The Core Fund bought the property from Cornerstone Realty Advisors f Hartford, CT, which acquired the Carillon building in August 2004. Eastdil Secured's Robert McCall, Randy Evans and Mike McDonald repped Cornerstone; Hines repped the Core Fund. Hines will take the management and leasing reins at the property.

The Carillon building is a 25-story, class A office property on West Trade Street, near the intersection of Trade and Tryon streets. The tenant roster at the 490,000-sf property includes Cadwalader Wickersham & Taft; Deloitte & Touche; Crosland, Barry, Evans Joseph & Snipes; and the US Attorney's Office.

"The acquisition of Carillon quickly expands Hines' presence in one of the strongest office submarkets in the Southeast, following our recent acquisition of the 625,000-sf Charlotte Plaza," Hines vice president Kurt Hartman says in a release. "The combination of these two acquisitions will allow us to offer the market greater choices for their office requirements."

According to Colliers Pinkard's Q1 market statistics, office vacancy in the CBD hovers around 3.8% with an average rental rate of $22 per sf. For class A properties, CB Richard Ellis puts the Downtown vacancy at 1.62% and the average asking rental rate for $24.74.

The Core Fund, a Hines and Sumitomo Life Realty Inc. investment vehicle, targets core office buildings across the US. All total, the fund's portfolio now consists of 12.4 million sf of rentable area. "We are very pleased to be able to expand our presence in a growing and dynamic market such as Charlotte," Core Fund president Charles Hazen says.

Instant Insights /

Hines Fund Acquires 469,000 SF for $140M

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