CBRE Arranges Sale of 353,120 SF Office Building in Charlotte

CBRE negotiated the sale of 121 West Trade, a 353,120-square-foot office building in Charlotte, North Carolina. NEIP purchased the property from LPC Realty Advisors.

CBRE’s Patrick Gildea, Matt Smith and Robert Hardaway represented the seller in the transaction.

The 32-story, class-A boutique office building was built in 1990 and underwent major renovations between 2019 and 2023. Capital improvements include a tenant lounge, golf simulator and fitness facility, common corridor and elevator lobby renovations, spec suite integration and WELL Health-Safety designation. Additional building amenities include training rooms, conference rooms and retail offerings such as Reid’s Fine Foods, Charlotte City Club and The Cut Barbershop. The building was 51% leased at the time of sale.

“The historic investment in 121 West Trade creates a unique opportunity for new ownership to generate leasing activity quickly. The building’s irreplaceable location, Spec Suite program, and best in class amenity package will appeal to small to mid-size users, seeking to upgrade the quality of their lease experience,” said Smith, First Vice President with CBRE.

Located in the heart of Charlotte’s central business district, the building provides immediate access to the Gold Line Streetcar and LYNX Blue Line Station as well as proximity to many walkable amenities including restaurants, greenspaces, hotels and sports and entertainment venues.

“The cleansing cycle for office continues, with high quality, well amenitized office properties like 121 West Trade Street going through a reset of the basis. The new owner will be able to infuse the property with fresh capital and continue the repositioning that has proven successful under the current ownership,” said Gildea, Vice Chairman and Co-Head of U.S. Office Capital Markets for CBRE.

CBRE’s Joe Franco, Kris Westmoreland and Addison Stratton are leasing agents for the property.