Raleigh firm to buy uptown Charlotte building, South End site for $230 million
A Raleigh-based real estate investment firm has agreed to purchase a prominent uptown building along with a site in South End that could bring more office space and apartments.
Highwoods Properties is expected to close on a deal this summer to buy 650 South Tryon at Legacy Union with an investment of $203 million, according to a company news release The 18-story, 367,000-square-foot glass tower is anchored by Deloitte. It sits on South Tryon Street next to the 33-story Bank of America tower, which Highwoods also owns.
The company’s investment into 650 South Tryon includes nearly $4 million of anticipated leasing expenditures “to bring the property to stabilization,” according to a Highwoods news release.
Highwoods will also purchase 1426 South Tryon St. in South End for $27 million where a mixed-use development project is planned. The site is around 1.3 acres, according to Mecklenburg County property records.
The site is currently home to a low-rise building totaling 24,000 square feet, Highwoods said in a news release. It includes various tenants on short-term leases. An ABC store is currently on the site.
A mixed-use development is planned for 1426 South Tryon St., according to Highwoods. Plans include 300,000 square feet of office space as well as 250 apartments.
Highwoods owns, manages and develops properties around Charlotte, Atlanta, Nashville, Orlando, Tampa, Pittsburgh, Richmond and Raleigh.
