New England Investment Properties purchased the 342,162-square-foot 121 W. Trade Street building for $32 million. The Charlotte Business Journal reports that’s less than half what it previously sold for in 2015. Lincoln Property Co. acquired the tower for $71.6 million in late 2015 on behalf of a pension fund client.
CBRE’s Patric Gildea, Matt Smith and Robert Hardaway represented Lincoln.
The tower, built in 1990, sits on a .42-acre parcel at the intersection of Trade and Tryon streets. Its 121,950 square feet, 66% of which is leased.
121 W. Trade underwent renovations in 2017, updating the lobby, common corridors and restrooms. A new tenant hub was added with conference rooms, informal and formal meeting space and a 50-person training room. Improvements also included a tenant lounge.
The building is the longtime home of the Charlotte City Club, which has been located on the 31st and 32nd floors since 1990.
Read More: Charlotte Tower Sells at Deep Discount
