HFF announces the sale of 500 East Morehead, a 178,336-square-foot, newly constructed, Class A office building in Charlotte.
The HFF team represented the seller, Beacon Partners, and procured the buyer, a member company of Zurich North America (“Zurich”), advised by Zurich Alternative Asset Management, LLC (“ZAAM”), its alternative investment adviser.
Completed in 2017, 500 East Morehead is one of Charlotte’s premier office assets featuring high-quality new construction, best-in-class tenant buildouts, sweeping views of Uptown Charlotte and an attached four-level parking deck. The seven-story property also features a market-leading amenity package highlighted by a state-of-the-art fitness center with locker rooms and showers, a shared executive conference room, three shared outdoor terraces, a 900-square-foot rooftop terrace and three popular restaurants on the ground floor. Tenants at the fully leased trophy asset include Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood, Hargett & Associates. The three dining concepts are: The Packhouse, Joe and Nosh and Capishe. 500 East Morehead is situated in the Morehead Corridor, Charlotte’s fastest growing area, and has easy access to Uptown, Midtown, South End and Dilworth. The transit-oriented property is just two blocks from the Carson Boulevard light rail station and the Charlotte Rail Trail, and has regional connectivity via Interstates 277, 77 and 85, the region’s three primary transportation arteries.
The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, senior director Scot Humphrey, director Chris Lingerfelt and director Zack Drozda. The ZAAM team was led by Roy Rosenbaum, director of Acquisitions, and Sean Bannon, managing director and head of U.S. Real Estate.
“The sale of 500 East Morehead Street represents a noteworthy inflection point for the Carolinas market and Charlotte in particular,” Clutter commented. “This sale demonstrates that Charlotte is now pricing in line with other sought-after U.S. markets such as Austin and Denver. We believe pricing will continue to reset to new levels throughout the Carolinas as more and more institutional capital sources continue to target the region.”
“500 East Morehead was heavily pursued by a multitude of capital sources,” Lingerfelt added. “This amenity-rich asset boasts one of the best locations in the city and will be an exceptional investment for years to come.”
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.