HFF, on behalf of the owner, is marketing for sale 101 North Tryon, a 546,878-square-foot, 20-story office tower located in a landmark “main and main” location within Charlotte’s highly coveted central business district (CBD), which is affectionately referred to as Uptown. Currently 79 percent leased, the asset presents investors with an incredible mark-to-market opportunity as in-place rents are nearly $10 per square foot below average Class A rates. The property stands to beneﬁt from signiﬁcant recent and ongoing upgrades valued at more than $8 million to the lobby, atrium and common areas, which have served to catalyze leasing activity in the current vacant spaces. Furthermore, the portion of the office property for sale that fronts Church Street has entitlements for additional development potential where the The Ivey’s Hotel parking deck currently sits, providing optionality and upside for investors. 101 North Tryon provides an incredibly rare value add opportunity within the high-barrier-to-entry Uptown Charlotte market.
As one of Charlotte’s most prized locations, Uptown Charlotte continues to display a rapidly-decreasing supply of cost-effective developable land, creating a landlord-friendly environment conducive to long-term rental rate growth. 101 North Tryon’s central location in downtown Charlotte is within walking distance to all major public transportation centers, including the bus, trolley and light rail, providing convenient access to nearly all of downtown Charlotte’s amenities and attractions. Additionally, the location is within walking distance of more than 100 restaurants ranging from fast casual to fine dining. Notable names include Ruth’s Chris Steak House, Morton’s, the Capital Grille and Essex Bar & Bistro. The asset also benefits from proximity to Charlotte’s most popular après-work destinations, including Merchant & Trade, 204 North, 5Church, and Sophia’s Lounge.
101 North Tryon offers prospective investors an extremely rare investment opportunity ideally located in the heart of the Charlotte CBD. This unique offering presents a new owner immense upside through below-market near-term rollover, market rent growth and lease-up. Infill real estate investments of this caliber with underlying upside are limited. The Charlotte office market’s fundamentals are flourishing and poised for further growth, creating the perfect landscape to invest and capitalize on the area’s booming economy. For more information on the this commercial real estate listing or any other office properties for sale, please contact Ryan Clutter, Scot Humphrey, Chris Lingerfelt or Zack Drozda in HFF’s Carolinas office. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.