Bank of America’s facilities at 525 North Tryon St. in Uptown will remain right where they are for 2017. The banking giant has renewed it’s lease for 194,000 square feet according to a press release from building owners Grubb Properties and New York Life and commercial real estate firm Foundry Commercial.
The lease is likely one of the largest lease renewals that will be secured in Charlotte this year.
Bank of America’s recommitment to the North Tryon corridor is a statement about the growing activity in the area, as well as the recent repositioning of 525 North Tryon.
Foundry Commercial was engaged by the building ownership to help market the property in early 2016. Since then, Foundry has partnered with the asset’s management team at Grubb Properties to reposition the building through an extensive activation program.
525 North Tryon has enhanced existing amenities and added new ones, including a state-of-the-art fitness center, “Club 525,” that is free for tenants; a bike storage room; a free electric car shuttle that will transport tenants throughout uptown Charlotte; a conferencing center with both open collaborative space and traditional layouts; and an electric car charging station.
Additionally, the building is in the final stages of obtaining LEED Silver certification and has already retrofitted all exterior and parking lights for LED sustainability. The building has earned the Environmental Protection Agency’s Energy Star designation, meaning it ranks in the top 25 percent of comparable buildings for energy efficiency.
“The North Tryon Corridor continues to be an attractive location for both current and prospective tenants,” said Charles Jonas, Charlotte market leader at Foundry Commercial, who leads the leasing efforts at 525 North Tryon along with Senior Vice President Meredith Ball. “Having Bank of America, the largest tenant at 525 North Tryon, renew its lease with us not only solidifies the attractiveness of the region, but also authenticates the work and vision the team has for the building.”
The bank’s renewal points to more interest on the North end of Tryon Street – a historically important thoroughfare in the Queen City.
“The new amenities and features at 525 North Tryon make it a top commercial space in uptown Charlotte, and we are proud to contribute to the North Tryon Corridor’s revitalization,” said Joe Dye, executive vice president of commercial at Grubb Properties. “We look forward to continue providing strong property management services to all tenants, including Bank of America.”
Current and future developments in the growing North Tryon Corridor include a new multifamily building, a dance theater, the extension of the Blue Line Light Rail system which is set to open in 2017, and an upcoming Publix grocery store.
According to the press release, Foundry Commercial is a full-service real estate services and investment company with 270 employees and more than 40 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout.
Grubb Properties, founded in 1963, focuses on real estate environments and provides customer service for residents and tenants through the repositioning of apartment communities and office buildings and the development of multifamily communities, including the nationally trademarked Link Apartments brand. The company’s fully integrated management team identifies strategies that create long-term value for clients. Grubb Properties’ growth is primarily funded through real estate investment funds with long-term horizons.