Tag Archives: charlotte

$222 Million Sale of Charlotte Workplace Tower Sets Market Record

Portman-Developed 615 South College Sells for Highest Price Per Square Foot for Class A Workplace Residential Or Commercial Property in Charlotte History

CBRE Global Investors and a pension fund client simply obtained 615 South College, a brand-new Class A workplace tower in Charlotte for $222 million.

The sale of the 19-story, 375,865-square-foot office tower established by Atlanta-based Portman Holdings recorded in county records Tuesday. The brand-new office building was completed in 2017 beside Charlotte’s popular Westin Hotel and houses co-working firm WeWork.

The structure was sold by a joint endeavor partnership in between Portman, Los Angeles-based PCCP and a Chinese financial investment firm, China Orient Summit Capital Co., Ltd.

. At that rate, that sale works out to approximately $590 per square foot, a record cost per square foot for a Charlotte workplace home.

The office tower was constructed on top of a 1,456-space underground parking deck and the record-setting price shows in part the additional income produced by parking costs.

However, even representing the additional value from the parking earnings, the rate per square foot far eclipses any previous Class A workplace sale in Charlotte, which formerly had not exceeded $400 per square foot.

The sale did not set a general record rate for a Charlotte workplace property, nevertheless. That honor is still held by the 2016 sale of 301 S. College St. for $284 million.

The Atlanta office of Eastdil Secured organized the sale on behalf of the seller. The California State Teachers’ Retirement System (CalSTRS) joined CBRE Global Financiers in the building purchase. The purchaser and seller reacted to calls however stated they might not yet comment on the sale.

Brian Dawson, a managing director for Jones Lang LaSalle who heads JLL’s Capital Markets group in Charlotte, was not associated with the transaction but said he was not amazed that it traded for a record rate.

“This is a special property that is a really solid, well-designed, core trophy property located in Charlotte’s top submarket,” Dawson said. “The income produced by the parking garage and ancillary utilizes advantage net operating earnings.”

The office tower in Charlotte’s stylish Stonewall Passage is the last significant development finished by Portman Holdings before the death of its creator, renowned architect/developer John Portman, who died in December 2017. Portman personally cut the ribbon the main opening of 615 South College in May 2017.

The underground parking deck was developed by Portman at the very same time as the Westin Charlotte, which opened 15 years back. When Portman broke ground on the 700-key Portman-designed hotel in September 2000, the designer said the garage would be built to accommodate a 2nd stage that would comprise either extra hotel spaces or an office building.

The tower at 615 South College still is in its preliminary lease-up phase and currently is about 82 percent leased, according to CoStar research study. WeWork is the largest tenant and inhabits 76,000 square feet. Regions Bank occupies nearly 64,000 square feet. Other occupants consist of Addison Group, BDO U.S.A. and Direct Digital.

Asking rents are $39.50-$40 per square foot each year on a full-service basis.

To find out more on CBRE Global Investors’ acquisition of 615 South College, please see CoStar COMP # 4302369.

IMAGES: Charlotte-area couple'' s proposition goes awry


A Charlotte-area couple certainly has an engagement to remember after the future groom dropped the engagement ring into the ocean while trying to propose.

Kayla Harrity, 24, works for the Town of Waxhaw. She and her sweetheart, 25-year-old Matthew Picca, are on a vacation with her household in Southport, NC when he chose to shock her with a proposal.

Kayla states the couple went to Old American Fish on Saturday and she saw Matthew’s mother.

“I turned around and he was getting down on one knee,” Kayla recalled. “As he opened the ring box, the ring fell out of the box and fell through the cracks on the deck and into the water. I didn’t even get to see it before it dropped.”

MOBILE USERS: Click on this link to see pictures of the search and proposal

Kayla says everybody remained in overall shock and speechless.

“I covered my face and started to cry due to the fact that I knew my sweetheart was ravaged,” she stated. “Matthew did not even get to say anything to me prior to the ring fell into the ocean.”
Virtually right away, Kayla says, a number of people decreased to the boat slip beneath bench and jumped in the water and began looking for the ring.

Kayla’s brother-in-law, sis and Matthew all delved into the water, fully dressed, to search for the ring.

“At the bar, there were 3 men who were enjoying a beer who saw the whole thing,” she stated. “They have to have felt bad for us and did not want to see our engagement end like this. They jumped in the water and helped look for the ring.”

Kayla states her sister believed Matthew had a special case on his phone and stuck it under the water to use as a flashlight. It didn’t have the case. Now his phone is messed up.

“I began going to the neighboring dining establishments asking if anybody had safety glasses,” she said. “I understood if we had some we could find the ring.”

She states people were handing the group flashlights and a local ran home to get some safety glasses for the team.

“After 10 flashlights, and 5 pairs of goggles and over 1.5 hours of searching in the water … the ring was found!” Kayla said.

A guy called Kyle Blusher found the ring and shouted out.

“Everybody at bench was cheering. Suddenly, everybody was shouting ‘Propose once more! Do it once more!’,” Kayla remembered. “It was the very best feeling on the planet. My fiancĂ©, soaking damp, smelling like salty, fishing water, proceeded to obtain down on one knee and put the beautiful ring on my finger!”

“The energy of everybody at the bar was unbelievable. It was an overall shock that he even found the ring,” she continued. “We strolled upstairs and purchased the males who assisted us a round of shots. They were fantastic and we are so grateful to have their help that night.”

After remaining at bench for about an hour, the couple took a charming carriage trip around Southport.

“When we got back, people were still turning up asking to see the ring,” Kayla stated. “They said everyone in Southport was discussing it. It was absolutely a night to bear in mind!”

She says the couple intends to get married in Southport next year and want to thank everybody that helped them find the ring.

Copyright 2015 WBTV. All rights reserved.