Dilweg Sells 121 West Trade in Uptown Charlotte
DURHAM, N.C. (Dec. 15, 2015) The Dilweg Companies, a commercial real estate investment and management firm based in Durham, today announced the sale of 121 West Trade, a 330,000 square-foot Class A office building located in Uptown Charlotte. Dilweg acquired the property in 2013 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 74 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 have seen a recent surge of leasing activity at the building, underscoring the vibrancy of the Uptown market, and we felt this was a good time to exit this trophy asset,” said Anthony Dilweg, CEO of the Dilweg Companies. “At the time, it was our largest office acquisition ever. We are happy to have been a part of this iconic building and to realize significant returns for our investors.”
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.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.
“The market aggressively pursued 121 West Trade Street as buyers realized the building’s potential to harness very strong rents in the future,” said Clutter. “121 West Trade Street’s irreplaceable location at Trade and Tryon Street, in the center of downtown Charlotte, position the building very favorably with new and existing tenants as this asset is poised to outperform for its new owner for many years to come.”
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina. Since its launch in 1999, 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 $890 million in assets and more than 9 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 313-3483 or go to www.dilweg.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a North Carolina licensed real estate broker.