Parkway Properties Sells 525 North Tryon for $60M

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

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