Stiles, Shorenstein Ink 59 KSF Lease in Charlotte
The approximately 370,000-square-foot property came online last year.
The digital currency wallet and platform Coinbase has signed a 58,600-square-foot lease at 110 East, a Class A+ office mid-rise in Charlotte, N.C. The tenant will occupy the 18th and 19th floors at the 363,984-square-foot building, owned by Shorenstein Properties and Stiles.
Senior Vice President Conor Brennan with JLL represented the tenant, while Trinity Partners Director John Hannon, Partner Jennifer Kurz and Managing Partner Rhea Greene worked on behalf of the landlord.
Coinbase’s leasing agreement comes after the company recently announced its plans to create an office destination in Charlotte, as part of its national expansion.
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This transaction also comes on the heels of two other recent deals signed at 110 East during the past month. SouthState Bank relocated its regional headquarters to the property to occupy more than 40,000 square feet, and an undisclosed tenant signed a 15,500-square-foot deal. Other tenants include Humana, Patterson Pope and The Iberian Pig, which will be the anchor tenant at the building’s ground-floor retail space.
A recently completed tower
Located on a nearly 2-acre lot within the South End submarket of Charlotte, the property is close to interstates 77 and 277, as well as to multiple retail, dining and entertainment options. Charlotte Douglas International Airport is 5 miles away and Concord, N.C. is 27 miles away.
The developers broke ground in 2022 and secured $137 million in construction funds originated by Global Atlantic Financial Group, according to CommercialEdge. Designed by Hastings Architecture, the 23-story building came online in 2024 and has received LEED Gold and WiredScore Platinum certifications.
The tower features 29,000-square-foot floorplates, six passenger elevators and more than 900 vehicle parking spots and EV charging stations. The building also includes some 5,800 square feet of ground-level retail space and direct access to the East/West Station Light Rail Platform and the Charlotte Rail Trail.
Spread across 17,098 square feet, 110 East’s amenity package offers a 4,000-square-foot fitness center, a conference room with 100 seats and flexible layouts, lounge spaces, locker rooms, an outdoor terrace and a sky lobby.
Charlotte’s average rent and vacancy rate steady
The office vacancy rate in Charlotte clocked in at 17.0 percent as of April, according to the latest CommercialEdge report. This marked a 150-basis-point increase over a 12-month period, but was still below the 19.7 percent U.S. average and some peer metros, such as Nashville (17.8 percent), Atlanta (20.3 percent) and Dallas (23.9 percent).
The metro’s average listing rate during the same month was at $35.38 per square foot, higher than the $33.34 national average, while also topping Houston ($28.66), Dallas ($31.45) and Atlanta ($33.36).
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