Faison & Associates, LLC Announce Sale of Interstate Tower in Charlotte, NC
Interstate Tower, Charlotte, NC
Charlotte, NC – May 11, 2006 – Faison and Associates, LLC today announced the sale by Tryon Street, L.L.C. of Interstate Tower in Charlotte, NC, to Tryon Tower, LLC for $52.3 million. The seller is an affiliate of a Faison advisory client and the purchaser is an affiliate of Cornerstone Real Estate Advisers, LLC.
Interstate Tower is located on the corner of Trade and Tryon Streets in Charlotte’s CBD at 121 W. Trade Street. It is a 31-story, 322,882 sf multi-tenant office building with street-level retail. Included on the buildings prestigious tenant roster are Aon Service Corporation, Bank of America, NA, Compuware Corporation, SAS Institute, the Charlotte City Club, Harper’s To-Go-Go and Harper’s Blue Ribbon Grill. The building was developed by Faison in 1990 and designed by Kohn Pedersen Fox Associates. Its Art Deco-inspired design is easily identified on the Charlotte skyline by its verdigris-colored cone-shaped crown.
“This sale represents completion of the strategic plan that was conceived for the property upon its acquisition by our client in 1998,” said Philip W. Norwood, CEO of Faison. “The high quality of the building and the “main and main” location within a dynamic market generated intense investor interest in the offering. We are pleased that sponsorship will remain in the hands of a well-respected institutional owner.”
About Faison Enterprises
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the Mid-Atlantic and South and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com
About Cornerstone Real Estate Advisers, LLC
A registered investment advisor and member of MassMutual Financial Group, Cornerstone Real Estate Advisers LLC provides equity real estate expertise for pension funds, Taft-Hartley plans, endowments, foundations and corporations, including MassMutual. Strong research and expertise across all major property types, markets, and investment styles play an integral part in the organization's success. Assets under management for Cornerstone total over $7.0 billion, ranking it in the top 20 U.S. real estate investment advisors by Pensions & Investments magazine.
