CBRE Arranges $70M Sale of Charlotte Plaza Office Tower in Central Business District

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CBRE announced the sale of Charlotte Plaza, a 643,638-sq.-ft., Class-A office tower in Charlotte, North Carolina, to Morning Calm Management and Praelium Commercial Real Estate for $70 million.

CBRE’s Patrick Gildea and Matt Smith represented the seller, South College Street, LLC, in the transaction.

Located at 201 South College Street in the heart of Charlotte’s Central Business District (CBD), Charlotte Plaza is a 27-story office tower that is currently 32% occupied. Originally constructed in 1982, the building has historically maintained occupancy levels above 90% for most of its existence.

The building offers high-end office space with an expansive lobby, modernized common areas, and floor-to-ceiling glass throughout. It features 13-foot floor-to-floor heights and 25,000-sq.-ft. floorplates, with on-site retail anchored by STK Steakhouse. The property is EnergyStar rated and LEED-registered, and includes one of Uptown Charlotte’s most accessible parking garages.

“Charlotte Plaza is a prime example of the kind of high-quality, well-located asset that continues to attract institutional capital despite broader market headwinds,” said Patrick Gildea, Vice Chairman, CBRE. “Tenant market activity is the strongest we’ve seen since 2019, as evidenced by many of this summer’s recent announcements. Beyond the headline numbers, high-quality space in the Charlotte CBD is increasingly scarce.”

Charlotte Plaza offers a direct connection to the Overstreet Mall, a second-floor pedestrian corridor connecting office buildings, retailers, restaurants, parking garages, and hotels across Uptown Charlotte. The property also features convenient access to the LYNX Blue Line station.

The CBD submarket accounts for 65% of Charlotte’s Trophy office inventory. Over the past five years, it has contributed 25% of Charlotte’s total net absorption, with rental rates in the submarket increasing by 4.7% during that period. Regularly hosting 120,000 employees, the CBD stands as the city’s largest employment hub.   

About CBRE Group, Inc.  

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development).