110 East: 23 story Tower by Stiles/Shorenstein

[KulBC]

From Friday, South Blvd. at East

[QCxpat]

Today 8:00 a.m. - 110 East, 23-story office tower, height: 305 ft. / 92.9 m.

Edited February 21 by QCxpat

[Guest]

Open for business!

 

[KJHburg]

My photos and it seems we all walked by today. 

[DJ8hep]

5 hours ago, KJHburg said:

My photos and it seems we all walked by today. 

We did! Haha

[jordan704]

[Norm2]

2 hours ago, jordan704 said:

I need more Charvegas in my life. Glad to see that South End is getting more color at night 

[DJ8hep]

Definitely looking like it’s almost ready for opening!

Edited March 5 by DJ8hep

[QCxpat]

Today 8:30 a.m.  -  110 East, 23-story office tower, height: 305 ft./92.9 m.

Edited March 12 by QCxpat

[videtur quam contuor]

I say again that this building looks more like the rendering than any similar structure recently. Good thing since it is at such a prime location with open view from all sides. It minimizes the "building on stilts" look that cheapens many such structures.

(I worked at Independence High School and I once had a student who was a professional stilt walker. Really.)

[kermit]

From CBJ:

Quote

Florida-based Stiles Corp.'s and California-based Shorenstein Properties will deliver 110 East — a 370,000-square-foot, 24-story building — at the end of the month, said Jessica Brown, executive director at Cushman & Wakefield.

Seems clear they have not signed any tenants yet:

Quote

Brown she expects to have tenant announcements soon. "We’ve had a lot of activity, and we have proposals out," she said. "There's user interest from in-market and out-of-market, with our in-market prospects looking to expand or looking at how they can better recruit and motivate their people back to the office."

Floor plates are just over 29,300 square feet, and Brown said leasing rates at 110 East are at about $50 per square foot. Brown said companies are showing interest in a range of sizes, ranging between 7,500 square feet and 200,000 square feet.

I believe this is new news:

Quote

The James Building, a 100-year-old, 10,000-square foot retail property on site, will be renovated. The building was formerly home to Tupelo Honey. Grenier said Stiles and Shorenstein will invest between $3 million and $4 million on the adaptive reuse project. Tenants will be responsible for their own interior upfit.

https://www.bizjournals.com/charlotte/news/2024/03/11/stiles-shorenstein-110-east-delivery.html

Edited March 11 by kermit

[Guest]

4 hours ago, kermit said:

From CBJ:

Seems clear they have not signed any tenants yet:

I believe this is new news:

https://www.bizjournals.com/charlotte/news/2024/03/11/stiles-shorenstein-110-east-delivery.html

THAT IS AMAZING NEWS!

[KJHburg]

Glad to hear they are saving the older building and I think once it was planned for another office tower.  I still think this will slowly lease up but be fully leased before any other new tower can be completed.  The only competition is the 600 Tryon tower at Legacy and some smaller buildings already completed.  

from the above mentioned article:

""Brown said companies are showing interest in a range of sizes, ranging between 7,500 square feet and 200,000 square feet.""

Edited March 12 by KJHburg

[DJ8hep]

The temporary pedestrian walkway has been removed!

[Guest]

I know I know, complaining about the deck, but some people on here forgave the uncovered deck on this building because they thought a second building would block it. Now you can see the “deck tease” for miles. I just know we can do better

Edited March 14 by MothBeast

[KJHburg]

this is looking good and in my opinion, looks like the renderings initially presented.    Like the details on the ground floor.  Love that tile and look forward to seeing the restaurant that goes in that spot.  

[DJ8hep]

We got some fancy lighting up top!

[kermit]

So, about those tenants….

???

I really thought this space would have been absorbed quickly. This is (arguably) Charlotte’s new PLVI.

Edited April 3 by kermit

[AltNative]

@kermit the developer has got to be sh!tting bricks at this point. right?!

[Prodev]

Their current debt service is probably somewhere around $600k...PER MONTH. 

[CLTProductions]

On 4/3/2024 at 9:34 AM, Prodev said:

Their current debt service is probably somewhere around $600k...PER MONTH. 

OUCHHHHHHH

[KJHburg]

this building will lease up don't you worry.  There are enough tenants circling the market or already in the market looking for class AA space in a location like this.  Plus the owners are very patient that being Shorenstein.

Remember Vantage Southend opened even in worse times with just one tenant Lendingtree and has its office space 100% leased.  

Strategy - Shorenstein

[DJ8hep]

During the eclipse, the glass looked like a dark blue!

[KJHburg]

News from Atlanta and it shows that Shorenstein the money partner in this tower 110 East has DEEP pockets.  From the Atlanta Business Chronicle April 8 

""Midtown's vacant trophy tower 14th + Spring has a buyer.  Shorenstein Properties LLC has an agreement to acquire the 12-story office building, according to multiple sources with knowledge of the deal.

Atlanta real estate firm Greenstone Properties and its partner, an affiliate of Goldman Sachs' Merchant Banking Division, put the building on the market earlier this year. The building opened in late 2022, where it has remained without a tenant.  

14th + Spring, which offers 324,000 square feet of office space, will likely trade in the low $200s per square foot because of its vacancy, sources told Atlanta Business Chronicle. But Shorenstein will likely have to spend another $100 per square foot to add amenities and other improvements to make the building more attractive to possible tenants, those sources said.

Nearly a decade ago, Shorenstein attempted to turn around another Midtown office building. In 2016, it acquired the landmark Bank of America Plaza from mortgage servicer CWCapital Asset Management. It spent over $10 million in renovations. Shorenstein later sold the tower to CP Group for close to $380 million, or around $290 a foot, the Chronicle reported at the time.

Why are Goldman Sachs and Greenstone selling 14th + Spring?
14th + Spring checked the box for location. It was in walking distance of MARTA rail stations, Whole Foods and restaurants. But it did not have the amenities of other new office towers including Midtown Union, which landed Invesco, or 1105 West Peachtree now anchored by Google, sources say.""

14th + Spring - 14th+Spring   located in Midtown their best office submarket just like Southend is the best office performing office market in this market.  

 

So Shorenstein believes in office space in cities like Atlanta (which has a higher office vacancy than we do) and believes new buildings will lease up as there is a flight to quality.  I would say we should hear about some lease announcements in the next few months and unless they have leased the entire building up there is no reason to release anything until the tenants are ready.  

[KJHburg]

walk by photos today and the retail restaurant space looks good.  This will lease UP in due time.  The Line is 71% leased after 2 years and I think this will be similar.   This location is even better right at the station. 

Lots of bad sun angles today.  

From the Biz Journal today in an article about spec office suites and how they have been successful in attracting tenants:

""But the trend isn't confined to uptown. In recent years, office buildings of varying ages and classes across the city have seen success through spec-suite offerings. Developers Stiles and Shorenstein are also going all-in on specs, with plans to spend $4.5 million on spec-suite buildouts at the newly delivered 110 East office tower in South End. The 24-story tower's 12th floor will have suites ranging in size from 6,800 square feet to 10,000 square feet.""

Uptown’s struggling office market getting lift from spec suites - Charlotte Business Journal (bizjournals.com)