into the Charlotte residential market since 2008.

Mason’s Bend will be developed close to Fort Mill’s retail corridor, near I-77’s high-quality employment opportunities and shopping destinations such as Baxter Village. The master-planned community will comprise 650 homes and high-end amenities such as a pool, clubhouse, wooded nature trails and a mile of scenic Catawba River frontage. Crescent is also considering developing a multifamily component.

“As the Town of Fort Mill continues to grow, we are excited to be a partner for growth while preserving the character and charm people know and love,” declared James Martin, vice president of Crescent Communities’ residential group. Crescent announced it will partner with local and state agencies to ensure the land is developed in a responsible manner. Crescent also donated $150,000 to the Town of Fort Mill, which will be used to create public recreational amenities.

With the housing market on the mend, the development of Masons Bend is on the mark. Although metro Charlotte is experiencing more population growth in its inner city than in its suburbs – 2.4 percent compared to 1.7 percent, according to the Charlotte Business Journal, there is plenty of demand in the nation’s eighth fastest growing city in 2014 as ranked by Forbes.

The nation’s second largest banking and financial center, the Queen City also boasts a vibrant biotechnology and life sciences industry as well as dynamic energy, motorsports, aerospace and aviation, manufacturing and education sectors. Multiple Fortune 500 companies call the Queen City home, and many more (both Fortune 500 and otherwise) are moving here or opening chapters.

Among them are the Lash Group and LPL Financial, both of which have announced investments in Metrolina, specifically Fort Mill. As previously reported, Lash Group will establish a new 250,000-sq.-ft., $90 million national headquarters in Fort Mill’s Kingsley office park, where it will employ 2,400. LPL Financial will also establish a strong presence in Fort Mill’s Kingsley office park, investing $150 million in a new facility. LPL is expected to create 3,000 new jobs in Fort Mill.

Click here for further Charlotte market data

Image courtesy of Crescent Communities

Charlotte Chamber to Upgrade Offices, Renew Lease

5 Dec 2014, 11:03 pm

By Eliza Theiss, Associate Editor

The Charlotte Chamber is upgrading its offices in a bid to reflect the dynamic economic environment of the Queen City.

The Chamber has deliberated over the past two years on what would be the best move for the organization in advance of its lease expiration at 330 South Tryon, the chamber’s current location.  Desiring to retain the Chamber as a tenant, 330 South Tryon owner Grubb Properties decided to embark on a renovation project for the property, which will be renamed the Charlotte Chamber Building, after its high-profile tenant, the Charlotte Business Journal reported.

“We felt strongly about the need for the chamber to remain at the core of Charlotte’s uptown business activity,” said Bob Morgan, president and CEO of the Charlotte Chamber. “To be located on Tryon (…) is simply hard to beat,” he added.

Work, conducted by Turner Construction, will kick off on Dec. 8 and wrap up in April 2015, the Chamber announced in a news release. Work includes creating a separate street-level entrance for the Chamber right on South Tryon, raising the ceilings, and redesigning both floors to maximize the amount of natural light and give the space an open feel. The openness of the space will be maximized by a glass front façade and large digitals screens visible from the street. The first floor will be redesigned to include a public resource center, spacious conference rooms and dedicated space for the Economic Development team. Connecting via an open staircase, the second floor will include abundant informal meeting space and a large open pantry facing a balcony that will overlook South Tryon Street.

“We are creating a space that provides a world-class welcome with a multicultural vibe,” explained Morgan. “As Charlotte’s front door for the business community, newcomers and economic development prospects, the chamber’s offices must be open, inviting and vibrant.”

The development team also includes architecture firm Gensler, Grubb Properties, CBI, JLL and Technical Innovation.

The Charlotte Chamber signed a new 15-year lease for 21,206 square feet at 330 South Tryon, the Charlotte Business Journal reported. The chamber’s previous lease had 30,000 square feet under contract.

According to the Charlotte Business Journal, Grubb Properties purchased the 64,490-sq.-ft., five-story office building in April 2014 for $12.1 million from Colony on Tryon LLC.

Click here for further Charlotte market data

Rendering courtesy of the Charlotte Chamber 

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