Nuveen, Crescent Communities Buy Charlotte Office Tower

The joint venture acquired 101 North Tryon, a 546,878-square-foot property in the central business district that was renovated last year.
101 North Tryon. Image courtesy of HFF

A joint venture of Nuveen and Crescent Communities has acquired a 546,878-square-foot office tower in downtown Charlotte, N.C., for an undisclosed sum. The 20-story property, 101 North Tryon, is located in the city’s Uptown submarket and was recently renovated.

An HFF team of Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda represented the seller, Barings LLC, in the deal, while Patterson Real Estate Advisory Group represented the buyers.

BBVA and US Bank provided acquisition financing to the joint venture, the details of which were not disclosed. JLL was tapped to head up leasing at the property, which has a current tenant roster that includes Bank of America, Robinson Bradshaw & Hinson P.A., Spaces, Sunlight Financial and Northeastern University.

A growing market

The Class A asset was built in 1983 and was upgraded in 2018 with a new lobby and tenant common areas. The office property is situated at 101 N. Tryon St., near the Charlotte Convention Center, Spectrum Center and the Bank of America Stadium. The location offers easy access to interstates 77 and 277, as well as the Charlotte Rail Trail.

“We are attracted to this irreplaceable, premier, main and main location, the opportunity to thoughtfully re-launch the tenant and pedestrian experience with street-level improvement and attractive near-term leasing elements for the entire building,” Sagar Rathie of Crescent Communities told Commercial Property Executive.

Rathie added that the Charlotte office market has strengthened as a result of increasing population and employment growth, with a number of major corporations recently announcing relocations into the region. Last week, Cousins Properties announced that BB&T Corp. and SunTrust Banks Inc. inked a deal to lease more than half of the 970,002-square-foot Hearst Tower in the Uptown submarket.