Large Sublease Block At Charlotte Plaza Suddenly Comes To Market
About 175K SF on seven full floors (7 to 13) at Charlotte Plaza is now available for sublease, the Charlotte Business Journal reports, citing Foundry Commercial, which leases the property. The troubled Charlotte School of Law is the tenant at the space.
Among other difficulties, enrollment is down at the for-profit school, which has stopped receiving Title IV federal aid from the U.S. Department of Education and is on probation by the American Bar Association. Early this year, only 25% of its students passed the bar on their first try, compared to an average pass rate of about 44% in North Carolina.
Three more floors (4 to 6) might also be available, pushing the total sublease to nearly 249K SF. If all 10 floors were subleased, Charlotte Law would relocate. Rabina Properties owns the tower at 201 South College St., which was originally developed in 1982. The owner is planning a massive renovation to the property.