**Charlotte’s 400 South Tryon Hits Auction Block at Steep Discount**
The 32-story office tower at 400 South Tryon in Charlotte is now up for auction, but interest has been limited. The building has received just one offer so far—$36 million—far below its most recent appraised value of $115.3 million. The current bid represents less than a third of what the property was deemed worth during the county’s latest property assessment.
The offer on the 50-year-old tower came from Citizens Bank and Synovus Bank, the lenders who foreclosed on the property in December. The previous owners, Oaktree Capital and Trinity Capital, defaulted on a $93.5 million loan they secured in 2018 to acquire the building for $113.5 million.
Following the foreclosure, Citizens Bank and Synovus Bank pursued legal action against the owners. Industry sources estimate the building’s current occupancy rate at approximately 25%, adding to its challenges in the current office market landscape.
Lewis Taulbee of JLL has been appointed as a limited receiver, tasked with managing day-to-day operations of the property and overseeing the foreclosure process.
With such a significant gap between the offer and the building’s prior valuation, stakeholders are closely watching how the auction plays out and what it signals for the broader Charlotte office market.
