Arden Group sells BB&T Center in Uptown Charlotte
JLL Capital Markets sources buyer for the 22-story office tower in the heart of Uptown Charlotte
CHARLOTTE – Jan. 20, 2021 – JLL Capital Markets announced today the sale of BB&T Center, a 22-story, 568,646-square-foot office building and adjacent 11-story 1,520-space parking garage located at 200 South College in the heart of Uptown Charlotte.
JLL Capital Markets represented the confidential buyer in the sale of the office building from Arden Group. In addition, JLL represented Arden Group in the sale of the parking garage to Cousins Properties, Inc. in May 2020.
“The acquisition of BB&T Center and its adjacent parking garage in the heart of the expanding Charlotte market fit with our strategy of buying high quality assets in growth markets where Arden can implement value-add improvements,” said Craig A. Spencer, CEO of Arden Group. “We identified multiple avenues to create significant value, key among them was implementing a condominium regime and selling the office building and parking garage separately.”
Arden acquired BB&T Center in June 2017 and completed $10.5 million in renovations, including the addition of a 5,200 square foot tenant amenity center feature conference and training rooms, a tenant lounge and an 1,800 square foot outdoor deck – unique in the marketplace. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. BB&T Center also features the premier parking garage in the Uptown Charlotte market, a key differentiator for office tenants looking for space in the Charlotte area. Current tenants include Truist, AIG, TekSystems, AeroTek, and RingCentral among many others.
The JLL Capital Markets team representing the buyer was led by Chris Lingerfelt and Ryan Clutter.
“Despite these uncertain times, the acquisition of BB&T Center demonstrates the strong desirability of the Charlotte real estate market,” added Lingerfelt. “As a staple of the Charlotte skyline, BB&T Center’s ideal location and recent renovation will position the asset to thrive for years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.