Grubb, NY Life Real Estate Acquire Charlotte Office Tower

CHARLOTTE, NC—Grubb Properties and New York Life Real Estate Investors have purchased the 405,000-square-foot 525 North Tryon St. here from Parkway Properties.

The purchase of the Class A office building complements the addition of the SkyHouse luxury apartment community that Grubb Properties is developing with Novare Group and Batson-Cook Development Co. The 24-story SkyHouse is scheduled for completion in June 2015 on the adjacent block. A second SkyHouse is planned; together, the two projects would bring 1,000 new residents and nearly 30,000 square feet of retail development, Grubb officials state.

No financial terms of the transaction were released. The purchase of the 525 North Tryon, built in 1998 at the corner 9th and Tryon streets, coincides with a public-private plan to transform the North Tryon corridor.

"We're excited to be part of North Tryon's transformation into a destination for Charlotte residents to work, live and take advantage of uptown Charlotte's rich mix of dining, entertainment and cultural opportunities," says Jonathan Nance, senior vice president of Grubb Properties. "With 525 North Tryon, we look forward to meeting the needs of companies seeking first-class office space in this growing corridor."

Grubb Properties says it plans energy efficiency improvements and other investments to lower the costs and increase the comfort for tenants.

"We are proud to partner with Grubb Properties by investing in the future of this emerging corridor of uptown Charlotte's office market," says Kevin M. Smith, managing director of New York Life Real Estate Investors.

The building includes a conference center, cafe, on-site management, 24-hour security surveillance and upscale restaurant suite available for lease. Ample parking will be available in the building's gated parking deck, with supplemental parking available in the Skyhouse parking deck on the adjacent block.