Chamber Building on 330 South Tryon Street in Charlotte Trades Hands for $29.9 Million

CBRE has executed the sale of the Chamber Building, a 65,444-sq.-ft. five-story office asset located in Charlotte’s urban core at 330 South Tryon Street. The property was fully renovated in 2015 and includes a garage component which spans over one-half acre with the potential for further vertical development adjacent to the office building. Ferncroft Capital acquired the property for $29.9 million.

CBRE’s Patrick Gildea, Matt Smith, and Grayson Hawkins represented the seller, Grubb Properties, in the transaction.

“Jewel-box office buildings like 330 South Tryon are becoming increasingly more appealing to investors given the high intrinsic value of the site, and limited risk associated with backfilling properties that appeal to smaller and mid-sized tenants,” said Mr. Gildea, executive vice president at CBRE.

The Chamber Building is within close walking distance to restaurants, retail, greenspace, entertainment, and public transportation in Charlotte’s CBD. The property is currently home to the Charlotte Chamber of Commerce, Perkins & Will, Compass Bank, Famous Toastery, and Progressive AE, among other tenants.

According to CBRE’s 2019 Southeast U.S. Real Estate Market Outlook Report, Charlotte’s strong market conditions have produced increased investment sales activity, particularly in the premier submarkets of SouthPark, the CBD and Midtown. As competition for assets in primary markets gets hotter, investors are seeking out assets in secondary markets like Charlotte where higher returns are possible. The influx of new ownership entities into the market helps provide proof-of-concept for investors that have not yet entered the market. Consequently, more capital will continue to flow into Charlotte, resulting in a larger and more diverse buyer pool.