The One West Fourth office tower in Winston-Salem has been brought to market, offering investors a 14-story asset totaling 439,000 square feet. The property is owned by Ardent Companies, which is now seeking a buyer for the building. JLL has been engaged to lead the marketing assignment for the sale.
The building is situated on approximately 2.3 acres and is positioned as a multi-tenant office tower. On-site amenities include a fitness center and an attached parking garage serving occupants and visitors. A deli and cafe operate on the first floor, providing food service options within the property.
One West Fourth is currently 73% leased, reflecting a notable improvement in occupancy over the past several years. According to reporting from the Triad Business Journal cited in the article, Wells Fargo vacated the building in 2016. That move reduced occupancy to below 30% and led to the property entering special servicing on its mortgage at that time.
Leasing momentum since that period has increased the tenant roster and occupancy levels. Existing tenants at the building are reported to have in-place rents that average about 10% below current market rates. The average remaining lease term at the property is 6.6 years, indicating a relatively long weighted-average lease duration for the office tower.
Recent leasing activity includes commitments from multiple tenants. CBX Solutions has signed for more than 50,000 square feet at One West Fourth, representing one of the larger leases in the building. In addition, Cook & Boardman has executed a lease for 40,000 square feet. These signings contribute to the current occupancy level and help support the building’s income profile.
The offering of One West Fourth comes as the property transitions from a period of significantly reduced occupancy and prior special servicing to a more stabilized position. The combination of improved leasing, remaining vacancy, and in-place rents that are below market sets the context for investors evaluating the asset’s current performance and future potential. With JLL overseeing the marketing process, prospective buyers will assess the property based on its existing tenant base, amenity package, and lease term structure, along with the historical performance outlined in past reporting.
