CHARLOTTE, N.C. – Crescent Communities, in a joint venture with Nuveen Real Estate, has acquired the 101 North Tryon office tower in Charlotte’s central business district, a neighborhood that is undergoing significant transformation.
The 20-story Class A building totals 546,878 square feet. Originally constructed in 1983, it most recently underwent renovations in 2018.
“101 North Tryon presents an excellent opportunity to build on the progress initiated by Barings LLC and LRC Properties at this prominent Uptown address,” said Brian Leary, President of Commercial and Mixed-Use for Crescent Communities. “This is our hometown. We have confidence in Uptown and the North Tryon Vision Plan, and we look forward to announcing additional plans in the months ahead. From the renovation of Polk Park across the street to the Gold Line Streetcar extension down Trade Street and the rehabilitation of the Carolina Theatre on Tryon Street, 101 North Tryon is surrounded by hundreds of millions of dollars in public and private investment currently underway.”
Crescent Communities is also developing Ally Charlotte Center, a 26-floor mixed-use office tower, alongside a five-star, 381-room JW Marriott. That project is under construction in uptown Charlotte and is scheduled for delivery in the first half of 2021.
In the transaction for 101 North Tryon, Patterson Real Estate Advisory Group acted as capital advisor to Crescent Communities and Nuveen Real Estate. HFF served as financial advisor to the seller, Barings LLC.
June 18, 2019 Realty News Report Copyright 2019
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