101 North Tryon, a 20-story North Carolina office tower has been sold to a Crescent Communities and Nuveen Real Estate joint venture.

The joint venture has acquired the office tower located in the heart of Charlotte’s central business district from Barings and LRC Properties for an undisclosed sum.

Barings and LRC bought the building in 2015, reportedly for around $108m (€94m).

The 546,878sqft building, built in 1983 and renovated most recently in 2018, is 81% leased. Major tenants include Robinson Bradshaw, Bank of America, Levvel, Northeastern University and Sunlight Financial.

Crescent Communities and Nuveen Real Estate have awarded the leasing of 101 North Tryon to Barry Fabyan and Charley Leavitt of JLL.

Brian Leary, president of the commercial and mixed-use business for Crescent Communities, said: “Whether it is the renovation of Polk Park across the street, the extension of the Gold Line Streetcar down Trade Street or the rehabilitation of the Carolina Theater on Tryon Street, 101 North Tryon Street is surrounded by hundreds of millions of dollars of public and private development currently underway.”

Sagar Rathie, vice president with the commercial and mixed-use business for Crescent Communities, said: “We see this unique asset as an opportunity to create a technology-focused commercial community tailor-made for the best and brightest driving innovation in the Queen City.”

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