SunTrust ups size of planned SouthPark headquarters

08/19/2014 3:29 PM

08/19/2014 7:15 PM

SunTrust Banks is increasing the amount of space it is leasing for its new regional headquarters in SouthPark, as the operation nears a scheduled fall opening.

In addition to space on the first, second and third floors, SunTrust also will lease the fourth floor of a five-story building in the Sharon Square mixed-use development. The additional space the bank plans to occupy totals 19,000 square feet.

Pappas Properties and Allen Tate Co., which are developing Sharon Square, made the SunTrust announcement this week. The companies said the additional space will house SunTrust’s wholesale banking and private wealth management operations.

The bank has previously said about 160 SunTrust employees will eventually work in the building, where it plans to consolidate some of its Charlotte operations. SunTrust officials could not be reached for comment Tuesday.

Construction began on the 105,300-square-foot building last year. It’s SouthPark’s first new office building since 2007.

Counting SunTrust’s additional space, the building is about 80 percent occupied, the developers said.

Pappas and a sister company, apartment developer Terwilliger Pappas, are occupying a portion of the fifth floor. Remaining available space is on part of the first and fifth floors.

SunTrust is already in the building, where it has been operating a branch on the first floor since April. An exact date for the fall opening of the headquarters has not been announced.

The regional lender, which is based in Atlanta, is moving into the building partially to gain visibility as it seeks to grow market share in the Charlotte area.

SunTrust acquired branches in Charlotte and elsewhere in North Carolina when it bought Memphis, Tenn.-based National Commerce Financial Corp. in 2004. SunTrust ranks fifth for market share among banks in the Charlotte region, behind regional lender Fifth Third Bank.

The roughly $95 million Sharon Square project is still under construction. The project is already home to a completed 106-unit apartment building, with another apartment building featuring 133 units under construction. The first restaurants and shops are expected to open this fall.

Sharon Square is home to Charlotte’s first Whole Foods Market, which opened in 2012.

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