Bank Of America Reups At 525 North Tryon
In the first big lease of '17 for Uptown, Bank of America inked a deal to stay in 194k SF in 525 North Tryon, where the company is the largest tenant. “The North Tryon corridor continues to be an attractive location for both current and prospective tenants,” said Foundry Commercial Charlotte market leader Charles Jonas.
Jonas leads the leasing efforts at the 405k SF 525 North Tryon, along with colleague Meredith Ball, for owners Grubb Properties and NY Life. Repping the bank in the deal were JLL's Jim Thorp, Chase Monroe, Bryan White and Chris Schaaf.
According to JLL, Uptown saw total net absorption of 317k SF during 2016, ending the year with a direct vacancy of 9.2%, which is tight compared to most of the region's submarkets. Class-A space has a direct vacancy rate of 9.3% Uptown.
Developments in the corridor include new multifamily buildings next door — like SkyHouse Uptown, which Grubb is developing; a dance theater; the extension of the Blue Line Light Rail system, which will open later this year; and an upcoming Publix grocery store. In Uptown as a whole, about 1.2M SF of office is under development.
Recent upgrades to 525 North Tryon include a fitness center, a bike-storage room, an electric-car shuttle, an EV charging station and a new conference center. The building is also on the verge of obtaining LEED Silver, and has already earned an Energy Star designation.