New Office Tower Rises at Charlotte’s Legacy Union

600 S. Tryon. Image courtesy of Lincoln Harris

Legacy Union, the 10.2-acre, mixed-use development in Uptown Charlotte, N.C., will soon welcome its fourth office building, a 415,000-square-foot tower. Lincoln Harris and its partner, Goldman Sachs Asset Management’s real estate business, have already commenced construction on the 24-story high-rise at 600 S. Tryon.

Lincoln Harris and Goldman Sachs initiated the Legacy Union vision in 2016, when the partnership acquired the former Charlotte Observer site to make way for the project. Currently, the high-rise complex is home to the 841,000-square-foot Bank of America Tower at 620 S. Tryon, the 367,000-square-foot 650 S. Tryon and Honeywell’s 330,000-square-foot headquarters at 855 S. Mint St. All three office buildings feature ground-level retail space, and the campus also includes a 14-level parking facility, as well as a street-level public plaza and ample green space.


READ ALSO: CRE 2.0: The Office of the Future


Upon delivery, the newest addition to Legacy Union will supplement its office space with 20,000 square feet of ground-level retail offerings. Additionally, the building will provide podium parking, in addition to an amenity center with conference space, co-working accommodation and fitness spaces. LS3P, the architecture firm that designed the other office buildings at Legacy Union, is also behind the visual concept of 600 S. Tryon.

However, there will be more to 600 S. Tryon than its striking all-glass exterior and coveted amenities. In addition to integrated ESG elements, the tower will target LEED certification and it will incorporate such safety features as touchless building entry.

With the completion of the fourth tower, Legacy Union will encompass a total of approximately 2 million square feet of premier office space. The campus’ office buildings are hot properties in the investment community. In May 2022, Lincoln Harris agreed to sell 650 S. Tryon, which boasts Deloitte as its anchor, to Highwoods Properties Inc. for $203 million.

Sweet spot

It appears 600 S. Tryon is sprouting up in the right place at the right time. In the second quarter of 2022, more than 90 percent of all leasing activity was concentrated in Class A space, primarily within the Uptown, Airport and Ballantyne submarkets, according to a report by JLL. However, the proof is in the pudding and Lincoln Harris’ Ridr Knowlton and Campbell Walker landed a lease commitment from law firm Robinson Bradshaw for 102,000 square feet at 600 S. Tryon. The firm will set up shop on the building’s top four floors.

And there’s every reason to believe that Lincoln Harris will be able to stabilize the office tower in a reasonable amount of time, despite the national office sector’s continued challenges. “The flight-to-quality trend still dominates activity as companies lean on highly amenitized real estate as a magnet for talent recruitment and retention. New-to-market occupiers and investors will apply pressure for best-in-class, modern amenities and bring an increased focus on sustainable practices and employee wellness,” according to the JLL report.

Source link

Leave a Reply

Your email address will not be published.