Friday, October 10, 2014

400 South Tryon office tower sold to Trinity Capital Advisors, DRA Advisors

Just days after announcing that it is building a 14-story office tower at Morehead and Tryon streets, Trinity Capital Advisors announced Friday that it has bought the 33-story 400 South Tryon office tower in a partnership with a New York-based investment group.

Trinity Capital bought the 584,000-square-foot building in partnership with DRA Advisors. The tower is 92 percent occupied, mostly by Duke Energy. "This is a terrific acquisition for Trinity and DRA," said Gary Chesson, founding partner at Trinity Capital, citing the accelerating growth along South Tryon and near the BB&T BallPark.

Trinity Partners has been hired to lease and manage the building. Rob Cochran, Bill Collins, Jud Ryan and Craig Evans with Cassidy Turley brokered the sale on behalf of the undisclosed seller. The sales price was also undisclosed.

The tower joins other uptown landmarks that have changed hands in recent years. One Wells Fargo Center, the Hearst Tower and the Fifth Third Center were all sold in 2012. The 19-story 525 N. Tryon St. tower, owned by Parkway Properties, is currently listed for sale by commercial real estate firm HFF.

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