CHARLOTTE, N.C. – (Realty News Report) – Crescent Communities, in a joint venture with Nuveen Real Estate, acquired the 101 North Tryon office tower in a Charlotte’s central business district, which is undergoing a transformation.
The 20-story Class A building totals 546,878 SF and was built in 1983 and renovated most recently in 2018.
“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.”
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.
In the 101 North Tryon deal, Patterson Real Estate Advisory Group served as capital advisor on behalf of Crescent Communities and Nuveen Real Estate, and HFF served as financial advisor on behalf of the seller, Barings LLC.
June 18, 2019 Realty News Report Copyright 2019
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