Dilweg Purchases 121 West Trade in Uptown Charlotte
DURHAM N.C. (Sept. 30, 2013) The Dilweg Companies, a commercial real estate investment and management firm based in Durham, has purchased 121 West Trade, formerly known as the Interstate Tower, in the heart of Uptown Charlotte for $59.6 million.
121 West Trade is a 32-story class A office building located on “The Square” at Trade and Tryon streets, Charlotte’s signature intersection. The property totals nearly 330,000 square feet and has a 267-space parking deck. Currently more than 72 percent occupied, the building’s major tenants include the Charlotte City Club, an exclusive dining/meeting club, as well as CB&I, Faison Enterprises, and SAS.
“We are very pleased to acquire this iconic building and to have a presence right in the heart of Charlotte’s central business district,” said Anthony Dilweg, CEO of the Dilweg Companies. “This is our largest acquisition to date, and we are excited about the opportunity to reposition this landmark office property and add to its value.”
121 West Trade is a true Charlotte landmark situated in a prime business location. Constructed in 1990 and designed by renowned New York architectural firm Kohn, Pederson and Fox, the building retains a distinctive uptown presence with an exterior fashioned from elaborate limestone, granite and marble. Its sophisticated two-story lobby is reminiscent of classic 1930’s art-deco designs with black, green, and white marble accented by brass trim.
“With a vacancy rate of 8.3 percent that declined 2.3 percent last year, Uptown Charlotte’s office market offers strong supply and demand fundamentals,” said Michael J. Smith, president and CEO of Charlotte Center City Partners. “We are pleased to welcome Dilweg back to the community of property owners in our Uptown. The Interstate Tower is a signature building at our city’s 100% intersection at Trade and Tryon.”
The purchase of 121 West Trade will add significantly to The Dilweg Companies’ Charlotte holdings. The firm currently owns three office buildings in Charlotte including SouthPark Center which was purchased in June 2013 and Park Abbey, located in the Park Road submarket.
In the last 15 months, the Dilweg Companies has also purchased several properties in the Raleigh-Durham market as well as four class A office buildings in the greater Atlanta area.
Ryan Clutter and Patrick Gildea of CBRE represented the seller.
About The Dilweg Companies: The Dilweg Companies is a full-service commercial real estate firm based in Durham, North Carolina. Since its launch in 1997, Dilweg has gained broad experience in the acquisition, development and operation of office, retail warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $575 million in asset value and more than 6.5 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 402-9100 or go to www.dilweg.com.