The owner of First Citizens Bank Plaza has listed the uptown Charlotte office tower for sale.
The 23-story building at 128 S. Tryon St. totals 476,987 square feet and is 62% occupied. Michigan-based real estate firm Osprey Investment Co., which owns the tower, has hired commercial real estate capital markets firm HFF Inc. to market the building for sale along with an office property that Osprey owns in Sarasota, Fla.
The largest tenant at First Citizens is CBI, which occupies nearly 180,000 square feet in a deal that expires in April, and it’s unclear whether the company will renew its lease. CBI, which also occupies space at 121 West Trade, acquired The Shaw Group in 2013. Several years ago, Shaw was exploring a move to a suburban location where it could consolidate its office space.
A buyer of the First Citizens building would assume a long-term ground lease at the property that runs through 2086 and comes with an option to purchase the underlying land at the end of the term. The land is owned by First Citizens Bank Trust Co. and Neuse Inc., according to real estate records.
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