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Durham firm buys uptown Charlotte tower that is home to the City Club

A Durham-based commercial real estate company has bought a piece of Charlotte’s uptown skyline for $59.6 million.

The Dilweg Cos. on Monday said it purchased the 32-story 121 West Trade, adding to properties it owns in the city’s SouthPark and Park Road markets.

Positioned on The Square at Trade and Tryon streets, the 330,000-square-foot building is 72 percent leased and home to tenants such as the Charlotte City Club, engineering firm CB&I, developer Faison Enterprises and software company SAS. Formerly known as the Interstate Tower, it’s topped with a distinctive green dome and has an art deco-style lobby.

“This is our largest acquisition to date, and we are excited about the opportunity to reposition this landmark office property and add to its value,” Anthony Dilweg, chief executive of the Dilweg Cos., said in a statement.

Patrick Gildea and Ryan Clutter of CBRE, the real estate services firm, represented the seller, Hartford, Conn.-based Cornerstone Real Estate Advisers.

The building, constructed in 1990 and designed by New York’s Kohn, Pederson and Fox architecture firm, is the latest uptown Charlotte landmark to get a new owner. Last year, the Hearst Tower, Fifth Third Center and One Wells Fargo Center all changed hands.

Gildea, a vice president with CBRE, said a number of reputable buyers were interested in the property.

“This experience tells me there is a lot of capital that wants to invest in uptown Charlotte,” Gildea said. “Charlotte is quickly rising to the top of the list for institutional investors.”

High prices in markets such as New York and Washington have buyers looking at secondary markets such as Charlotte for more attractive deals, he said.

Dilweg owns three office buildings in SouthPark, including the SouthPark Center purchased in June, and the Park Abbey building on Park Road. In the past 15 months, Dilweg has also bought properties in the Raleigh-Durham and Atlanta markets.

Rothacker: 704-358-5170; Twitter: @rickrothacker
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