Highwoods’ record purchase of Charlotte tower “makes a lot of sense” to Clutter

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Ryan Clutter

Charlotte’s newest office tower, which just opened its doors to workers in the last two weeks, is being sold for $436 million, a state-record office building sale. Highwoods Properties Inc., a publicly traded Raleigh-based real-estate investment trust formed in 1978, agreed to buy the 33-story Bank of America Tower in downtown Charlotte for $436 million.

The transaction does not include an adjacent 18-story office building anchored by consulting firm Deloitte, and a 23-story tower that will be the headquarters for Honeywell Inc., which has moved its base from Connecticut. Those sites make up the 10-acre Legacy Union development created by Charlotte-based Lincoln Harris (a partnership of Charlotte’s Harris family and New York-based Lincoln Property Co.) and its financial partner, New York-based investment banking giant Goldman Sachs Group. The buildings are on land that for decades housed The Charlotte Observer.

We asked Ryan Clutter, a leading expert on Charlotte commercial real estate, to comment on the transaction. He is a senior managing director of HFF, which advises clients undertaking many large property deals. Real-estate giant JLL bought HFF in July. Clutter did not work on this transaction.

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