CBRE Arranges $64 Million Sale of ThExchange Creative Office Campus in Charlotte

CBRE announced the sale of ThExchange, a 553,219-sq.-ft. creative office campus located at 77 Center Drive in Charlotte, North Carolina, to Investicore Holdings for $64 million.

CBRE’s Patrick Gildea and Matt Smith represented the seller, an Ares Real Estate fund, in the transaction. Joe Franco, Kris Westmoreland and Stephanie Spivey leased the asset on behalf of Ares prior to sale.

Located at the intersection of Tyvola Road and I-77 in Charlotte’s Airport submarket, ThExchange consists of 13 office buildings situated across nearly 38 acres. Originally developed between 1975 and 1997, the campus underwent a significant repositioning and rebranding following more than $34 million in capital improvements, transforming the former office park into a creative office environment designed to meet evolving tenant preferences.

Renovations included upgraded building systems, renovated interiors and exteriors, enhanced landscaping, outdoor gathering spaces, public art installations and the creation of The Hub, a 37,795-sq.-ft. amenity center featuring conference and training facilities, a fitness center, tenant lounge and café. The property is currently approximately 69.5% leased to 61 tenants across a diverse range of industries, including technology, manufacturing, financial services, healthcare and professional services.

“ThExchange is a unique property for this market,” said Patrick Gildea, Vice Chairman at CBRE. “Its location positions it squarely in the path of growth for South End, making it a very interesting long-term investment. The size of the park and overall site offers optionality to adjust the business plan as the market continues to evolve. As a result, this marketing process was highly competitive.”

ThExchange benefits from its location between Charlotte’s South End, LoSo and SouthPark districts, providing convenient access to Uptown Charlotte, Charlotte Douglas International Airport and the city’s major transportation corridors. The surrounding area has experienced significant residential and mixed-use development in recent years, further enhancing the property's appeal to both tenants and investors.