Search the Community

DEVELOPMENT Development BB&T office tower in uptown Charlotte sold for $115 million to a New York firm BY DANIELLE CHEMTOB JANUARY 20, 2021 02:15 PM, UPDATED 41 MINUTES AGO The BB&T Center in uptown Charlotte sold for $115 million to a New York company, Mecklenburg County property records show. The sale included the 22-story office tower and the parking garage next door, according to a Tuesday release from JLL Capital Markets, which brokered the sale. The center, which was built in 1977, was sold to an entity called BB&T Properties LLC, based in New York. JLL’s release declined to name the buyer. Read more here: https://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article248637945.html?ac_cid=DM368298&ac_bid=-799966545#storylink=cpy ~~~~~~~~~~~~~~~~~~~~ If this ain't a canary in a coal mine, I don't know what is. This building sold for $117 million in 2007, $149 million in 2017, and now $115 million. Nobody seems to be willing to accept the fact that "Uptown" Charlotte is overbuilt, especially in the office and hotel sectors. The Class B buildings (including the subject property, and several other towers built in the '60s/'70s) are going to take it on the chin as their tenants are given deep rental discounts and lease concessions by the landlords of the new buildings.

From the city's development tracker.. As promised...