Historical Stock Chart
1 Month : From Nov 2018 to Dec 2018
By Colin Kellaher
Duke Energy Corp. (DUK) on Friday said it will build a 39-floor office tower in Charlotte, N.C., 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 buildings 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 structures that are more than 40 years old, while reducing its Charlotte footprint to 1.5 million square feet from 2 million.
The company said the plan also frees up premium real estate in uptown Charlotte, which it said is in high demand.
Honeywell International Inc. (HON) last month unveiled plans move its headquarters from New Jersey to Charlotte, which is also home to Bank of America Corp. (BAC), Nucor Corp. (NUE) and Sealed Air Corp. (SEE).
- Maria Armental contributed to this report.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
December 07, 2018 13:27 ET (18:27 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.