Legacy Union (former Charlotte Observer redevelopment)

[atlrvr]

After looking at that pic above (which seems to be from 526 S Church property) I would think Lincoln Harris would be a really strong bidder for the Duke building.  It would help market the Stonewall frontage to development partners, if the could show a vision on what they are planning to replace they ugly concrete wall with.

[Guest]

10 minutes ago, atlrvr said:

After looking at that pic above (which seems to be from 526 S Church property) I would think Lincoln Harris would be a really strong bidder for the Duke building.  It would help market the Stonewall frontage to development partners, if the could show a vision on what they are planning to replace they ugly concrete wall with.

I feel the same way. I could also see the duke energy parking deck being part of the conversation too.

Edited December 11, 2018 by Guest

[KJHburg]

2 hours ago, navigator319 said:

Harris seems to think Uptown has a lack of office space in these quotes.  I'm glad he does as it means we will get more.  I'm just curious though as to why he thinks this. 

I have been a little worried for some time Uptown has some BIG chunks of space available to fill and some if it been around a while. 

• 300 Brevard - Empty LONG time - Yes finally Lending tree may take it - Huge if they do and this is off market
• Bearings building has what looks like 7-10 empty floors when its light up at night
• Charlotte School of Law space in Grant Thorton building
• Old Ally Center when Ally leaves
• DFA in 5/3 when they move into new Southend building
• Remaining in Legacy 1
• Remaining in Legacy 2
• 300 South Tryon when Duke leaves

Seems like a lot of space to be absorbed to me, no?

 

 

From the rumors it does look like Lendingtree will be filling up the 300 South Brevard and that is the largest block of space available in uptown right now.  It is perfect for them branding rights, higher visibility, ease of transit (they can buy transit monthly passes for their Ballantyne employees) etc.  Anyway that is the largest block available.

Barings 300 South Tryon I think is over 80 maybe 90% leased.  Barings does have some unused floors I think for future growth but there is a no large vacancy here.

Charlotte School of Law in the Charlotte Plaza is being slowly absorbed.  I think that new medical group is taking one of their floors and some others.

Ally Bank is consolidating space from uptown, southpark and ballantyne and that is still a few years off.  I think they will leave 200K space or so in the existing Ally Center.

Dimensional Funds leases like 2 floors in 5/3 about 40K of space and so they are expanding big time into their new 200K plus building.

Legacy 1 and 2.  There will be some more announcements for both buildings are they get closer to completion.  A lot of companies want to be near BofA for obvious reasons. 

400 South Tryon when Duke leaves.  This is a class B building an older building and I expect this will be a value play i.e. cheaper offices for those wanted to be in the uptown market.  Almost like the First Citizens Bank building (but that was class A space) attracted a lot of tech tenants and of course 120,xxx sq ft from WeWork.   

There will be some shuffling around for sure but the overall vacancy uptown right now is around 10% which is almost equilibrium and the Class AA buildings newer ones it is even less.   Wells is growing into more space at Duke Energy Center and they might stop renewing leases in that building that they own and push those tenants out like BofA did at the corporate center.  

Overall with uptown's overall popularity and great tenant mix I don't see the vacancy going way up since these buildings are all staggered in completion times.

[lancer22]

12 minutes ago, KJHburg said:

From the rumors it does look like Lendingtree will be filling up the 300 South Brevard and that is the largest block of space available in uptown right now.  It is perfect for them branding rights, higher visibility, ease of transit (they can buy transit monthly passes for their Ballantyne employees) etc.  Anyway that is the largest block available.

Barings 300 South Tryon I think is over 80 maybe 90% leased.  Barings does have some unused floors I think for future growth but there is a no large vacancy here.

Charlotte School of Law in the Charlotte Plaza is being slowly absorbed.  I think that new medical group is taking one of their floors and some others.

Ally Bank is consolidating space from uptown, southpark and ballantyne and that is still a few years off.  I think they will leave 200K space or so in the existing Ally Center.

Dimensional Funds leases like 2 floors in 5/3 about 40K of space and so they are expanding big time into their new 200K plus building.

Legacy 1 and 2.  There will be some more announcements for both buildings are they get closer to completion.  A lot of companies want to be near BofA for obvious reasons. 

400 South Tryon when Duke leaves.  This is a class B building an older building and I expect this will be a value play i.e. cheaper offices for those wanted to be in the uptown market.  Almost like the First Citizens Bank building (but that was class A space) attracted a lot of tech tenants and of course 120,xxx sq ft from WeWork.   

There will be some shuffling around for sure but the overall vacancy uptown right now is around 10% which is almost equilibrium and the Class AA buildings newer ones it is even less.   Wells is growing into more space at Duke Energy Center and they might stop renewing leases in that building that they own and push those tenants out like BofA did at the corporate center.  

Overall with uptown's overall popularity and great tenant mix I don't see the vacancy going way up since these buildings are all staggered in completion times.

This is exactly right. The story of Uptown leasing is a flight to quality. Given popularity of open office concepts, users can cram more and more people into a given amount of space. Might as well do so in a nice building. Believe it or not, the nominal rent cost can be pretty similar. For example - Option A) new class A building 25,000 sf and 200 sf / employee density =  125 employees. At $40/sf rents that's $1,000,000 in annual costs or $8,000/employee. Option B) old class B building with outdated layout 34,375 sf and 275 sf / employee density = 125 employees. At $30 rents that's $1,031,250 in annual costs or $8,250/employee.

 

[Guest]

1 hour ago, KJHburg said:

From the rumors it does look like Lendingtree will be filling up the 300 South Brevard and that is the largest block of space available in uptown right now.  It is perfect for them branding rights, higher visibility, ease of transit (they can buy transit monthly passes for their Ballantyne employees) etc.  Anyway that is the largest block available.

Barings 300 South Tryon I think is over 80 maybe 90% leased.  Barings does have some unused floors I think for future growth but there is a no large vacancy here.

Charlotte School of Law in the Charlotte Plaza is being slowly absorbed.  I think that new medical group is taking one of their floors and some others.

Ally Bank is consolidating space from uptown, southpark and ballantyne and that is still a few years off.  I think they will leave 200K space or so in the existing Ally Center.

Dimensional Funds leases like 2 floors in 5/3 about 40K of space and so they are expanding big time into their new 200K plus building.

Legacy 1 and 2.  There will be some more announcements for both buildings are they get closer to completion.  A lot of companies want to be near BofA for obvious reasons. 

400 South Tryon when Duke leaves.  This is a class B building an older building and I expect this will be a value play i.e. cheaper offices for those wanted to be in the uptown market.  Almost like the First Citizens Bank building (but that was class A space) attracted a lot of tech tenants and of course 120,xxx sq ft from WeWork.   

There will be some shuffling around for sure but the overall vacancy uptown right now is around 10% which is almost equilibrium and the Class AA buildings newer ones it is even less.   Wells is growing into more space at Duke Energy Center and they might stop renewing leases in that building that they own and push those tenants out like BofA did at the corporate center.  

Overall with uptown's overall popularity and great tenant mix I don't see the vacancy going way up since these buildings are all staggered in completion times.

I'm pretty sure Ally is completely leased, same with 300 South. 

[Missmylab4]

I’ve heard the same as RDF.

[KJHburg]

11 minutes ago, Missmylab4 said:

I’ve heard the same as RDF.

I stand corrected as  I knew last time I heard Barings 300 South Tryon was getting close and Ally Tryon Place was like 85% that is great.  There is a huge flight to quality newer buildings as noted above.  It is interesting that people are leasing the top floors first now days and that is a change where the banks developed building and took the lower floors. Now everyone is racing to the top floors which if KJ Enterprises were in the market for space I would only consider floors at the top LOL better views of course. 

[Guest]

ALERT: PYRAMID HAS BEGUN

[DMann]

Sounds like a scheme to me!

 

[Scribe]

Yup, look on the left corner... (the proportions might work out just fine, but we shall see)

[xx_.ajj]

This is fabulous! Even though this isn't my favorite building, i'm still excited for Charlotte!

[KJHburg]

You can hate on this project as much you want but I LOVE it.  And a bonus photo of @ricky_davis_fan_21 favorite new huge garage!  Charlotte Rising.  Today. 

Like it for the height, the size, the classical design etc.  Plus put Legacy 1 in Nashville and you have the tallest building in the state! 

Last photo shows the 6 cranes on 3 blocks. 

[Guest]

5 minutes ago, KJHburg said:

  Plus put Legacy 1 in Nashville and you have the tallest building in the state! 

Anytime you can bump raleigh further down the top 10 tallest buildings in the state, I'm game. Just wish it was a little less stinky, and made my eyes water less when I cut into it. #LegacyOnion

Edited December 12, 2018 by Guest

[KJHburg]

7 minutes ago, ricky_davis_fan_21 said:

Anytime you can bump raleigh further down the top 10 tallest buildings in the state, I'm game. Just wish it was a little less stinky, and made my eyes water less when I cut into it. #LegacyOnion

One thing we can both agree on neither of us much likes the official name Legacy Union.    

[TheOneRJ]

39 minutes ago, ricky_davis_fan_21 said:

Anytime you can bump raleigh further down the top 10 tallest buildings in the state, I'm game. Just wish it was a little less stinky, and made my eyes water less when I cut into it. #LegacyOnion

Just realized Charlotte occupies 9/10 of the tallest buildings in the state, including the entire top 5. 

[Guest]

8 minutes ago, TheOneRJ said:

Just realized Charlotte occupies 9/10 of the tallest buildings in the state, including the entire top 5. 

Yep, and Duke + Legacy Union pushes Raleigh to 9. Sadly I think it'll be a while before anything else of consequence is announced after that.

[KJHburg]

The BOAT at Legacy would be the tallest building in Tennessee #fact

[elrodvt]

It's A Legacy all right -  of a lack of community review & input and a failure of our leadership to establish design goals. I understand how complex establishing a new city wide plan is. But with all the activity downtown why couldn't that planning piece been broken out before it is too late to build anything the people who live in downtown can appreciate????

I just don't get this fascination with height. Who cares how many 200' foot buildings there are? To each his own...

[Dale]

15 minutes ago, KJHburg said:

The BOAT at Legacy would be the tallest building in Tennessee #fact

And the ugliest. 

*runs away*

[Scribe]

1 minute ago, Dale said:

And the ugliest. 

Seriously though, there are much uglier buildings out there!

[QCxpat]

2 minutes ago, KJHburg said:

The BOAT at Legacy would be the tallest building in Tennessee #fact

Tallest buildings in Charlotte

(1)  Bank of America Corporate Center, 871 ft. / 265.5 m., 60 floors

(2) Duke Energy Center, 786 ft. / 239.7 m., 48 floors

(3) Hearst Tower, 659 ft. / 200.8 m., 47 floors

(4) Legacy Union 1, 632 ft. / 188 m., 33 floors (under construction)

All 4  of the above buildings in Charlotte are taller than the tallest building in the State of Tennessee

(1) AT&T Building in Nashville, 617 ft. / 188 m., 33 floors

Links:

(1) https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_Nashville

(2) https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_Charlotte,_North_Carolina

[Dale]

11 minutes ago, Scribe said:

Seriously though, there are much uglier buildings out there!

True, but none more of a letdown. And since Tennessee was referenced, we have the roads, highways, light rail on Nashville, but Nashville is killing us on design this cycle.

Edited December 12, 2018 by Dale

[Synopsis101]

Slightly old picture.

 

[jednc]

1 hour ago, QCxpat said:

Tallest buildings in Charlotte

(1)  Bank of America Corporate Center, 871 ft. / 265.5 m., 60 floors

(2) Duke Energy Center, 786 ft. / 239.7 m., 48 floors

(3) Hearst Tower, 659 ft. / 200.8 m., 47 floors

(4) Legacy Union 1, 632 ft. / 188 m., 33 floors (under construction)

All 4  of the above buildings in Charlotte are taller than the tallest building in the State of Tennessee

(1) AT&T Building in Nashville, 617 ft. / 188 m., 33 floors

Links:

(1) https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_Nashville

(2) https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_Charlotte,_North_Carolina

I wish your Legacy Union height was correct...although if it were I think some of these people would be rioting in the streets if this design was going to be Charlotte's new tallest by a factor of almost 2!

[videtur quam contuor]

Legacy Union 1 comma space 632 feet.