Akridge, a Washington, DC-based real estate company committed to building iconic properties, today announced its expansion into Charlotte along with its first project, a joint venture with Levine Properties to redevelop 4701 Hedgemore Drive off Park Road into a Class A office building called One Montford Park.
“Since entering the Raleigh Durham market in 2016, Akridge has had its eye on Charlotte and has been seeking the right opportunity,” said Joe Svatos, Senior Vice President of Acquisitions for Akridge. “One Montford Park will allow us to plant a flag and be the first of several projects for us in the Queen City.”
Built in the early 80’s, the Hedgemore building was purchased by Levine Properties in 2014 along with other Park Road properties. At One Montford Park, Akridge will completely overhaul the existing structure to deliver a 145,000-square-foot, Class A office tower. The nine-story building will boast sweeping views of downtown Charlotte and 16,000-square-foot floor plates. The property will offer a prime location in the Park Road submarket just blocks from the newly-renovated Park Road Shopping Center.
“The Park Road Corridor is underserved with Class A office space and this building should meet the market well,” said Daniel Levine, President of Levine Properties. “Akridge is the right partner to help us reposition the Hedgemore property because they share our goals for quality design and attention to details.”
The project, scheduled to begin in January as the last clients vacate, is expected to take approximately 14 months to complete and should be ready in mid 2021. Jessica Brown and Grant Keyes of Cushman & Wakefield will lease the property.
Akridge is a comprehensive real estate services company and a prominent investor and developer in the Washington metropolitan region and North Carolina. It invests in, develops, and manages commercial real estate, from office buildings to mixed-use space. Akridge is dedicated to incorporating innovative designs into its properties and creating projects of timeless quality and lasting value. It first expanded beyond the Washington metropolitan region into Raleigh Durham in 2016. Its properties there include The Trust Building, co-development of 555 Mangum Street, and the conversion of 949 Washington Street into creative office space. For over 45 years, the company has acquired, developed, or entitled more than 20.6 million square feet of office, industrial flex, residential, retail, and entertainment space. Notable projects include the 1-million-square-foot Gallery Place and the internationally recognized Homer Building.