Cousins Properties Pays $318M for Charlotte Tower
Barings previously owned the office building.
Cousins Properties has acquired 300 South Tryon, a 638,000-square-foot lifestyle office building in Charlotte, N.C., for $317.5 million.
Barings previously owned the Class A property, according to Yardi Matrix information. The firm is also the tower’s anchor tenant.
The acquisition will be funded with a combination of proceeds from non-core asset sales, debt financing and/or the settlement of common shares previously issued on a forward basis under Cousins’ ATM program.
The company also purchased the asset at a significant discount to replacement cost, with in-place rents well below market, according to Cousins Properties, reflecting broader office real estate trends.
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The company is currently under contract to sell a land parcel at 303 Tremont in Charlotte, as well as Harborview Plaza in Tampa, Fla., for combined gross proceeds of $63.2 million.
Last August, Cousins also bought The Link, a 292,000-square-foot lifestyle office building in Dallas, from Kaizen Development Partners for $218 million. Newmark brokered the transaction, which was at that time the largest in the market in 2025.
A lifestyle tower in Uptown Charlotte
Located in Uptown Charlotte, 300 South Tryon has access to interstates 77 and 277 and is near the Bank of America Stadium. Charlotte Douglas International Airport is less than 8 miles west.
The 25-story, LEED Gold-certified building is currently fully leased, with a weighted average lease term of six years. Other tenants include Ameriprise Financial, Mayer Brown, FCA Partners and Cushman & Wakefield, among others.
The asset, which came online in 2017 with the aid of a $50 million construction loan from Wells Fargo, later also became subject to $220 million in financing in 2019 provided by the same loan originator, Yardi Matrix shows.
The building features a 4,000-square-foot showroom, more than 5,000 square feet of retail space on the mezzanine level, floorplates ranging between 18,953 and 27,204 square feet, 12 passenger elevators and 408 car parking spaces. Amenities include a direct connection to the Kimpton Tryon Park Hotel, several on-site food and beverage options, and a fitness club.
No shortages of space
The overall office vacancy rate in Charlotte was at 25.4 percent at the end of 2025, marking a 75-basis-point decrease from the previous quarter, according to a CBRE report. Vacancy rates for Class A office assets fell to 23.4 percent, down 91 basis points during the same time frame.
Total office absorption for the quarter was 277,000 square feet, against an inventory of 62.8 million square feet. New leasing or expansions totaled 3.9 million square feet for the year, or 6.2 percent of the inventory, the same report shows.
In the fourth quarter of last year, Highwoods Properties Inc. entered into an agreement to acquire 6Hundred at Legacy Union, a 411,000-square-foot office tower in Charlotte, N.C., for a total of $223 million.
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