NC CONSTRUCTION NEWS
Jun 18 '19
Crescent Communities, in a joint venture with Nuveen Real Estate, says they have acquired 101 North Tryon – a 20-story, Class A office tower located in the heart of Charlotte’s central business district.
“Our capital improvements are focused on enhancing the tenant and pedestrian experience, while preserving some of the original character of the building,” said Sagar Rathie, vice-president with the Commercial and Mixed-use business for Crescent Communities. “We see this unique asset as an opportunity to create a technology-focused commercial community tailor-made for the best and brightest driving innovation in the Queen City.”
The building totals 546,878 sq. ft. and was built in 1983 and renovated most recently in 2018. Major tenants include Robinson Bradshaw, Bank of America, Levvel, Northeastern University and Sunlight Financial. The building was approximately 81 percent leased at the time of sale.
“101 North Tryon is a fantastic opportunity to continue the good work started by Barings LLC and LRC Properties at Charlotte’s main-and-main address. This is our hometown. We believe in Uptown and what the North Tryon Vision Plan stands for and look forward to sharing more in the months ahead,” Brian Leary, president of the commercial and mixed-use business for Crescent Communities, said in a statement.
“Whether it is the renovation of Polk Park across the street, the extension of the Gold Line Streetcar down Trade Street or the rehabilitation of the Carolina Theater on Tryon Street, 101 North Tryon Street is surrounded by hundreds of millions of dollars of public and private development currently underway.”
BBVA and US Bank provided acquisition financing.
Crescent Communities is also developing Ally Charlotte Center, a 26-floor mixed-use office tower and a 5-star, 381-room JW Marriott currently under construction in uptown Charlotte and slated to deliver in the first half of 2021.