Goldman Sachs, Lincoln Harris JV Plan Trophy Office Tower in Uptown Charlotte
The 415,000 square foot building is 25% preleased.
Goldman Sachs Asset Management and Lincoln Harris are partnering to build a 415,000-square foot trophy office in Uptown Charlotte. The tower is already 25% preleased.
JLL Capital Markets arranged construction financing, securing a five-year, floating-rate loan through Square Mile Capital Management LLC.
The 24-story tower will include outdoor terraces and other amenities including 20,000 square feet of ground-floor retail. Located on the corner of South Tryon Street and West Brooklyn Village Ave, the property is six miles from Charlotte Douglas Airport and borders Uptown and South End, Charlotte’s two largest employment submarkets. 600 South Tryon’s central location will allow tenants to access the restaurant, retail and entertainment offerings by car, bike, scooter or foot.
According to JLL, Charlotte saw a 15% increase in leasing activity quarter-over-quarter, and the legal, finance and professional and business services industries accounted for more than 80% of all activity. Over 90% of all leasing activity was concentrated in Class A space, primarily within the Uptown, Airport and Ballantyne submarkets. In addition, average direct rental rates rose 3.1% in Q2, driven by new construction in the urban core with rates approaching, and beginning to exceed, the $50 per square foot mark.