Development

Uptown office tower sold for almost $108 million

101 Independence
101 Independence mhames@charlotteobserver.com

A 20-story office tower at Trade and Tryon streets uptown has been sold for just under $108 million, according to Mecklenburg County real estate records.

The building, called 101 Independence Center, has been on the market since late last year. Real estate records filed Monday show the tower was acquired by a corporation affiliated with Cornerstone Real Estate Advisers, a major real estate manager with more than $47 billion worth of assets.

“101 Independence Center received very strong interest from the marketplace attracting a deep bench of investors. Charlotte has truly evolved into a dynamic market for institutional capital,” said Ryan Clutter, senior managing director with HFF, who led the sale for KBS Capital Advisors and Gramercy Property Trust.

Located at 101 N. Tryon St., the building houses about 565,000 square feet of office space and is 83 percent leased. Bank of America is the largest tenant, and Northeastern University opened a satellite campus in the building in 2011.

Preliminary plans submitted this week for review to the city’s online system indicate the new owners might have plans for renovating the building’s ground floor. The project would bring “expansion of retail space into the existing atrium space between the tower and the Marriott Hotel,” with about 6,000 square feet of space added to the property and 5,000 square feet of public open space between the building and the hotel.

A Cornerstone representative didn’t immediately respond to a message seeking more information about the project.

Portillo: 704-358-5041;

Twitter: @ESPortillo

  Comments