With latest uptown Charlotte tower purchase, Raleigh firm’s spending nears $1B here
A Raleigh-based real estate investment firm is continuing to purchase office space in uptown. Specifically, at the Legacy Union development. And its total purchases here are closing in on $1 billion.
Highwoods Properties completed its $230 million purchase of Legacy Union 6Hundred at 600 S. Tryon St. last week, according to a news release.
The 24-story, 411,000-square-foot tower opened last year and is about 84% occupied, with tenants including law firm Robinson Bradshaw.
Highwoods’ investment plan includes $8.5 million in building improvements.
Legacy Union 6Hundred is the newest building to open at the redevelopment, and sits on the former site of The Charlotte Observer.
It’s the fourth property Highwoods has purchased at the redevelopment since 2019.
That year, Highwoods bought the Bank of America tower. It purchased SIX50 in 2022 and a 14-story parking garage at 720 S. Church St., which has over 3,000 parking spaces and including over 14,300 square feet of retail.
In total, including 6Hundred, Highwoods has spent $983 million on Legacy Union properties, according to Mecklenburg County records The only tower Highwoods doesn’t own is Honeywell’s headquarters at 855 S. Mint Street.
Charlotte’s office building acquisitions
Highwoods’ purchase of 6Hundred is following a trend of office building acquisitions in the city, although the price tag does not.
In October, Trinity Capital Advisors, along with New York-based Town Lane, purchased the former Ally Center at 440 South Church Street for over $75.7 million. The purchase price was 30% less than the $108.7 million previous owners paid.
In August, uptown’s Charlotte Plaza at 201 South College St. was bought for $70 million by Florida-based Morning Calm Management and California-based Praelium Commercial Real Estate.
That purchase price was 56% less than the previous $160 million price tag.
In May, 525 N. Tryon sold for $24 million, a significant markdown from the almost $100 million county appraisal value and the $60 million the previous owner paid for the site a decade ago.
