**Charlotte’s 400 South Tryon Office Tower Heads to Auction Amid Foreclosure**
The 32-story office tower at 400 South Tryon in Charlotte is currently up for auction, with only a single bid received so far—coming in at $36 million. This figure is less than a third of the building’s assessed value of $115.3 million during the county’s most recent property assessment.
According to the Charlotte Business Journal, the initial offer was submitted by Citizens Bank and Synovus Bank, both of which foreclosed on the property in December 2023. The previous owners, Oaktree Capital and Trinity Capital, owed $93.5 million on a loan they used to acquire the property in 2018, when the tower was purchased for $113.5 million.
The foreclosure was triggered after the banks filed a lawsuit against the owners. Currently, the occupancy rate at the property stands at an estimated 25%, highlighting the ongoing struggles within the office real estate market.
Lewis Taulbee of JLL has been appointed as a limited receiver, responsible for managing the building and overseeing the foreclosure process. The outcome of the auction will be closely monitored as stakeholders evaluate next steps for the iconic 50-year-old tower.
