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Crown Claims Corning HQ Facility in Charlotte for Record Price
Corning Optical Communications’ headquarters, a newly-constructed, Class A office building totaling 182,169 square feet in Charlotte, traded hands for $58.5 million. The buyer was an affiliate of Costa Mesa, CA-based Crown Realty & Development, while the seller was Beacon Partners. Crown closed the all-cash transaction in three weeks.
The build-to-suit five-story property is located on 11.7 acres in Riverbend Village, a mixed-use development near Interstate 485 and NC 16. Delivered in 2019, the asset features a state-of-the-art build-out that offers amenities including employee lounges, outdoor patio seating areas, a café with grab-and-go options, on-site walking trails and a “green roof” with seating.
The building is fully leased for the next 14 years to Corning Optical Communications, the largest operating segment of Corning Inc.
Cushman & Wakefield’s Rob Cochran, Jared Londry, and Nolan Ashton represented the seller. Londry says, “We had a huge response to this offering, with more than 150 interested buyers. We received 30 offers and ended up with a record-breaking price, despite the current market uncertainties.”
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