An office tower down the street from where the planned merger of BB&T and SunTrust bank plans to put its headquarters was just sold, as the area undergoes a wave of changes.
A partnership between Charlotte-based developer Crescent Communities and Nuveen Real Estate has acquired the the 20-story tower at 101 North Tryon St. the firms announced Monday. The price was not disclosed.
The sale is part of an influx of investment coming to North Tryon Street, which developers and local leaders see as the largest remaining development opportunity uptown. The North Tryon Vision Plan, adopted in 2016 by Mecklenburg County Commissioners, outlines the development of pedestrian-friendly streets, with public art, shops and restaurants.
Crescent will focus on bringing ground-floor retail to the building, said Brian Leary, president of commercial and mixed-use business for the firm.
The building, with nearly 547,000 square feet, was built in 1983 and was renovated last year. Bank of America, Robinson Bradshaw, Northeastern University, Levvel and Sunlight Financial are tenants in the building.
Crescent is also building the 26-story Ally Charlotte Center at Stonewall and South Tryon streets. But Leary said the investment opportunities for his firm in uptown are moving north.
“In many ways we were a first mover, for speculative and mixed use development on South Tryon, and we are very happy with the results we’ve had down there,” Leary said. “One might argue that that neighborhood is full now.”
Just down the block from the property Crescent purchased, the planned combination of BB&T and SunTrust banks, to be called Truist, will move its headquarters, bringing around 2,000 employees. The $40 million Carolina Theatre renovation is also underway nearby, which will also bring a 250-room hotel to the area.
Leary said the nearby investments made the property a compelling choice.
“If you really want to realize the North Tryon Vision plan, you’ve got to start with the first address on North Tryon,” he said.