BB&T’s headquarters in Winston-Salem has been sold for $60 million to a pair of investors based in Atlanta and Charlotte.
The 20-story building totals 240,000 square feet, and BB&T has a long-term lease to occupy the space. Ray Gee, of Charlotte-based Gvest Capital, acquired the building with Tyson Rhame, of Atlanta-based Trinvest.
Gee and Rhame bought the building in a leveraged transaction, according to a news release, and plan to sell stakes in the building through a special type of investment known as a “1031 exchange transaction,” which allows for delayed capital gains taxes.
“The long-term credit lease of BB&T in an attractive capital market provided the opportunity to create an investment product attractive to zero-cash-flow buyers with a low basis in the 1031 exchange market,” Gee said in a statement.