Raleigh firm buys downtown tower, South End site for $230m
A Raleigh-based real estate investment firm has agreed to buy a prominent building in the city center as well as a site in the South End that could bring more offices and apartments.
Highwoods Properties is expected to strike a deal this summer to buy 650 South Tryon from Legacy Union with an investment of $203 million, according to a company press release. The 18-story, 367,000 square foot glass tower is anchored by Deloitte. It sits on South Tryon Street next to the 33-story Bank of America Tower, which is also owned by Highwoods.
The company’s investment in 650 South Tryon includes nearly $4 million in planned rental spending “to stabilize the property,” according to a Highwoods press release.
Highwoods will also purchase 1426 South Tryon St. in the South End for $27 million, where a mixed-use development is planned. The site is approximately 1.3 acres, according to Mecklenburg County property records.
The site currently houses a low-rise building totaling 24,000 square feet, Highwoods said in a press release. It includes various tenants on short-term leases. An ABC store is currently on site.
A mixed-use development is planned for 1426 South Tryon St., according to Highwoods. Plans include 300,000 square feet of office space as well as 250 apartments.
Highwoods owns, manages and develops properties around Charlotte, Atlanta, Nashville, Orlando, Tampa, Pittsburgh, Richmond and Raleigh.