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31-Story Office Trades for $52M

CHARLOTTE, NC-The 322,882-sf Interstate Tower stands in the city's CBD. Tenants include Aon Service Corp., Bank of America, NA and the Charlotte City Club.

By Melissa Kress | Updated on May 11, 2006

CHARLOTTE, NC-The Interstate Tower here has changed hands in a $52.3-million transaction. Tryon Street, LLC sold the 322,882-sf office building to Tryon Tower, LLC. The property is located at 121 W. Trade St. in the city’s CBD.

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.

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