Sale 525 N Tryon closed for $60 million

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CHARLOTTE – Grubb Properties and New York Life Real Estate Investors have closed the purchase of 525 N. Tryon St. in uptown.

The companies bought the 19-story office building for $60 million from Parkway Properties Inc.

HFF, a real estate investment trust headquartered in Pittsburgh, represented Parkway in the sale.

“525 North Tryon Street received significant interest from the marketplace further demonstrating Charlotte’s appeal to institutional investors,” said Ryan Clutter, senior managing director in HFF’s Charlotte office, said in a statement. “This asset was extremely sought after, illustrating the bullish views numerous capital sources have on the Charlotte market.

The 405,000-square-foot class-A office building sits on 2.3 acres at Ninth and Tryon streets, and its tenants include Bank of America, CohnReznick, HQ Global Workplace, and TIN Partners.

Todd Williams, executive vice president with Grubb Properties, said in January that 36 percent of the building was vacant, with the seventh, eighth and ninth floors making up 90,000 square feet of the available space. Rental rates in the building are between $25 and $28 per square foot.