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New England Investment Properties purchased the 342,162-square-foot 121 W. Trade Street building for $32 million. The Charlotte Business Journal reports that’s less than half what it previously sold for in 2015. Lincoln Property Co. acquired the tower for $71.6 million in late 2015 on behalf of a pension fund client.

CBRE’s Patric Gildea, Matt Smith and Robert Hardaway represented Lincoln.

The tower, built in 1990, sits on a .42-acre parcel at the intersection of Trade and Tryon streets. Its 121,950 square feet, 66% of which is leased.

121 W. Trade underwent renovations in 2017, updating the lobby, common corridors and restrooms. A new tenant hub was added with conference rooms, informal and formal meeting space and a 50-person training room. Improvements also included a tenant lounge.

The building is the longtime home of the Charlotte City Club, which has been located on the 31st and 32nd floors since 1990.

The post Charlotte Tower Sells at Steep Discount appeared first on Connect CRE.

​  New England Investment Properties purchased the 342,162-square-foot 121 W. Trade Street building for $32 million. The Charlotte Business Journal reports that’s less than half what it previously sold for in 2015. Lincoln Property Co. acquired the tower for $71.6 million in late 2015 on behalf of a pension fund client. CBRE’s Patric Gildea, Matt Smith and …
The post Charlotte Tower Sells at Steep Discount appeared first on Connect CRE. Read MoreAtlanta & Southeast Commercial Real Estate News