Highland Ventures is updating a building that recently sold at a discount. The Charlotte Business Journal reports the company paid $24 million for a building that had an appraised value four times that.
The building at 525 North Tryon is a 19-story, 409,000-square-foot tower built in 1998. The building’s property manager, Insite Properties, is overseeing the improvements. The renovations, costing about $5 million, will include modernizing the lobby, relocating the fitness center, adding ground-floor retail space, a tenant amenity floor, spec office suites and an outdoor terrace.
The fitness center will be moved to make way for up to 8,000 square feet of new retail space. The 11th floor will have 6,000 square feet of spec suites and 3,800 square feet of amenity space. That will include a 40-person training room, kitchen, tenant lounge, conference room and outdoor terrace.
525 North Tryon is currently about 45% occupied.
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