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| Ryan Clutter |
CHARLOTTE, NC – HFF announced it has closed the $60 million
sale of 525 North Tryon Street, a 405,134-square-foot, Class A office
tower in downtown Charlotte, North Carolina.
HFF
exclusively marketed the property on behalf of the seller, Parkway Properties,
Inc. A joint venture between Grubb
Properties and New York Life Real Estate Investors purchased the asset free and
clear of existing debt.
525
North Tryon Street is situated on 2.344 acres at the intersection of 9th and
Tryon Streets four blocks from the center of Charlotte’s central business
district and two blocks from the LYNX Blue Line rail station.
Located on site is a conference facility, café, upscale
restaurant and 24-hour security surveillance.
Tenants of the 19-story building include Bank of America,
CohnReznick, HQ Global Workplaces, Amy Bagwell and TIN Partners.
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| 525 North Tryon Street, Charlotte, NC |
The
HFF investment sales team representing the seller was led by senior managing
director Ryan Clutter and real estate analyst Zachary Drozda.
“525 North Tryon Street received significant interest from
the marketplace further demonstrating Charlotte’s appeal to institutional
investors,” said Clutter, who led the transaction for Parkway Properties,
Inc.
“This asset was extremely sought
after, illustrating the bullish views numerous capital sources have on the
Charlotte market.”
“The hyper-competitive nature of this marketing campaign
coupled with the depth and quality of the institutional investors who pursued
this asset clearly suggests favorable pricing for office buildings in Charlotte
and throughout the Carolinas in the year ahead,” Clutter continued.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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