Charlotte, NC (September 1, 2015) – CBRE’s Charlotte,
NC, and Atlanta, GA, offices have finalized the sale of AT&T Plaza in
Charlotte, NC. CBRE’s Will Yowell, Patrick Gildea and Jay O’Meara led the sale
on behalf of the sellers, Childress Klein and Norfolk Southern Corporation. The
property, located at 300 S. Brevard Street, sold to Dallas, Texas-based Stream
Realty Partners for $45.5 million on August 20, 2015.
AT&T Plaza, a 355,300-square-foot office
tower in Charlotte’s Central Business District, is considered a Class-A premier
office asset in Charlotte’s top-performing office submarket. The anchor tenant,
AT&T, is vacating the property as part of a corporate initiative to reduce
its national footprint. The building, which will soon offer the largest
existing block of contiguous office space in Charlotte, provides large and
efficient floor plates, direct access to the LYNX light rail and proximity to
numerous nearby amenities.
Hal Kempson and Compie Newman with CBRE’s Debt
and Structured Finance sourced acquisition financing on behalf of Stream Realty
through Citizens Bank. The loan features an acquisition facility as well as a
revolving line for tenant improvements, leasing commissions and capital
expenditures. With a 60-month term and a spread over LIBOR, the loan will
facilitate the renovation and re-tenanting of the building.
”The market for AT&T Plaza was highly
competitive as investors clamored over the rare opportunity to purchase a
vacant building in one of the strongest performing submarkets in the southeastern
United States,” noted CBRE’s Will Yowell.
“This is an exciting opportunity to effectively
introduce this building “for lease” to the Charlotte market for the first time
in its existence. We are enthusiastic about the future of AT&T Plaza,”
commented Patrick Gildea.
About CBRE Group,
Inc. CBRE Group, Inc. (NYSE:CBG), a
Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services and investment firm (in terms
of 2014 revenue). The Company has more than 52,000 employees (excluding
affiliates), and serves real estate owners, investors and occupiers through
more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic
advice and execution for property sales and leasing; corporate services;
property, facilities and project management; mortgage banking; appraisal and
valuation; development services; investment management; and research and
consulting. Please visit our website at www.cbre.com.