Downtown Charlotte Office Trades for $24M

Somerset Properties acquired the recently renovated 129 West Trade. The asset was 63 percent leased at the time of sale, housing a mix of notable tenants.
129 West Trade

CBRE has brokered the sale of 129 West Trade, a 153,498-square-foot office tower in downtown Charlotte, N.C. Somerset Properties acquired the 15-story asset for $24 million and plans to reposition it. Taconic Capital Advisors—which picked up the property in 2016 for $10 million—was the seller, according to Yardi Matrix.

Located at 129 W. Trade St., in the city’s central business district, the building was completed in 1958 and has undergone significant upgrades in the last 24 months. The property was 63 percent leased at the time of sale to a notable tenant base including Boston National, Nova Office Strategies, Perficient and Tower Legal Solutions.

Value-add opportunity

CBRE Executive Vice President Patrick Gildea and Senior Associate Matt Smith worked on behalf of the seller in the transaction. “The interest in 129 West Trade from value-add capital was incredible, which highlights the lack of true value-add opportunities in today’s marketplace. (The property) was the most competitive offering that we have seen in several years in the CBD Charlotte market,” Gildea said in a prepared statement. CBRE recently brokered another deal in downtown Charlotte—the $133.5 million sale of 400 South Tryon.

Situated three blocks from the Lynx Blue Line Light Rail and the CTC Station stop, 129 West Trade is in a walkable location, in the proximity of numerous green spaces such as Glass Park, Romare Bearden Park, Fourth Ward Park and Frazier Park. Additionally, the property is within walking distance of BB&T Ballpark, Bank of America Stadium, Spectrum Center and a host of museums, hotels and restaurants.

“The property occupies a great location at the corner of Trade and Church Streets that is only getting better with the completion of the Grand Bohemian Hotel,” added Mark White, managing principal at Somerset Properties.

Image courtesy of CBRE