Plan redevelopment in heart of Uptown at Trade and Tryon Streets
Charlotte, NC, June 17, 2019 (GLOBE NEWSWIRE) --
Crescent Communities, in a joint venture with Nuveen Real Estate, today announced the acquisition of 101 North Tryon - a 20-story, Class A office tower located in the heart of Charlotte’s central business district.
The building totals 546,878 square feet and was built in 1983 and renovated most recently in 2018. Major tenants include Robinson Bradshaw, Bank of America, Levvel, Northeastern University and Sunlight Financial. The building was approximately 81% percent leased at the time of sale.
“101 North Tryon is a fantastic opportunity to continue the good work started by Barings LLC and LRC Properties at Charlotte’s main-and-main address. This is our hometown. We believe in Uptown and what the North Tryon Vision Plan stands for and look forward to sharing more in the months ahead,” said Brian Leary, President of the Commercial and Mixed-use business for Crescent Communities. “Whether it is the renovation of Polk Park across the street, the extension of the Gold Line Streetcar down Trade Street or the rehabilitation of the Carolina Theater on Tryon Street, 101 North Tryon Street is surrounded by hundreds of millions of dollars of public and private development currently underway.”
“Our capital improvements are focused on enhancing the tenant and pedestrian experience, while preserving some of the original character of the building,” said Sagar Rathie, Vice President with the Commercial and Mixed-use business for Crescent Communities. “We see this unique asset as an opportunity to create a technology-focused commercial community tailor-made for the best and brightest driving innovation in the Queen City.”
BBVA and US Bank provided acquisition financing.
Crescent Communities and Nuveen Real Estate have awarded the leasing of 101 N. Tryon to Barry Fabyan and Charley Leavitt of JLL.
Patterson Real Estate Advisory Group served as capital advisor on behalf of Crescent Communities and Nuveen Real Estate, and Holliday Fenoglio Fowler, L.P. served as financial advisor on behalf of the Seller.
Crescent Communities is also developing Ally Charlotte Center, a 26-floor mixed-use office tower and a 5-star, 381-room JW Marriott currently under construction in uptown Charlotte and slated to deliver in the first half of 2021.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of multifamily, commercial and mixed use communities. Crescent creates high-quality, differentiated communities in desirable locations in many of the fastest growing markets in the Southeast and Southwest. Since the company was founded in 1963, Crescent’s development portfolio has included more than 60 single family master-planned communities, 55 multifamily communities and more than 20 million square feet of commercial space. Its multifamily communities are branded NOVEL by Crescent Communities.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $128 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
With over 80 years of real estate investing experience and more than 500 employees located across over 20 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
Barings is a $317+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
*As of March 31, 2019