CHARLOTTE, N.C.–(BUSINESS WIRE)–$hf #Barings–Holliday Fenoglio Fowler, L.P. (“HFF”) announces the sale of 101 North
Tryon, a 546,878-square-foot, 20-story office tower located in the
Uptown submarket of Charlotte, North Carolina.
HFF marketed the portfolio on behalf of the seller, Barings LLC, to
Crescent Communities.
101 North Tryon is situated in the heart of Charlotte’s central business
district, affectionately known as Uptown. This “Main and Main” location
is within walking distance to all of Charlotte’s major public
transportation hubs, which offer bus, trolley and light rail service
throughout the city. This prominent Uptown location also provides an
abundant amenity base of more than 100 restaurants, retailers and
entertainment options, including Bank of America Stadium, which is home
to the NFL’s Carolina Panthers, and Spectrum Center, which is home to
the Charlotte Hornets NBA team. Additionally, the Class A office tower
is within minutes of the Levine Center for the Arts, Discovery Place and
Epicentre. Recently renovated in 2018, 101 North Tryon offers tenants a
newly updated lobby and tenant common areas. Additionally, the property
has direct access to two hotels, The Charlotte Marriott City Center and
the boutique Ivey’s Hotel. Tenants at the tower include Bank of America;
Robinson Bradshaw & Hinson, P.A.; Spaces; Sunlight Financial and
Northeastern University.
The HFF investment advisory team representing the seller consisted of
senior managing director Ryan Clutter, managing director Scot Humphrey,
senior director Chris Lingerfelt and director Zack Drozda.
“We received significant interest in 101 North Tryon, underscoring a
notable trend gaining momentum in Charlotte and Uptown Charlotte in
particular,” Clutter said. “The city is currently experiencing notable
job growth with numerous high-profile job announcements and corporate
relocations to the city within the past few quarters alone. Capital
follows job growth, and we anticipate we will continue to see more and
more investors targeting Charlotte throughout 2019.”
“101 North Tryon’s unmatched center-city location, unobstructed views
and untapped retail will provide new ownership with limitless
enhancement opportunities,” Lingerfelt added. “This asset garnered
significant interest from both regional and institutional capital
sources.”
“The sale of 101 North Tryon culminates the successful execution of our
value-add office repositioning strategy at the property,” said Kevin
Miller, managing director at Barings. “Together with our partner, LRC
Properties, we were able to significantly increase occupancy and rental
rates over the four-year holding period through the renovations at the
office building while taking advantage of the strong market fundamentals
in Uptown Charlotte.”
About Barings
Barings is a $317+ billion* global financial services firm dedicated to
meeting the evolving investment and capital needs of its clients and
customers. Through active asset management and direct origination,
Barings provides 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
About LRC Properties
LRC Properties is a commercial real estate investor and developer with
extensive operating expertise and a successful track record of
maximizing value for its partners and investors. LRC employs a focused
strategy on office and industrial assets in select fundamentally sound
Southeastern U.S. markets. LRC is built on Integrity, Cultivating
Relationships and Communities, Empowering Human Capital…Vision and
Imagination.
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. For more
information, visit https://www.crescentcommunities.com/.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the
global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets platform,
including debt placement, investment advisory, equity placement, funds
marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities
Limited are owned by HFF, Inc. (NYSE: HF). For more information, please
visit hfflp.com
or follow HFF on Twitter @HFF.
Contacts
RYAN CLUTTER
HFF Senior Managing Director
(704) 526-2800
[email protected]
KRISTEN MURPHY
HFF Director, Public Relations
(617)
338-0990
[email protected]
KELLY SMITH
Barings, Media Relations
(980) 417-5648
[email protected]
