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By Colin Kellaher
Duke Energy Corp. (DUK) on Friday said it will build a 39-floor office tower in Charlotte as part of a plan to reduce the space it occupies in the city by 25%.
The energy holding company, which currently occupies four buildings in Charlotte, said it will keep its headquarters site while selling two facilities and exiting its lease on a third.
Duke said the new tower, which it expects to occupy in 2022, will be located across the street from its headquarters and house about 3,600 employees.
A Duke spokesman said the cost of the 1-million-square-foot tower, which it plans to sell and lease back under a long-term deal, hasn't yet been determined. The company said the building will include about 25,000 square feet of new retail space.
Duke said the plan lets it avoid spending millions to maintain facilities that are more than 40 years old, while reducing its Charlotte footprint to 1.5 million square feet from 2 million.
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(END) Dow Jones Newswires
December 07, 2018 12:42 ET (17:42 GMT)
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