Uptown tower at Trade and Tryon sees new lease activity and office job growth
A California-based wealth management firm is expanding its operations in Charlotte and will make its new home in uptown’s One South tower.
Choreo plans to lease over 15,600 square feet of the office tower at 101 S. Tryon St., according to a news release. It’s the second Charlotte location for the management firm, giving the company more space to serve its clients, Molly McMillin, Choreo’s chief financial officer, said in the release.
Choreo’s expansion is the latest leasing update for the 40-story tower. The firm is one of five new tenants for the building.
BWE, a national commercial and multifamily mortgage banking company, will lease over 9,300 square feet. CITCO Technology Management, which is part of the Citco group, will use almost 8,300 square feet. GRSM, a national law firm, will take over about 4,200 square feet. And JRN Development, a Charlotte-based real estate development firm, will expand its space at One South by 2,500 square feet.
In total, One South has added more than 40,000 square feet of new and expanding tenants. That brings the building’s occupancy rate to over 80%.
Charlotte’s office vacancy rate
For the first quarter of the year, Charlotte’s office vacancy rate sat at just over 24%, according to a Cushman & Wakefield report. The agency includes suburban markets in its total.
But One South’s new leases are an example of Charlotte’s office job growth, which is filling the city’s towers.
Charlotte has topped the 25 largest U.S. office markets in office job growth for almost a year, according to a March National Office Report from real estate research firm Yardi Matrix.
And with the increased number of corporate relocations and job creation in fields such as financial services, Charlotte may eventually see its office vacancy rate stabilize. In March alone, four companies said they’d bring more than 2,500 jobs to the city in the financial services, tech manufacturing and aviation fields.
About One South
The new jobs and expansions will try to fill Charlotte’s premium office space first, which includes renovated buildings like One South.
The tower’s owner, Tourmaline Capital Partners, has spent more than $13 million on renovations.
About $7 million was put into creating its third-floor 22,000-square-foot amenity space, called Three. There, tenants have access to a cafe, a connection lab with a 110-inch LED screen, gaming and golf simulators and an indoor/outdoor terrace that overlooks Trade and Tryon streets.
And $2 million was spent on One Athletics, a 30,000-square-foot fitness facility featuring an indoor pickleball court, basketball court and other equipment.
Trimont, the leading commercial real estate loan services provider in the U.S., is One South’s largest tenant. The Atlanta-based lender moved about 300 employees to the tower, leasing almost 68,000 square feet and spanning three full floors.
Other tenants include Proskauer, PRA Group, Dole Food Company, Deriva Energy and Coquette.
