New England Investment Properties recently acquired the 121 W. Trade Street building in Charlotte for $32 million, according to reports from the Charlotte Business Journal. This is a significant decrease from 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 tower, which spans over 342,000 square feet and was built in 1990, sits on a .42-acre parcel at the intersection of Trade and Tryon streets. CBRE’s Patric Gildea, Matt Smith and Robert Hardaway represented Lincoln during this recent transaction.
Currently, approximately two-thirds of the building’s space is leased out to various tenants. In 2017, renovations were completed that updated the lobby area as well as common corridors and restrooms throughout the building. A new tenant hub was also added that includes conference rooms and meeting spaces for both formal and informal gatherings along with a training room capable of accommodating up to fifty people.
One notable long-term tenant at this location is The Charlotte City Club which has occupied floors thirty-one through thirty-two since its opening back in 1990.
