New England Investment Properties recently acquired the 121 W. Trade Street building in Charlotte for $32 million, according to a report by the Charlotte Business Journal. This is significantly less than its previous sale price of $71.6 million in 2015 when it was purchased by Lincoln Property Co. on behalf of a pension fund client.
The transaction was facilitated by CBRE’s Patric Gildea, Matt Smith and Robert Hardaway who represented Lincoln.
Built in 1990, the tower spans over 342,162 square feet and is situated on a .42-acre parcel at the intersection of Trade and Tryon streets. Currently, approximately two-thirds (66%) of its space has been leased out.
In 2017, renovations were completed at 121 W.Trade which included updates to the lobby area as well as common corridors and restrooms. Additionally,a new tenant hub was added featuring conference rooms,multiple meeting spaces,and even a training room that can accommodate up to fifty people.A tenant lounge was also created during this renovation process.
For nearly three decades,the building has served as home base for The Charlotte City Club which occupies floors thirty-one through thirty-two since its opening back in ’90s.
