Tryon Street Investors Buys Major North Carolina Property

Tryon Street Investors LLC has purchased a 33-story, Class-A office building in Charlotte, N.C., for an account managed by UBS Realty Investors. Jones Lang LaSalle brokered the sale, for which the price was undisclosed.

The 583,911 sq. ft. is located in the Charlotte CBD and houses six tenants on long-term leases, among them Duke Energy and GSA.

"The 404 South Tryon Street building has been a prominent part of the Charlotte skyline for years," says Mark De Riemer, managing director for Jones Lang LaSalle. "However, the long-term credit leases were the primary factor behind the strong investor interest, which included several Canadian, European and Middle Eastern institutional and entrepreneurial players."

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