{"id":1004052034,"date":"2012-06-22T05:47:23","date_gmt":"2012-06-22T13:47:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=53686"},"modified":"2020-04-07T06:11:04","modified_gmt":"2020-04-07T14:11:04","slug":"former-wachovia-hq-to-be-purchased-for-245m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-wachovia-hq-to-be-purchased-for-245m\/","title":{"rendered":"Former Wachovia HQ to Be Purchased for $245M"},"content":{"rendered":"<p>By Eliza Theiss, Associate Editor<\/p>\n<p>Hot on the heels of Parkway Properties Inc.\u2019s $250 million purchase of Hearst Tower, one of the biggest office property sales of the year in the Charlotte area, comes another major sale. Israeli real estate firm Azrieli Group Ltd. recently announced it has entered a $245 million purchase agreement for the 985,315-square-foot One Wells Fargo Center.<\/p>\n<p>According to the purchase agreement between Azrieli and developer-owner Childress Klein Properties, the deal includes full rights to the 42-story office building, as well as the enclosed seven-level, 1,100-car parking garage. CBRE Group Inc. brokered the deal.<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/280px-Wachoviahq-one-wells-fargo-HQ.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-53692\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/280px-Wachoviahq-one-wells-fargo-HQ.jpg\" alt=\"\" width=\"140\" height=\"300\" \/><\/a>Located at 301 South College St. in Charlotte\u2019s downtown submarket, the 1989-built property features Class A office space and was most recently renovated in 2008. The property features an exterior plaza.<\/p>\n<p>Wells Fargo Bank, the property\u2019s namesake, holds a long-term lease agreement for about 70 percent of the total surface. The lease expires in December 2021 with a contractual mechanism for a one-time increase in rent\u2014approximately 20 percent\u2014during the lease period and the option to extend for an additional 10-year term.<\/p>\n<p>The property is currently 97.7 percent leased, with 21,055 square feet of leasable space. According to Childress Klein\u2019s website, the leasing rate is $29 per square feet. Childress Klein has been hired to stay on as property manager until December 2015, with an automatic contract extension in the event neither party seeks to terminate.<\/p>\n<p>Azreali estimates an annual net operating income of $18.5 million until the main lease agreement is active, with the first year of ownership generating $16.3 million.<\/p>\n<p>Financing for the acquisition will be covered from various sources, with $160 million being negotiated with foreign financing entities for a fixed interest rate of about 4.5 percent for a period of 10 to 12 years. The remaining 35 percent of necessary funds are to be secured from independent sources. Transaction costs are estimated at $1.6 million.<\/p>\n<p>Azrieli Group owns in excess of 7.7 million square feet of leasable area and has more than 3.5 million square feet under construction. Almost 2 million square feet of leasable commercial and office space are owned in western countries, with the bulk of those assets in Houston, Tex.<\/p>\n<p><em>For further market data on Charlotte, click <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-employment-and-occupancy-expected-to-rise-in-charlotte-despite-bofa-job-cuts-3\" target=\"_blank\" rel=\"nofollow\">here<\/a>.<\/em><\/p>\n<p><em>Photo credit: Kozo via Wikimedia Commons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Eliza Theiss, Associate Editor Hot on the heels of Parkway Properties Inc.&rsquo;s $250 million purchase of Hearst Tower, one of the biggest office property sales of the year in the Charlotte area, comes another major sale. Israeli real estate firm Azrieli Group Ltd. recently announced it has entered a $245 million purchase agreement for [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004507413,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[1815],"class_list":["post-1004052034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former Wachovia HQ to Be Purchased for $245M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/former-wachovia-hq-to-be-purchased-for-245m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Wachovia HQ to Be Purchased for $245M\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor Hot on the heels of Parkway Properties Inc.&rsquo;s $250 million purchase of Hearst Tower, one of the biggest office property sales of the year in the Charlotte area, comes another major sale. 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