CHARLOTTE, N.C., Aug. 17,
2022 /PRNewswire/ -- Lincoln
Harris, in partnership with the Real Estate business within
Goldman Sachs Asset Management (Goldman Sachs), today announced
they have closed on the sale of the 367,000-square-foot building at
650 South Tryon in Charlotte's Legacy Union mixed-use development
to Highwoods Properties Inc. (NYSE: HIW).
SIX50 is the third office tower in
the 10-acre Legacy Union project to sell in the last three
years.
"The vision for Legacy Union has always been to create a dynamic
gateway for Uptown Charlotte, and with three first-class office
towers totaling more than 1.5 million square feet of space, that
vision is certainly becoming a reality," said Johno Harris, president of Charlotte-based Lincoln Harris. "Legacy Union is a nod to our
community past, present and future, and we look forward to watching
the city of Charlotte continue to
transform and thrive."
The asset, Legacy Union SIX50, represents the third sale
following Honeywell's Global Corporate Headquarters which was sold
in December 2021 and Bank of America
Tower which was sold in November
2019.
"The success of SIX50 is a testament to the strength of the
partnership between Goldman Sachs and Lincoln Harris to build a
best-in-class, ESG focused trophy office building. This is the
culmination of more than seven years of effort to entitle, develop,
lease, and sell more than 1.5 million square feet of mixed-use
commercial real estate on the former Observer site which has
redefined Charlotte's skyline.
We're excited for the next phase of office development at Legacy
Union currently underway, and congratulate Highwoods on their
acquisition as they expand their footprint in Charlotte," said Chris
Nelson, Managing Director, Goldman Sachs Asset
Management.
The 18-story building features a cantilevered glass façade,
covered executive parking and convenient access to dining, retail,
light-rail transit and all the other amenities in the surrounding
Brooklyn Village Avenue Corridor. The building is leased to
prominent tenants such as Deloitte, Cadwalader Wickersham & Taft, and JLL.
"We entered Charlotte in 2019
via a tremendous asset and partnership with Lincoln Harris and Goldman Sachs at Legacy Union
with our purchase of Bank of America Tower. The success we've had
together continues to bear fruit as we've expanded our presence and
partnership with our acquisition of 650 South Tryon," noted Highwoods CEO Ted Klinck.
Lincoln Harris will retain
management and leasing for the building.
Located at the southeast corner of Hill and South Tryon streets,
Legacy Union SIX50 was the second tower completed at Legacy Union.
The 10-acre project comprises two city blocks on the historic
former site of The Charlotte Observer. Other elements of the
property include the 33-story Bank of America Tower; Honeywell's
23-story Global Corporate Headquarters; a new 24-story,
415,000-square-foot office building currently under construction; a
14-level parking garage; and a street-level public plaza.
About Lincoln Harris:
Lincoln Harris, together with
Lincoln Property Company, provides clients with a national platform
and unparalleled institutional resources, including commercial real
estate development, investment and property management. Based in
Charlotte, Lincoln Harris takes great pride in its
reputation as one of the region's most accomplished full-service
commercial real estate companies. Lincoln
Harris' multi-disciplinary team has a long history of
working through complex transactions and adopting innovative
approaches to real estate problems. We develop and implement
comprehensive national real estate programs for our clients and
cultivate a sense of trust in the communities we serve and the
individual transactions we service. To learn more about
Lincoln Harris properties and
services, please visit www.lincolnharris.com.
About Highwoods Properties
Inc.:
Highwoods Properties Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real
estate investment trust ("REIT") and a member of the S&P MidCap
400 Index. The Company is a fully integrated office REIT that owns,
develops, acquires, leases and manages properties primarily in the
best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. For more information about Highwoods,
please visit our website at www.highwoods.com.
About Goldman Sachs Asset
Management Real Estate
Bringing together traditional and alternative investments,
Goldman Sachs Asset Management provides clients around the world
with a dedicated partnership and focus on long-term performance. As
the primary investing area within Goldman Sachs (NYSE: GS), we
deliver investment and advisory services for the world's leading
institutions, financial advisors and individuals, drawing from our
deeply connected global network and tailored expert insights,
across every region and market—overseeing more than $2 trillion in assets under supervision worldwide
as of June 30, 2022. Driven by a
passion for our clients' performance, we seek to build long-term
relationships based on conviction, sustainable outcomes, and shared
success over time. Goldman Sachs Asset Management invests in the
full spectrum of alternatives, including private equity, growth
equity, private credit, real estate and infrastructure. Established
in 1991, the Real Estate business within Goldman Sachs Asset
Management is one of the largest investors in real estate with over
$50 billion in assets invested since
2012 across the spectrum of investment strategies from core to
opportunistic. Our global team invests across all sectors with deep
expertise across the capital structure, in assets ranging from
single properties to large portfolios, through senior mortgages,
mezzanine debt and equity. Follow us on LinkedIn.
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SOURCE Lincoln Harris