Highwoods Properties Closes $203M Buy of Legacy Union SIX50 in Charlotte

Raleigh, NC-based Highwoods Properties, Inc., has completed the acquisition of the 650 South Tryon building in Charlotte, NC for $203 million. The 18-story property, “Legacy Union SIX50,” is within Charlotte CBD’s Legacy Union mixed-use development.

Highwoods’ total investment includes $5.2 million of anticipated leasing capital expenditures to bring the property to stabilization and is net of $3.7 million of free rent and other rent-related credits received from the seller at closing.

Lincoln Harris and the Real Estate business within Goldman Sachs Asset Management were the sellers. Lincoln Harris will retain management and leasing for the building.

SIX50, which delivered in late 2020, is currently 79% leased to tenants such as Deloitte, Cadwalader Wickersham & Taft and JLL. The 367,000-square-foot tower is LEED gold-certified and sits immediately adjacent and connected to Highwoods-owned Bank of America Tower at Legacy Union.

Legacy Union SIX50 was the second tower completed at Legacy Union. The 10-acre project comprises two city blocks on the historic former site of The Charlotte Observer. Other elements of the property include the 33-story Bank of America Tower; Honeywell’s 23-story global corporate headquarters; a new 24-story, 415,000-square-foot office building currently under construction; a 14-level parking garage and a street-level public plaza.