A corporation affiliated with Cornerstone Real Estate Advisers, one of the largest global real estate investment managers and member of the MassMutual Financial Group, picked up the 20-story 101 Independence Center office tower in uptown Charlotte for $107.75 million this month, according to public records. HFF orchestrated the sale on behalf of KBS Real Estate Investment Trust and asset manager Gramercy Property Trust Inc., which originally put the property on the market in December 2014 seeking to get $120 million for the building. Terms of the deal were not disclosed.
"101 Independence Center received very strong interest from the marketplace attracting a deep bench of investors. Charlotte has truly evolved into a dynamic market for institutional capital," said Ryan Clutter, senior managing director with HFF. "Charlotte has truly evolved into a dynamic market for institutional capital. Given the strong investor appeal of Charlotte currently, we anticipate a very active selling environment through the remainder of 2015 with many notable institutions seeking quality investments in the city."
Located at 101 N. Tryon St., the building houses about 565,000 square feet of office space and is 83% leased, with Bank of America as the largest tenant. Northeastern University opened a satellite campus in the building in 2011. The construction of the building was completed in 1983 and sits on the site of the former site of the Independence Building at Charlotte's Independence Square.
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