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230-Acre IBM Campus Sells for $90.3 Million

CHARLOTTE-The Meridian Group of Bethesda, Md. pays $392,609 per acre or about $9 psf for the 21-year-old, 1.8 million-sf, 65%-leased asset.

By Robert Anthony | Updated on August 16, 2000

The 21-year-old, 1.8 million-sf, 230-acre IBM campus at University Research Park has a new owner. The Meridian Group of Bethesda, MD paid $90.3 million or $392,609 per acre ($9 psf) for the 65%-leased property in northeast Charlotte.

The new owner plans to upgrade the complex and market it as a multi-tenant businesspark. The campus, off W.T. Harris Boulevard near Interstate 85, was developed by IBMin phases between 1979 and 1984.

IBM, which occupies about 750,000 sf, signed a long-term lease and will remain a tenant, along with Solectron Corp. and Manufacturers’ Services Ltd. Rents in the northeast market are in the $18 psf to $20 psf range.

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