JLL completes sale of Lowe’s Global Technology Center in Charlotte
The recently completed, trophy office tower will be home to nearly 2,000 employees in Charlotte’s booming South End submarket
CHARLOTTE, Nov. 29, 2021 – JLL’s Capital Markets group announced today that it has closed the sale of Lowe’s Global Technology Center, a recently completed, trophy office tower totaling 357,526 square feet in Charlotte’s South End submarket.
JLL represented the sellers, Childress Klein Properties, Inc. and Ram Realty Advisors and procured the buyer, an undisclosed investment firm.
“Childress Klein’s commitment to Charlotte is stronger than ever and we are excited to expand into South End and continue our partnership with Ram,” said Paul Devine, Childress Klein’s Charlotte Office Partner. “Lowe’s decision to partner with us to create their Global Technology Center was a key driver in the design and implementation of this dynamic project. We are thankful that they chose our team to participate in this exciting expansion.”
“We are grateful for the opportunity to participate in the evolution of one of the most vibrant mixed-use districts in the Southeast. The partnership with Childress Klein and the commitment from Lowe’s enabled us to more actively contribute to the economic growth of the Queen City, and more particularly the South End,” added Casey Cummings, Ram Realty Advisors’ CEO. “Ram’s commitment to the South End began in 2006 and we have several additional projects underway and in planning.”
Lowe’s Global Technology Center is fully leased to Lowe’s Companies, Inc. and will be home to nearly 2,000 employees as the company’s global technology and e-commerce hub. The 23-story trophy tower’s structure was completed this Fall with the full interior/tenant build out slated for completion in 2022. The entire building has been thoughtfully designed to promote collaboration, community and creativity with creative office space and features, including two sky terraces, an expansive interior auditorium, a steel monumental staircase spanning multiple floors, unobstructed top floor views from every floor and touchless features throughout the property. In addition, the building includes a 950-space parking deck.
The property is located at 100 West Worthington Ave. in the heart of Charlotte’s South End, a rapidly growing submarket of the city that is directly adjacent to the central business district. This walkable neighborhood offers a 24/7 urban lifestyle with numerous dining, shopping and entertainment options alongside mass transit access, including the LYNX Light Rail and Rail Trail.
The JLL Capital Markets team representing the seller was led by Senior Director Chris Lingerfelt and Senior Managing Directors Ryan Clutter and Coleman Benedict.
“State-of-the-art, brand new assets that are highly amenitized in compelling locations and markets have become incredibly sought after by domestic and international capital. We are seeing significant increases in capital targeting assets like Lowe’s Global Technology Center,” Clutter said. “We believe these assets will be more and more compelling over the next few years as these newer, highly amenitized office environments offer an attractive alternative to the work from home dynamic that transpired during the pandemic.”
“Charlotte’s South End submarket has seen incredible population growth over the last decade and has become the preferred location for corporate expansions and relocations as it’s considered an extension of Charlotte’s central business district,” Lingerfelt said. “Lowe’s commitment to the city of Charlotte and it’s choice to reside in the South End reinforces its goal of providing a one-of-a-kind creative workplace in a 24/7 environment to attract and retain key talent.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. JLL has more than 3,000 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Childress Klein
As one of the largest private, full-service real estate companies in the Southeast, Childress Klein has developed more than 50 million square feet of commercial real estate in multiple verticals and owns assets valued at more than $2 billion. For more information, please visit: childressklein.com.
About Ram Realty Advisors
Ram Realty Advisors LLC acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $3.5 billion of capital. Ram and its predecessor entities were founded in 1978. The company is headquartered in Palm Beach Gardens, Florida, and has offices in Tampa, Florida; Charlotte and Chapel Hill, North Carolina; and Nashville, Tennessee. ramrealestate.com