SunTrust Banks plans to move its new regional headquarters to the Sharon Square mixed-use development in SouthPark, the bank announced Wednesday.
The bank has signed a lease for roughly 43,500 square feet in a 105,500-square-foot office building being developed by Pappas Properties and The Allen Tate Cos.
The bank will open a full-service branch on the first floor and have offices on the second and third floors. The bank will also have a four-lane drive-through adjacent to the building. SunTrust expects to occupy the building by the second quarter of 2014.
The bank doesn’t plan to add any jobs in association with the new headquarters, saying the space is needed to accommodate existing growth, said a spokeswoman for the Atlanta-based bank. The bank currently owns a 30,000-square-foot building at 101 S. Kings Drive, property records show.
The bank also occupies space in the Avery building on Morrison Boulevard in SouthPark, and its capital markets division has offices in Piedmont Town Center, the spokeswoman said.
SunTrust has 36 branches in the Charlotte metropolitan area and last year added more than 100 employees at a new loan sales center at the LakePointe Office Park.
“We’ve been in search of a strategic location to bring a cross-section of teammates together and enhance our ability to serve our clients in the region,” Bill Peele, SunTrust’s Charlotte regional president, said in a statement. “Sharon Square in SouthPark meets all of our criteria and will provide a prominent presence that reflects and reinforces our commitment and continuing growth in this important market.”
The building would be the first new Class A office space built in SouthPark since 2007. Class A is the designation for what’s considered the best-quality office space.
Sharon Square, near the intersection of Fairview and Sharon roads, is home to Whole Foods Market, which opened in September.
Developers are also building 239 apartments and plan to add 21,000 square feet of retail. Two floors of the new office building are available for lease.
“Having a tenant the caliber of SunTrust adds value not only to this new Class A office building, but to the entire Sharon Square mixed-use development,” Peter Pappas, president of Pappas Properties, said in a statement. “By starting construction on this phase in May, we’ll be able to complete the offices, apartments and retail buildings in early 2014, allowing our office tenants and residents to enjoy all the amenities, restaurants and shopping at Sharon Square.”
The contractor for the SunTrust Regional headquarters will be Adolfson & Peterson. The project architect is LS3P, and office leasing will be handled by Jones Lang LaSalle.
CORRECTION: An earlier version of this article included information about the square footage that SunTrust occupies in two Charlotte buildings. The unattributed information was taken from the Charlotte Business Journal. That sentence has been removed.
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