CHARLOTTE, NC, September 14, 2017 – Cushman & Wakefield announced today that it has negotiated the sale of 200 South Tryon, a 215,101-square-foot, 17-story office building in Charlotte’s CBD.
Cushman & Wakefield Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton represented the seller, LNR Partners. The buyer, an entity controlled by Miami based Jewel Capital, LLC, acquired the asset for $35.5 million.
The 85% leased office building is located in the heart of Uptown, a block from Charlotte’s center city intersection of Trade and Tryon. Originally built in 1962, 200 South Tryon underwent a renovation in 2001 that included major interior and exterior modifications and new building systems and a subsequent series of further improvements in 2014. The modern accommodations and flexible floorplates cater to a variety of users from millennial-centric employment bases seeking a large, collaborative, contiguous space in the large, lower-stack floorplates to midsize tenants seeking an elevator presence and real identity in the smaller, upper-stack floorplates. In addition to the enhanced building interior, 200 South Tryon boasts walkability to over 200 restaurants, Romare Bearden Park and public transit.
“200 South Tryon appealed to a broad investor pool as one of only a few boutique, CBD office buildings in the Charlotte market,” said Cochran.
Londry added, “200 South Tryon was a rare opportunity to acquire an urban asset at an attractive basis. Jewell and Vision identified the value-enhancement potential at the building and the strong returns that could be generated over a mid-to-long term hold period. This asset is positioned to perform very well in the years ahead.”