$107.75 million sale of Class A office tower in downtown Charlotte, NC closed by HFF

101 Independence Center, Downtown Charlotte, NC

CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $107.75 million sale of 101 Independence Center, a 565,694-square-foot, Class A office tower in downtown Charlotte, North Carolina.

Kelly Kuykendall

HFF exclusively marketed the property on behalf of the seller, KBS Real Estate Investment Trust, and their asset manager, Gramercy Property Trust Inc.

 A joint venture between LRC Properties, LLC (LRC) and an undisclosed institutional capital source purchased the asset free and clear of existing debt.  

LRC now owns and manages approximately 3.4 million square feet of space in Charlotte and is also the third largest industrial owner in Charlotte.

101 Independence Center is situated on 1.83 acres at The Square, the intersection of Trade and Tryon Streets that comprise the center of downtown Charlotte.  

The building is two blocks from the CTC Lynx light rail station, the terminus of the new Lynx Gold Line that runs 10 miles with 34 stops.

  

Ryan Clutter

Renovated in 2001, the 20-story tower features a concierge, food court, restaurants and three-story atrium connecting the tower to the adjacent 451-key Charlotte Center City Marriott hotel. 

Additionally, the building has a connected three-story underground parking garage with 320 spaces and an adjacent 268-space parking lot. 

101 Independence Center is 82.2 percent leased to office tenants Bank of America; Northeastern University; Clifton Larson Allen LLP; G4S Solutions; Grier Furr and Crisp PA; Robinson, Bradshaw and Hinson and Smith Moore Leatherwood LLP in addition to retail tenants Newk’s Eatery, Starbucks, Uptown Sundries, Subway, Tin Tin Box & Noodles and Showman’s.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter and real estate analyst’s Zachary Drozda, Kelly Kuykendall and Ryan Eklund.

“101 Independence Center received very strong interest from the marketplace, attracting a deep bench of investors,” Clutter said.  

“Charlotte has truly evolved into a dynamic market for institutional capital.  Given the strong investor appeal of Charlotte currently, we anticipate a very active selling environment through the remainder of 2015 with many notable institutions seeking quality investments in the city.” 

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com