Highwoods to Pay $223M for Charlotte Asset

November 18, 2025

Office Charlotte Investment News More Southeast

Following this purchase, the company will own 1.6 million square feet of office space at Legacy Union.

Exterior shot of 6Hundred at Legacy Union, a 411,000-square-foot office tower in Charlotte, N.C. — 6Hundred at Legacy Union is adjacent to Bank of America Tower and SIX50 South Tryon, two office towers already part of Highwoods’ portfolio. *Image courtesy of Yardi Matrix*

Highwoods Properties Inc. has 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. Lincoln Property Co. is the current owner of the asset, according to Yardi Matrix information. The deal is expected to close in the next 30 days.

Highwoods’ investment includes $8.5 million designated for upgrades and anticipated leasing capital expenditures. Over the course of 2026, the Class AA office tower is expected to generate $10 million of GAAP net operating income.

The 24-story building came online this year at 600 S. Tryon St., in Charlotte’s central business district. The property features 25,000-square-foot floorplates and amenities such as an 832-space parking deck between the third and eighth floors, sky deck, fitness center and conference center.

The tenants in the roster have a weighted average lease term of more than 12 years. 6Hundred was 84 percent leased at the time of the agreement.

The tower is part of Legacy Union, a two-block, 10.2-acre mixed-use campus comprising office, retail and hospitality spaces, alongside residences and a parking garage. Over the last 6 years, Highwoods has acquired two other two high-rises at the property, namely the 33-story, 868,000-square-foot Bank of America Tower and the 18-story, 367,000-square-foot SIX50 South Tryon. After finalizing the acquisition of 6Hundred, the company will own 1.6 million square feet of Class AA office space at Legacy Union.

Charlotte office sector recovers

Charlotte’s office market saw $431 million in investment sales year-to-date as of September, a recent Yardi Matrix report shows. Assets changed hands for $141 per square foot on average, a figure 27.2 percent lower than the national $195 per square foot.

Meanwhile, the metro’s vacancy rate gained 100 basis points over the year, reaching 19.3 percent at the end of September. The index was also 70 basis points higher than the national average of 18.6 percent, reflecting the ongoing office industry trends across the U.S.