CHARLOTTE, NC – Crescent Communities and Nuveen Real Estate have acquired 101 North Tryon in a joint venture.
101 North Tryon, located in Charlotte, NC's central business district, is a 20-story, Class A office tower totaling 546,878-square-feet. Originally built in 1983, the building was recently renovated last year. The office building is currently 81% leased, with major tenants including Bank of America, Robinson Bradshaw, Levvel, Northeastern University and Sunlight Financial.
The property is surrounded by many current private and public developments, including the Gold Line Streetcar extension on Trade Street, the Caroline Theater rehabilitation on Tryon Street and the Polk Park renovation. The firms aims to enhance tenant and pedestrian experience by creating an innovative, technology-focused community.
Crescent Communities and Nuveen purchased the building from Barings LLC and LRC Properties. The two firms worked with Barry Fabyan and Charley Leavitt of JLL on the lease, as BBVA and US Bank provided acquisition financing for the sale. Patterson Real Estate Advisory Group served as capital advisor on behalf of the two firms and Holliday Fenoglio Fowler, LP served as financial advisor on behalf of the seller.
Crescent Communities, founded in 1963, is a real estate investor, developer and operator of commercial, multifamily and mixed-used communities in fast growing markets throughout the Southeast and Southwest. The firm's development portfolio includes more than 20-million square-feet of commercial space.
Nuveen Real Estate is an investment management firm with $128 billion in assets under management, across both public and private investments around the world.
Barings, LLC is $317 billion global financial services firm that works across public and private capital markets as a subsidiary of MassMutual.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
