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First Offer Comes In on Distressed Charlotte Office Asset
Charlotte’s 400 South Tryon is being auctioned off. So far, the 32-story tower has only received one offer, at $36 million, less than a third of what it was appraised at just last year. The 50-year-old tower carried a value of $115.3 million during the county’s latest property assessment.
The Charlotte Business Journal reports the offer came from lenders Citizens Bank and Synovus Bank, The two firms foreclosed on the property in December.
Oaktree Captial and Trinity Capital owed $93.5 million on a loan they took out to pay for the acquisition of the tower in 2018. Back then, the tower was sold for $113.5 million. Citizens Bank and Synovus foreclosed on the property after filing a lawsuit against the owners. Numerous sources peg the occupancy rate at about 25%.
JLL’s Lewis Taulbee had been tapped as a limited receiver, tasked with managing the property and facilitating the foreclosure proceedings.
- ◦Sale/Acquisition
