Philadelphia-based real estate company Arden Group announced Wednesday that it has bought uptown Charlotte’s BB&T Center. The company paid $148.5 million for the building, according to real estate records.
Arden Group plans to invest $10 million in improvements to modernize the 22-story building over 24 months, according to a news release. BB&T, AIG, TekSystems, AiroTek and Ring Central are among the building’s current tenants.
The building is Arden Group’s first acquisition in Charlotte. The company chose Charlotte because of its population and millennial workforce growth, affordable cost of living, white-collar job growth and educated workforce, Arden Group CEO Craig Spencer said in a statement.
“With the acquisition price for BB&T Center at a substantial discount to today’s replacement cost and with multiple avenues to create additional value over the short to medium term, Arden Group is confident BB&T Center will be a successful investment,” Arden Group Managing Director Patrick Jennings said in a statement.
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Charlotte-based real estate firm Trinity Partners will handle office leasing, property and project management.
Taylor Blatchford: 704-358-5354, @blatchfordtr