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Sale of 121 West Trade office building closes

The sale of the 32-story 121 West Trade Street office building to Chicago-based LPC Realty Advisors I LP has closed, Holliday Fenoglio Fowler announced Dec. 16.

LPC, an affiliate of Lincoln Property Co., bought the property in conjunction with its local affiliate, Lincoln Harris, on behalf of a pension fund client .

The sale price was not available.

HFF marketed the property for the owner of the 330,483-square-foot building, a partnership controlled by The Dilweg Cos., a Durham-based real estate investment company.

The buildings’ tenants include Chicago Bridge and Iron, SAS Institute, and the law firms Caudle and Spears and Brookwood Associates. The Charlotte City Club is located on the top two levels of the building.

Ryan Clutter, senior managing director for HFF, led the effort to sell the property.

“121 West Trade Street’s irreplaceable location at Trade and Tryon Street, in the center of downtown Charlotte, position the building very favorably with new and existing tenants, as this asset is poised to outperform for its new owners for many years to come,” Clutter said. “We are currently experiencing the strongest demand in the market for value-add office buildings located in strong (central business districts) like downtown Charlotte.”

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