Development

121 West Trade Street office building sold

An uptown office building has been sold for $71.6 million, according to real estate sources.

The 32-story 121 West Trade Street tower at the corner of Trade and Tryon streets was built in 1990. The Charlotte City Club is one of its most prominent tenants, occupying the top floors.

A partnership controlled by the Durham-based Dilweg Companies purchased the 330,000-square-foot building two years ago for almost $60 million. The Dilweg Companies partnership sold the building to Lincoln Property Company, which, in conjunction with Charlotte-based affiliate Lincoln Harris, bought the building on behalf of a pension fund client.

The Charlotte office of brokerage firm HFF represented the seller, led by senior managing director Ryan Clutter.

“The market aggressively pursued 121 West Trade Street as buyers realized the building’s potential to harness very strong rents in the future,” said Clutter, in a statement. “The sale of this exceptional building further demonstrates the strong investment sentiment for Charlotte and for best-of-class buildings in the market.”

Ely Portillo: 704-358-5041, @ESPortillo

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