Historic Charlotte Office Asset Trades for $35M

Spaulding & Slye Investments acquired the 172,382-square-foot Class B office tower. Pacific Coast Capital Partners provided nearly $34 million in financing.
The Johnston Building. Image via Google Street View

The Dilweg Cos. has sold The Johnston Building, a 172,382-square-foot historic Class B office tower in downtown Charlotte, N.C., for $35.3 million, according to Yardi Matrix. The buyer—Spaulding & Slye Investments, a subsidiary of JLL—financed the acquisition with a four-year, $33.8 million loan from Pacific Coast Capital Partners.

The high-rise building—also known as Midtown Plaza—last traded in early 2015, when Barnard Howard sold the property for $25.3 million to Dilweg.

Located at 212 S. Tryon St., the 17-story tower rises in the heart of the city center, less than half a mile from the Spectrum Center and one block from a nearly 550,000-square-foot office tower, which LRC Properties sold for more than $130 million in June. The surrounding area is home to a number of restaurants and shops, with the LYNX rail system’s central hub a short walk away.

The building opened in 1924, at the time Charlotte’s tallest building. In 1929, the owner added two floors, bringing the structure to its present size. The asset was most recently renovated in 2004. The property is leased to a mix of tenants, including NTT Data, MassMutual and Southeast Consulting.