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EOP Sells 583,911-SF Wachovia Center

CHARLOTTE, NC-Equity Office Properties Trust sells the 32-story class A office building for $60.5 million to a fund managed by UBS Realty Investors LLC, the property investment arm of Switzerland's global financial services giant. The building is 85% leased by Duke Energy.

By Brian K. Miller | Updated on October 22, 2003

CHARLOTTE, NC-Equity Office Properties Trust has sold the 583,911-sf Wachovia Center office building Downtown for a recorded price of $60.5 million. The Chicago-based REIT acquired the 29-year-old building in 1995 for $42 million. The new owner is a fund managed by UBS Realty Investors LLC, an arm of Switzerland’s global financial services giant.

Located at 400 S. Tryon St., the 32-story building is occupied largely by Duke Energy, which signed a new 10-year lease in June 2003. By 2006, local sources tell GlobeSt.com that Duke will lease 86% of the building. The federal government leases another 65,000 sf in the building through 2014, according to local sources.

All told, the building houses six tenants on long-term leases, says Mark De Riemer of Jones Lang LaSalle’s Capital Markets Group, which represented Equity Office in the transaction. De Riemer, who was assisted in the transaction by Noble Carpenter and Ricardo Alburez, says the asset drew strong investor interest that included “several Canadian, European and Middle Eastern institutional and entrepreneurial players.”

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