The building is at 128 South Tryon Street. It was constructed in 1985 and renovated in 1992. Anchor tenants First Citizen Bank & Trust and Duke Energy occupy about 53% of the building.

Trizec acquired the building in July 1998. Trizec expects to recognize a $32-million gain on the sale. The transaction was structured as a 1031 like-kind exchange.

Trizec's chief investment officer Brian Lipson says the impetus for this recycling of capital was the strong investor interest in Downtown Charlotte. In addition, Charlotte is not one of Trizec's primary markets. Trizec's other Downtown charlotte asset is Bank of America Plaza.

In January, Trizec announced that Bank of America had renewed its 640,000-sf lease at the two-tower development, where it occupies 72% of the 890,000-sf development. Located at 101 S. Tryon, the building was 96% leased at that time. Bank of America is Trizec's fifth largest tenant. The bank leases about 2.4% of the company's 36-million-sf portfolio, according to SEC filings.

When asked about the potential for the sale of Bank of America Plaza, Lipson tells GlobeSt.com the building "is one of the highest quality office properties in downtown Charlotte. It is a fully leased, well stabilized asset with long term leases in place. From an investment perspective, we consistently review our asset and portfolio strategies and how best to allocate our capital to increase stockholder value. We came to the conclusion that it was the best time to sell First Citizens Plaza at this point. We do remain committed to providing our customers at Bank of America Plaza with excellent customer service."