Legacy Union (former Charlotte Observer redevelopment)

[Guest]

Just now, Dale said:

Translation: Tryon Place being the huge parking lot.

Lets hope Anchor Tenant Possibility #2 (at the least) didn't fall through for our friends at Crescent. 

 

[KJHburg]

600 S Tryon would be at the corner like RDF said at Mint and S Tryon. Just as the world financial center in lower manhattan had multiple financial anchors maybe this project could too. The new Charlotte Financial Centre what about that name LOL. As for parking garages uptown they will be around are you kidding? all the office locations would go to the suburbs or worse out of town. 

Edited May 10, 2017 by KJHburg

[Dale]

4 minutes ago, ricky_davis_fan_21 said:

Lets hope Anchor Tenant Possibility #2 (at the least) didn't fall through for our friends at Crescent. 

 

Might the recent utilities application be an indication that something stuck ?

 

[Guest]

Just now, Dale said:

Might the recent utilities application be an indication that something stuck ?

 

I think something stuck 2 months ago. I just can't by any sort of reasoning understand anyones veil of secrecy on these matters. PR is PR. Get some info out.

[Dale]

4 minutes ago, ricky_davis_fan_21 said:

I think something stuck 2 months ago. I just can't by any sort of reasoning understand anyones veil of secrecy on these matters. PR is PR. Get some info out.

I can't stand the build-up. This was supposed to have been the first domino to fall, Uptown's "transformative project."

[Guest]

6 minutes ago, Dale said:

I can't stand the build-up. This was supposed to have been the first domino to fall, Uptown's "transformative project."

Well the there is a reason for the build up. I'm 90% sure they had a anchor for at least 60% of the space in their wings from the beginning and it fell through. So they came out with a PR/Web campaign to lease out the rest, and spent a couple million bux on design and marketing. They found out quickly, because they are honestly pretty green when it comes to Commercial, that they needed to wait a while to go so hard at marketing. Unlike their bread and butter, multifamily, commercial doesn't warrant the full on blitz we got from a PR perspective. I know they were touting their Live Work Play aspirations, but you look toward Lincoln Harris, who hasn't said one single thing and arrived with a majority lease.

I also can't stand the build up.

Here is my guess with this second tower. I came to this conclusion with @Jayvee

1) four floors of 48k floor plates seem inefficient for Office. I think at least 2-4 of these will be retail only. Maybe a Columbus Circle or Pacific Place type mall. This means 96-192k of retail. (Commercial can mean a lot in listings... ) 

2) the next 12 floors is 30k per floor, much more efficent, centered toward the corner of Stonewall and Tryon. 
 

Edited May 10, 2017 by Guest

[KJHburg]

Bank of America likes to be in its own buildings now a change from the past. Look at them pushing other tenants out of the Corporate Center and 1 BAC. I would say BofA is taking all of the tower now just my speculation or majority of it with just a few other tenants maybe some law firms. US Bank has now what 150K of space in Hearst Plaza and 200 S Tryon (I know 44K there) and they seems to rapidly growing. What not a better way to attract more talent with your own branded building in the new hot spot of development of Charlotte even it is only 16 stories. Maybe the larger floors toward the bottom are trading floors since that is one of their Charlotte functions. 

[Vitamin_N]

13 hours ago, KJHburg said:

Bank of America likes to be in its own buildings now a change from the past. Look at them pushing other tenants out of the Corporate Center and 1 BAC. I would say BofA is taking all of the tower now just my speculation or majority of it with just a few other tenants maybe some law firms. US Bank has now what 150K of space in Hearst Plaza and 200 S Tryon (I know 44K there) and they seems to rapidly growing. What not a better way to attract more talent with your own branded building in the new hot spot of development of Charlotte even it is only 16 stories. Maybe the larger floors toward the bottom are trading floors since that is one of their Charlotte functions. 

Does B of A still have much trading activity here? The trading floor in the Hearst building was mostly cleared out in the wake of the recession. I used to be on a floor overlooking it, though I left there in 2011 so things may have changed since then for all I know.

[atlrvr]

^^^  I think he is referred to US Bank occupying the new smaller tower and using the lower large floor plates for trading since US Bank does have trading desks in Charlotte, in the Hearst Tower....Conceptually it makes sense, as both Hearst and Duke Energy were built with large lower floors for BofA and Wachovia trading desks....I'm just not sure how big USB plans on growing that (it's very small compared to other large banks).

They also have investment banking/capital markets in Charlotte that often also occupy large floor plates at most firms....that is a bigger group than trading for USB.

I'm going to perpetuate a totally unsubstantiated rumor, but highly suspect US Bank will be the tenant.

[Guest]

^^^  I think he is referred to US Bank occupying the new smaller tower and using the lower large floor plates for trading since US Bank does have trading desks in Charlotte, in the Hearst Tower....Conceptually it makes sense, as both Hearst and Duke Energy were built with large lower floors for BofA and Wachovia trading desks....I'm just not sure how big USB plans on growing that (it's very small compared to other large banks).
They also have investment banking/capital markets in Charlotte that often also occupy large floor plates at most firms....that is a bigger group than trading for USB.
I'm going to perpetuate a totally unsubstantiated rumor, but highly suspect US Bank will be the tenant.

The question is how long is the lease on their new expansion? Last I heard US Bank and Ally are both up in 2019-20. Enough time for both 600 S. Tryon and 601 South Tryon to be built. Ally has divisions spread out between uptown, SouthPark and they bought a company in ballantyne last year and could easily anchor 601 South Tryon. I'd think US Bank would be good for 250k+ at 600 South Tryon.


Sent from my iPhone using Tapatalk

[atlrvr]

All US Bank leases are set to expire in 2019 I believe...even the newly signed lease (that wasn't that newly signed, as I posted it months ago) has a 2019 expy.

[Guest]

4 minutes ago, atlrvr said:

All US Bank leases are set to expire in 2019 I believe...even the newly signed lease (that wasn't that newly signed, as I posted it months ago) has a 2019 expy.

Did anyone ever manage to dig up any information on the RFP in SouthEnd?? I had speculated that'd be US Bank.
Theres is also still a rumored Furman Office Building at West and the Light Rail too.

Edited May 11, 2017 by Guest

[Prodev]

Its not. Its FinTech.

[Guest]

4 minutes ago, Prodev said:

Its not. Its FinTech.

The RFP is for a FinTech firm?

[J-Rob]

Is this second tower completing killing Tryon Place, or do any of you have suspicions that Tryon Place is targeting anchor tenants separate from US Bank/Ally?

[Guest]

14 minutes ago, J-Rob said:

Is this second tower completing killing Tryon Place, or do any of you have suspicions that Tryon Place is targeting anchor tenants separate from US Bank/Ally?

See my previous post. 601 S. Tryon is Tryon Place. I think logical choices are Ally to a redesigned Financially driven TP, US Bank to Lincoln Harris #2 in all of its likely PoMo Glory.
Ally has been consolidating all of its suburban outposts in Detroit into downtown Detroit. I'd expect them to do the same in Charlotte, they are busting at the seams uptown, and they signed a 10 year lease as GMAC in April of 2009. They put a big ass purple sign on top of 440 S. Church, and I'd expect them to do the same at 601 S. Tryon. Hope we are right with this speculation.

Also of note: Crescent reads this, and so does Trinity Parters (Ally Center) so everyone say "Hi Trinity Capital" and "Hi Crescent"

Edited May 11, 2017 by Guest

[J-Rob]

I got ya!  The addresses were throwing me off.  Thanks.

[grodney]

Today:

 

[GeauxCLT]

17 hours ago, mpretori said:

Why doesn't LH raise their current tower? Is the spec so huge that it requires another mid-rise? 

I doubt B of A would want a tower they lease to eclipse their corporate center. 

[KJHburg]

Not sure when US Bank's lease runs out at least at Hearst Plaza as this article says they extended to 2026. It sounds like they have 81,xxx sq ft in Hearst and 44K in 200 South Tryon.  I was referring to US Bank's trading operation but many financial firms like those big floorplates for certain departments as someone noted. http://www.bizjournals.com/charlotte/blog/real_estate/2015/02/how-one-tenant-influenced-parkways-decision-to.html

In terms of Ally they have 4 office locations in Charlotte in Toringdon office park near Ballantyne, their TradeKing operation they purchased in Ballantyne, the Esplanade Bldg in SouthPark and of course Ally Center downtown. With most if not all of their top execs based in Charlotte not sure why they wouldn't move their HQ here as our corporate tax rate is much lower and unlike Detroit Charlotte does not have a city income tax. Plus we have such a larger pool of bankers here and the obvious other differences betwen Detroit and Charlotte. They would be a huge anchor tenant if they consolidated their space in 1 building. 

[Desert Power]

14 hours ago, Vitamin_N said:

Does B of A still have much trading activity here? The trading floor in the Hearst building was mostly cleared out in the wake of the recession. I used to be on a floor overlooking it, though I left there in 2011 so things may have changed since then for all I know.

No, not really.  There is a trading floor above Founders Hall, but it is Treasury

[Guest]

I talked to someone close to LH and they confirmed the building as well. That said, it's not a done deal. It's what's called a phantom listing, they are putting it out there solely to gauge interest. This tells me there is significant amounts of interest, and confirms that BofA is taking significantly more than the 550k that's been reported. I think this also bodes well for Tryon Place, I doubt someone would go through the trouble of pitching another building if others were failing. As I've said before, I think Tryon Place has a majority lease lined up, I just don't know why they haven't started relocating utilities.


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Edited May 12, 2017 by Guest

[Guest]

Quote

Move the level 27 terraces to level 28 - revise framing at L24 thru L35 Rotate level 33 terraces 90 degrees to the east and west sides - revise framing from L33 thru L35 Adjust sheet names and numbers to accommodate building changes Remove select CMU walls and beams on some sides of elevators – affects all tower levels Revise small terrace framing as required for ponding loads as scupper replaced overflow drain Revise wind screen framing to mount to inside face of concrete parapet wall Update window washing davit detail and design Add new shaft openings thru all podium levels up to roof above for tenant generator Add L4 opening in tower south bay

I'm not a engineer, civil engineer or a architect so I'll rely on someone like @tozmervo @archiham04 @EngineerCLT or @49er. This sounds like a height increase to me, if they are adding another elevator shaft, and revising the framing up to L35 to accomodate building changes. 

[Dale]

19 minutes ago, ricky_davis_fan_21 said:

I'm not a engineer, civil engineer or a architect so I'll rely on someone like @tozmervo @archiham04 @EngineerCLT or @49er. This sounds like a height increase to me, if they are adding another elevator shaft, and revising the framing up to L35 to accomodate building changes. 

And I'm assuming they can engineer a modest height increase even after construction has commenced ?

[Guest]

10 minutes ago, Dale said:

And I'm assuming they can engineer a modest height increase even after construction has commenced ?

with an additional shaft holding two elevators I'd think they could accomodate another 4-5 floors at the 1 standard cab per 45,000 sq.ft gross floor area rule of thumb.