{"id":1004579686,"date":"2022-05-10T03:54:53","date_gmt":"2022-05-10T11:54:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004579686"},"modified":"2022-12-08T21:17:11","modified_gmt":"2022-12-09T05:17:11","slug":"highwoods-properties-to-acquire-charlotte-tower-for-203m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-to-acquire-charlotte-tower-for-203m\/","title":{"rendered":"Highwoods Properties to Acquire Charlotte Tower for $203M"},"content":{"rendered":"
\"\"<\/a>

650 South Tryon at Legacy Union. Image courtesy of Lincoln Harris<\/p><\/div>\n

Highwoods Properties Inc. <\/strong>has agreed to purchase 650 South Tryon at Legacy Union, a 367,000-square-foot office building within Charlotte\u2019s CBD for a total investment of $203 million.<\/p>\n

Based on CommercialEdge data, the seller of the LEED Gold-certified office building is developer Lincoln Harris<\/strong>. The transaction is expected to close in the third quarter of 2022.<\/p>\n

Highwoods has also agreed<\/a> to buy a 1.3-acre development site at 1426 S. Tryon St., in the city\u2019s Midtown South End submarket, for $27 million. The acquisition is scheduled to close in the second quarter.<\/p>\n

Plans for stabilization and development<\/h2>\n

In November 2018, Lincoln Harris secured an $88.2 million construction loan originated by U.S. Bank for the development of the 18-story tower and delivered the office building in late 2020. 650 South Tryon at Legacy Union includes 10,208 square feet of retail space and features 23,800-square-foot floorplates.<\/p>\n

The property is anchored by Deloitte<\/strong>. Its tenant roster also includes JLL<\/strong> and Cadwalader, Wickersham & Taft<\/strong>, CommercialEdge data shows. Highwoods Properties plans to invest $3.9 million\u2014as part of the total investment\u2014to stabilize the office building, which is 78 percent leased.<\/p>\n

\n

READ ALSO<\/strong>: Office Fit-Out Costs on the Rise Globally<\/a><\/p>\n

\n

The high-rise at 650 S. Tryon St. is adjacent to the Highwoods-owned Bank of America Tower at Legacy Union. The two properties share a parking structure, and tenants at 650 S. Tryon have access to the fitness center located at the Bank of America Tower.<\/p>\n

Highwoods\u2019 plans for the mixed-use site call for 300,000 square feet of office space along with 250 residential units. Currently, the parcel is home to a 1928-built warehouse totaling 24,000 square feet, which is 57 percent occupied.<\/p>\n

In February, Riverside Investment & Development announced plans for three mixed-use towers taking shape at 1111 S. Tryon St., less than half a mile away. The $750 million project<\/a> will include 800,000 square feet of Class A office space. The Charlotte market closed the first quarter with 2.8 million square feet of office projects under construction, representing 3.7 percent of the total stock, CommercialEdge data shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

Anchored by Deloitte, the office building is LEED Gold-certified.<\/p>\n","protected":false},"author":1763,"featured_media":1004579688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,21752,21742,21747],"tags":[32782,34210,32796,33056],"class_list":["post-1004579686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-mixed-use","category-latest","category-office","tag-deloitte","tag-highwoods-properties-inc","tag-jll","tag-lincoln-harris"],"acf":[],"yoast_head":"\nHighwoods Properties to Acquire Charlotte Tower for $203M - CPE<\/title>\n<meta name=\"description\" content=\"Lincoln Harris has agreed to sell 650 South Tryon at Legacy Union in Charlotte for $203 million to Highwoods Properties Inc.\" \/>\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\/highwoods-properties-to-acquire-charlotte-tower-for-203m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Highwoods Properties to Acquire Charlotte Tower for $203M\" \/>\n<meta property=\"og:description\" content=\"Lincoln Harris has agreed to sell 650 South Tryon at Legacy Union in Charlotte for $203 million to Highwoods Properties Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-to-acquire-charlotte-tower-for-203m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-10T11:54:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:17:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/650-South-Tryon-at-Legacy-Union.-Image-courtesy-of-Lincoln-Harris-e1652178583966.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1088\" \/>\n\t<meta property=\"og:image:height\" content=\"815\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-to-acquire-charlotte-tower-for-203m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-to-acquire-charlotte-tower-for-203m\/\",\"name\":\"Highwoods Properties to Acquire Charlotte Tower for $203M - 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