Rehab Puts '80s University Submarket Building On More Competitive Footing
The office market's fairly tight in Charlotte — 8.5% vacant at the end of 2016, according to recent Cushman & Wakefield data — but that doesn't mean office landlords can rest on their laurels. When Origin Investments acquired the 84k SF One University Place in 2015, the investor knew the building needed upgrading to be competitive.
“The building's been a fixture in the submarket for years but, unfortunately, had become forgettable alongside the University area’s growth and development," Origin Investments managing director investment management Marc Turner said. "The renovation program changes that.”
Building renovations included a makeover of the two large multi-story lobbies, monument staircase, elevator lobbies on each level, common areas, restrooms, exterior paint, signage and landscaping, as well as elevator modernization. Origin also created more collaborative spaces, in the lobbies as well as the common areas of the 1986-vintage building.
The renovations allow One University Place to be a choice for businesses that want to be in the middle of the submarket, across from the light rail, said Trinity Partners senior leasing agent Jennifer Kurz. They also will help the property compete with the raft of new office space coming online this year: 2.2M SF, noted Cushman & Wakefield, about half of which will be outside of Uptown.
Trinity Partners, which manages the building, oversaw the renovation project; Redline Design Group did the design.