The 31-story multi-tenant property features street-level retail. It's tenant roster includes Aon Service Corp., Bank of America, NA, Compuware Corp., SAS Institute and the Charlotte City Club. Rental rates are in the mid-20s per sf, according to Philip Norwood, CEO of locally based Faison.
"There was no asking price specified although we were extremely pleased with the market response to this offering in terms of the number of prospective purchasers and level of their bids," Norwood tells GlobeSt.com. He adds that, with marketing and closing, the deal took approximately three months from start to finish.
The seller is an affiliate of a Faison and Associates, LLC advisory client and the buyer is an affiliate of Cornerstone Real Estate Advisers, LLC.
According to first quarter statistics from the Charlotte Chamber of Commerce, overall office vacancy rate is 14.25% with quoted rents at $19.69 per sf. The figures also reveal that there is approximately 1.16 million sf under construction. Specifically for the CBD, the Chamber of Commerce puts the first quarter vacancy rate at 5.89% with quoted rents at $22.45 per sf.
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