{"id":1004709068,"date":"2024-04-04T03:20:13","date_gmt":"2024-04-04T11:20:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709068"},"modified":"2024-04-09T09:20:33","modified_gmt":"2024-04-09T17:20:33","slug":"vanguard-buys-former-centene-campus-for-117m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vanguard-buys-former-centene-campus-for-117m\/","title":{"rendered":"Vanguard Buys Former Centene Campus for $117M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" data-attachment-id=\"1004709109\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vanguard-buys-former-centene-campus-for-117m\/centene-east-coast-headquarters-in-charlotte-n-c-image-courtesy-of-centene-corp-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Centene-East-Coast-headquarters-in-Charlotte-N.C.-Image-courtesy-of-Centene-Corp-e1712229456904.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Centene-East-Coast-headquarters-in-Charlotte-N.C.-Image-courtesy-of-Centene-Corp\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Centene-East-Coast-headquarters-in-Charlotte-N.C.-Image-courtesy-of-Centene-Corp-e1712229456904.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Centene-East-Coast-headquarters-in-Charlotte-N.C.-Image-courtesy-of-Centene-Corp.jpg\" alt=\"\" class=\"wp-image-1004709109\" style=\"width:400px\"\/><figcaption class=\"wp-element-caption\">The development of Centene&#8217;s Charlotte headquarters was supposed to cost $1 billion. <em>Image courtesy of Centene Corp.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Financial services powerhouse Vanguard has purchased Centene&#8217;s former office campus in Charlotte, N.C. The asset changed hands for $117 million and Vanguard financed the acquisition with a $96.4 million self-financed loan, public records show.<\/p>\n\n\n\n<p>The 700,000-square-foot property located in the University City neighborhood will serve as the new site of Vanguard\u2019s regional\/satellite office in Charlotte. The company has more than 2,400 employees in the region, including personnel in financial advice, sales, information technology, human resources and client service.<\/p>\n\n\n\n<p>The new, 91-acre campus is at 2405 Governor Hunt Road, near the Charlotte Blue Line rail link, and is expected to open in 2025. Amenities include dedicated collaboration spaces, a conference center, a full-service cafeteria, outdoor eating and walking areas, EV charging stations and a fitness center.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/uncovering-regional-disparities-in-remote-work\/\">Uncovering Regional Disparities in Remote Work<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The property has had a troubled history, which is perhaps not surprising, given its timing.<\/p>\n\n\n\n<p>In July 2020, St. Louis\u2013based health-care administration company <a href=\"https:\/\/www.commercialsearch.com\/news\/centene-plans-1b-regional-hq-in-charlotte\/\">Centene Corp. chose Charlotte<\/a> as the site of a new 1 million-square-foot East Coast headquarters. At the time, the project reportedly represented a $1 billion investment.<\/p>\n\n\n\n<p>Slated to come online in four phases, the campus would have ultimately comprised office space, a data center and Centene\u2019s corporate learning and development center. Ground was broken in 2021, but construction stopped after about a year, even though the development was largely complete by then.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/charlotte-office-market-held-steady-in-q1\/\">By May 2023<\/a>, with remote work becoming the norm for many large companies and work on the project at a halt, Centene abandoned it and tapped Cushman &amp; Wakefield to market the property for sale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-post-pandemic-doldrums\">Post-pandemic doldrums<\/h2>\n\n\n\n<p>The metro Charlotte office market is seeing leasing activity slowly recovering from the 2019\u20132020 drought,&nbsp;though still well below pre-pandemic levels, according to a fourth-quarter report from Avison Young. Investment sales volume, however, continued to fall. Overall direct and sublease availability edged up to an average of 24.5 percent.<\/p>\n\n\n\n<p>This past November, Perkins Fund LP acquired a 107,545-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/walmart-occupied-office-building-changes-hands-in-charlotte\/\">office building in Charlotte<\/a> from AEW Capital Management. The five-story Three Water Ridge is in the 11-building Water Ridge Office Park and was fully occupied by Walmart at that time. Notably, the building sold for just $15 million, less than half its previous, 2016 price of $35 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Years after an ambitious development was scrapped, the new owner will give this property a second life.<\/p>\n","protected":false},"author":882,"featured_media":1004709109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21783,21742,21747,32781],"tags":[49681],"class_list":["post-1004709068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-investment","category-latest","category-office","category-southeast","tag-centene-corp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vanguard Buys Former Centene Campus for $117M - 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