CHARLOTTE—525 North Tryon, a 405-134-square-foot class A office tower in Downtown Charlotte, has a new owner. Parkway Properties sold the office building to a joint venture between Grubb Properties and New York Life Real Estate Investors for $60 million, free and clear of existing debt.

HFF represented Parkway in the deal. Senior managing director Ryan Clutter and real estate analyst Zachary Drozda led the charge.

525 North Tryon Street sits on 2.344 acres at the intersection of 9th and Tryon Streets. That's four blocks from the center of Charlotte's central business district and two blocks from the LYNX Blue Line rail station. A conference facility, café, upscale restaurant and 24-hour security surveillance are among the amenities at the 19-story building.

“525 North Tryon Street received significant interest from the marketplace further demonstrating Charlotte's appeal to institutional investors,” says Clutter, who led the transaction for Parkway. “This asset was extremely sought after, illustrating the bullish views numerous capital sources have on the Charlotte market.”

Job growth in Charlotte's insurance and energy industries is a boom for the local office market, according to Marcus & Millichap. Rising values over the past couple of years have motivated private owners to leverage investor demand and list assets. In turn, the firm reported, investors are chasing assets in Midtown, South Charlotte, and the CBD when available.

“The hyper-competitive nature of this marketing campaign coupled with the depth and quality of the institutional investors who pursued this asset clearly suggests favorable pricing for office buildings in Charlotte and throughout the Carolinas in the year ahead,” says Clutter. 525 North Tryon Street tenants include Bank of America, CohnReznick, HQ Global Workplaces, Amy Bagwell, and TIN Partners.