The tower, owned by KBS Capital Advisors and Gramercy Property Trust, totals 565,694 square feet and is 84% occupied.
Will Boye
Senior Staff Writer- Charlotte Business Journal
Another uptown office tower is on the market, and it comes with some interesting development possibilities.
The owner of the 20-story 101 Independence Center building, located at the northwest corner of Trade and Tryon streets, has listed the office building for sale with investment sales firm HFF.
The tower, owned by KBS Capital Advisors and Gramercy Property Trust, totals 565,694 square feet and is 84% occupied. Bank of America Corp. is the largest tenant, occupying 261,000 square feet in a lease that runs through 2021.
The owner is seeking around $120 million for the tower.
The property includes a parking garage behind the office building that fronts North Church Street and could be redeveloped as a high-rise residential project, according to marketing materials. The so-called “Ivey’s garage” is next door to the Ivey’s building but is owned by KBS and Gramercy and serves the 101 Independence Center building, which also has underground parking. The driveway off North Church leading to that underground deck would need to be preserved in the event of new development at the site.
Another development possibility, according to HFF: A new retail plaza could be created by removing the atrium that connects 101 Independence Center to the Charlotte Marriott Center City next door. Ryan Clutter, a senior managing director with HFF who is marketing the 101 Independence building, says Marriott has agreed in principle to remove the atrium, which would allow each property owner to add retail space along the sides of the buildings, leading back to the development site.
“It would create a walking path from Trade Street that goes back to the development site with shops and restaurants on either side,” he says. “Once you take that atrium down and make this a retail plaza, kind of like the feel you get at Hearst Tower, it brings that development site up to Trade and Tryon. There’s lots of opportunity on this one.”
Will Boye covers commercial real estate and law firms for the Charlotte Business Journal.
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