Highwoods Properties expands in Charlotte market with $203m purchase

Highwoods Properties has made two planned acquisitions that will further strengthen its Best Business District (BBD) presence and development prospects in the Charlotte market.

First, the company has agreed to acquire 650 South Tryon at Legacy Union in Charlotte’s Uptown CBD submarket for a total expected investment of $203 million, including $3.9 million of anticipated leasing capital expenditures to bring the property to stabilization. 650 South Tryon, which delivered in late 2020 and is currently 78 percent leased, is a trophy, LEED Gold certified office building encompassing 367,000 square feet. 650 South Tryon is immediately adjacent and connected to Highwoods-owned Bank of America Tower at Legacy Union, a trophy, LEED Gold certified office building encompassing 841,000 square feet that delivered in 2019.

Second, the company has agreed to acquire a mixed-use development site located at 1426 South Tryon Street in the heart of Charlotte’s dynamic South End subma