CBRE Arranges Sale of 425, 300- Sq.-Ft. Office Building 525 N. Tryon St. For 25% of appraised value 

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CBRE negotiated the sale of 525 N Tryon St., a 425,300-square-foot office building in Charlotte, North Carolina. Charlotte-based Insite Properties represented their long-term client and investor Highland Ventures, headquartered in Nashville, in the acquisition of 525 North Tryon Street from New York Life Real Estate Investors. The 19-story office building was constructed in 1998 and was 46% leased at the time of the sale. 

Longtime Real Estate agent in Uptown Dennis Marsoun took note of the sale with this analysis: “Once proposed to be one of a pair of buildings entering downtown Charlotte from North Tryon, the 525 N Tryon Building, formerly the Odell Building, has been sold. There was to have been a twin building across Tryon where Woodies Auto Repair now stands,” he said. “A Tennessee real estate firm, Highland Ventures, purchased it from longtime owner New York Life Real Estate Investors for $24 million, The high-rise was valued at $97.2 million in the county’s last assessment, so it sold for 25% of its appraised value.” 

CBRE’s Patrick Gildea and Matt Smith represented the seller in the transaction. 

“The sale of 525 N Tryon Street presents a remarkable opportunity for new ownership to infuse fresh capital in order to reposition the building and drive leasing in a rapidly improving office market,” said Gildea, Vice Chairman and Co-Head of U.S. Office Capital Markets for CBRE. “The sale of 525 N Tryon reflects a broader trend in the office market. These trades will foster the recovery of the office market, allowing older vintage assets to compete more favorably as flight to quality remains top of mind for tenants.” 

Located in Charlotte’s central business district’s North Tryon Technology Hub, the building is a short walk to Gold Line Streetcar and LYNX Blue Line Station as well as other amenities including restaurants, residential towers, banks and sports and entertainment venues. 

Insite will provide leasing and management services. This is the fourth property acquisition the Insite Properties/Highland Ventures team has completed in the greater Charlotte region, the first in the Uptown market and the eighth office property since 2013.