Trinity Capital Advisors Announced 300KSF Office Tower, Sells 313KSF Perimeter Woods Business Park
- Oct 03, 2014
By Eliza Theiss, Associate Editor
Trinity Capital Advisors has announced plans to develop a new 300,000-square-foot office tower in Charlotte’s South End submarket. The 14-story office tower will be located on the gateway corner of Morehead and Tryon streets, offering sweeping views of the CBD skyline. Named 1000 South Tryon Street, the project will be a joint venture between Trinity Capital Advisors and Honey Properties Inc., the site’s longtime owner.
The Class A office building will feature 22,500-square-foot floorplates, street-level retail and a 900-car parking deck. The latter will feature a multifamily façade fronting Morehead Street. The project’s design is signed by Atlanta-based Smallwood Reynolds Architects. Development is estimated to take 15 months. Construction will commence as soon as an anchor tenant is signed. Trinity Capital Advisors affiliate Trinity Partners is marketing 1000 South Tryon Street.
‘The existing product in SouthEnd/Midtown cannot keep up with the current tenant demand,” said Trinity Partners’ Rhea Greene. “With a Class A vacancy rate of 5 percent, the timing could not be better for a new building. The broker feedback is consistent about the need for product.”
Trinity Capital Advisors has recently ramped up activity in Charlotte. In early September, the company sold the 313,407-square-foot Perimeter Woods Business Park to Stockbridge Capital Group. The 81 percent-leased business park was Trinity’s last remaining asset in the Perimeter Woods mixed-use development, which also included the 300,000-square foot Perimeter Woods retail corridor and the 125,000-square-foot Class A Linville Building office development. Nineteen acres of the Perimeter Woods mixed-use project were purchased by Wood Partners 2009 and 2013 to develop the 246-unit Perimeter Lofts and 203-unit Perimeter Station luxury apartment projects.
As previously reported, Trinity Capital Advisors also purchased the Toringdon 4 and Toringdon 6 office buildings, attaining ownership of the entire six-building, 517,392-square-foot Toringdon Office Park.
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Image courtesy of Trinity Capital Advisors