Cousins Properties Pays $201M for Charlotte Creative Office
- Dec 03, 2020
Cousins Properties has acquired The RailYard, a 329,000-square-foot creative office asset in Charlotte, N.C. The seller, Beacon Partners, traded the property for $201 million. According to public records, the buyer self-financed the deal.
Built in 2019, the two-building property comprises nearly 300,000 square feet of office and 30,000 square feet of retail space. Common-area amenities include a fitness center, a rooftop terrace and locker rooms. Parking is available at a ratio of 3 spaces per 1,000 square feet in an attached, multi-level structure. The tenant roster includes Allstate and Ernst & Young, among others.
Located on 3 acres at 1414 S. Tryon St., the asset is 1 mile from downtown in Charlotte’s vibrant South End neighborhood, home to a wide variety of shopping and dining establishments. The property is within 1 mile of Interstate 277 and is less than half a mile from two light rail stations.
In December 2019, Cousins Properties agreed to the sale of a 46-story, Class A office tower 1 mile northeast of The RailYard for more than $450 million. Anchor tenant Truist Financial was the buyer.