Struggling Charlotte Office Tower on the Market
The Charlotte Plaza, built in 1982, was a going concern until the credit crunch hit. And now, it’s up for sale.
CBRE listed the 644,000-square-foot, 27-story tower owned by New York-based Rabina Properties. Its $120 million loan matured in January 2023 and was transferred to a special servicer at that time.
The tower is currently 60% occupied. Its tenants include Tryon Medical Partners – Uptown, staffing and recruiting firm Randstad Professionals and Citco Fund Services.
The Charlotte Business Journal reports the Charlotte Plaza is just one of several uptown office towers that have been hit by rising vacancy, declining values and maturing mortgages over the last two years.
One Wells Fargo Center, the former Wells headquarters, went into receivership in October. Tampa, Florida-based Vision Properties’ loan on the 42-story tower at 301 S. College St. matured last May and became delinquent in July. Currently, about $157 million is owed on the building. The servicer began pursuing foreclosure action on the 35-year-old property in August.
