Highwoods Properties, Inc. (NYSE:HIW) acquired 6Hundred at Legacy Union, a 24-story, Class AA office tower located in Charlotte’s Uptown District, for a total expected investment of $223 million. Lincoln Property Co. was the seller.
6Hundred at Legacy Union, which delivered in 2025 and is currently 84% leased with a weighted average lease term of over 12 years, is a class AA office tower encompassing 411,000 square feet. 6Hundred is immediately adjacent and connected to Highwoods-owned Bank of America Tower at Legacy Union and SIX50 South Tryon at Legacy Union. This acquisition will increase Highwoods portfolio at Legacy Union to 1.6 million square feet of class AA office.
The Company’s total investment includes $8.5 million of planned near-term building improvements and anticipated leasing capital expenditures to bring the property to stabilization and is net of $15.7 million of free rent.
Highwoods Ted Klinck stated, “With in-place rents more than 20% below market, we expect to deliver strong NOI and cash flow growth from our Legacy Union portfolio.”
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