Legacy Union

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Legacy Union
Legacy Union.jpg
Legacy Union progress as of 2019.
LocationTryon Street, Charlotte, NC
Coordinates35°13′23″N 80°50′57″W / 35.223095°N 80.849157°W / 35.223095; -80.849157Coordinates: 35°13′23″N 80°50′57″W / 35.223095°N 80.849157°W / 35.223095; -80.849157
StatusUnder construction
GroundbreakingAugust 4, 2017
Estimated completion2021
Websitelegacyunioncharlotte.com
Companies
DeveloperLincoln Harris
Technical details
BuildingsBank of America Tower, Deloitte Tower, Honeywell Tower, and planned hotel
Size10.2 acres (4.1 ha)

Legacy Union, formerly known as 620 South Tryon, is a real estate development currently under construction in Uptown Charlotte, North Carolina. The signature building, Bank of America Tower, stands at a height of 632 feet (193 m) with 850,000 square feet (79,000 m2) of floor space. It broke ground on August 4, 2017. Honeywell will relocate its corporate headquarters to the site and Deloitte will establish a major corporate presence at the site following the development's completion in 2021.[1]

History[]

The Charlotte Observer headquarters (former)

The site of the development is located on the former site of the Charlotte Observer. It is a mixed use development that spans two city blocks and is bordered by Tryon St, Stonewall St, Mint St, and Interstate 277. Lincoln Harris and Goldman Sachs purchased the 10-acre property in 2016 for a price of $37.5 million. In 2017 when the development was originally being discussed only the first building, the Bank of America Tower, was being discussed.[2]

Buildings[]

Bank of America Tower[]

Bank of America signed on as the anchor tenant is August 2017 agreeing to occupy 550,000 square feet (51,000 m2)[3] of the 841,000 square feet (78,100 m2) building. The building topped out in September 2018[4] and delivered in August 2019.[5] Other tenants of the building include a law firm Parker Poe leasing 86,000 square feet (8,000 m2) across three floors,[6] and KPMG leasing 460,000 square feet (43,000 m2) across two floors.[7] Bank of America also has a retail branch accessible through the lobby of the building.[8] Bank of America began moving their employees in during August 2019 initially only into floors 14 and 15.[9] At that time the tower was 90% leased.[10] The bank employees that will occupy the building are coming from Bank of America Corporate Center and 1 Bank of America Center. Bank of America stated they plan to use some of the floors as collaborative work space without assigned seating.[11]

Also in August 2019 Raleigh-based Highwoods Properties agreed to purchase the tower for $436 million.[12] The deal closed in November 2019,[13] the price slightly increased to $441 and it was a record setting sale price for the state of North Carolina until Truist Financial agreed to purchase the former Hearst Tower now Truist Center for $455 million.[14] The purchase gave Highwoods Properties their first property in the Charlotte market.[15] The property was marketed by multiple Cushman & Wakefield groups to about 50 to 75 investors worldwide that normally did not have Charlotte on their radar.[16] Selling the property was not a problem since at the time Charlotte had a growing and diverse economy.[17]

In February 2021 Highwoods Properties began to consider expanding the building by 30,000 square feet (2,800 m2) to 50,000 square feet (4,600 m2). The expansion would be in the building's podium and would be used for a speculative office development. Also rooftop amenities are being considered. The goal would be to provide a variety of space use options to meet customer demands.[18]

The completed building with 650 S Tryon still under construction

650 South Tryon[]

The second phase of the Legacy Union development includes the 18-story, 290-ft-tall 650 South Tryon building, which includes 362,000 square feet (33,600 m2) of office space.[19] It sits on 2.2 acres of the 10 acre development and is located at the corner of Hill and South Tryon.[20] Deloitte will be the anchor tenant, leasing 90,000 square feet (8,400 m2). Construction of the building began in December 2018[21] and was completed in November 2020.[22] The building has 10,000 square feet (930 m2) to 12,000 square feet (1,100 m2) of ground floor retail.[23]

Prior to moving in Deloitte was leasing 70,000 square feet (6,500 m2) at the Duke Energy Center. In the Charlotte region the company has 1,300 employees and is one of the Charlotte area's leading accounting firms.[24] Other tenants include property management company JLL leasing 41,000 square feet (3,800 m2), [25] New York law firm Cadwalader Wickersham & Taft leasing 72,000 square feet (6,700 m2) which will hold their 89 Charlotte based attorneys,[26] and Robinhood announced they will open a local office in the building to house the 289 employees they will be hiring in Charlotte by 2025.[27][28]

The completed building at night

Honeywell Tower[]

In late 2018, Honeywell announced it would relocate its corporate headquarters from New Jersey to Charlotte, beginning in 2019 after the company accepted $90 million of state and local incentives.[29] The company began relocating positions in July 2019. They also looked at the neighborhoods of South End and Ballantyne in Charlotte before deciding on Uptown. In June 2019, Lincoln Harris announced Honeywell will occupy 280,000 square feet (26,000 m2) in the 23-story building in the 330,000 square feet (31,000 m2) building, housing 750 employees. Honeywell will be leasing 10 floors, which is the majority of the leasable floors. The remaining floors will include ground floor retail, parking, and the lobby.[30] Construction began in October 2019[31] with completion in 2021.[32] In October 2020 Honeywell filed a rezoning petition to put four signs on the building.[33] In August 2021 Honeywell began to occupy the building by inviting employees back to work after a long period of remote only work due to the COVID-19 pandemic. As of November 8th, 2021 800 employees now occupy the building.[34]


The building under construction in late August 2021

Phase Four[]

The fourth phase of the project is expected to include a luxury hotel and additional retail.

Parking[]

Common parking deck providing 3,104 parking spaces with four levels of executive parking located at 720 South Church Street.[35][36]

See also[]

References[]

  1. ^ "The new tower at 620 South Tryon will bring a splash of 90s style to the skyline". Retrieved 2019-07-31.
  2. ^ Fahey, Ashley (9 August 2017). "Redevelopment project at former Observer site to be called Legacy Union (RENDERINGS)". Charlotte Business Journal. Retrieved 6 June 2021.
  3. ^ Fahey, Ashley (9 August 2017). "Redevelopment project at former Observer site to be called Legacy Union (RENDERINGS)". Charlotte Business Journal. Retrieved 6 June 2021.
  4. ^ Fahey, Ashley (11 September 2018). "PHOTOS: Office tower at uptown's Legacy Union moves toward topping out, early 2019 delivery". Charlotte Business Journal. Retrieved 6 June 2021.
  5. ^ Chemtob, Danielle (13 August 2019). "Bank of America moves into new tower, the latest milestone in uptown corridor growth". 3 WBTV. Retrieved 6 June 2021.
  6. ^ Fahey, Ashley (6 May 2020). "New Legacy Union tower in uptown lands tenant". Charlotte Business Journal. Retrieved 6 June 2021.
  7. ^ Fahey, Ashley (6 May 2020). "New Legacy Union tower in uptown lands tenant". Charlotte Business Journal. Retrieved 6 June 2021.
  8. ^ Fahey, Ashley (20 November 2019). "UPDATE: Legacy Union tower drew interest from international investors before $441.6M record sale". Charlotte Business Journal. Retrieved 6 June 2021.
  9. ^ Chemtob, Danielle (13 August 2019). "Bank of America moves into new tower, the latest milestone in uptown corridor growth". 3 WBTV. Retrieved 6 June 2021.
  10. ^ Fahey, Ashley (21 August 2019). "Bank of America Tower under contract to be sold in $436M deal". Charlotte Business Journal. Retrieved 6 June 2021.
  11. ^ Chemtob, Danielle (13 August 2019). "Bank of America moves into new tower, the latest milestone in uptown corridor growth". 3 WBTV. Retrieved 6 June 2021.
  12. ^ Fahey, Ashley (21 August 2019). "Bank of America Tower under contract to be sold in $436M deal". Charlotte Business Journal. Retrieved 6 June 2021.
  13. ^ "Highwoods Closes $436 Million Acquisition of Bank of America Tower at Legacy Union in CBD Charlotte". Intrado GlobeNewswire. 14 November 2019. Retrieved 6 June 2021.
  14. ^ Fahey, Ashley (20 November 2019). "UPDATE: Legacy Union tower drew interest from international investors before $441.6M record sale". Charlotte Business Journal. Retrieved 6 June 2021.
  15. ^ Fahey, Ashley (21 August 2019). "Bank of America Tower under contract to be sold in $436M deal". Charlotte Business Journal. Retrieved 6 June 2021.
  16. ^ Fahey, Ashley (20 November 2019). "UPDATE: Legacy Union tower drew interest from international investors before $441.6M record sale". Charlotte Business Journal. Retrieved 6 June 2021.
  17. ^ Fahey, Ashley (21 August 2019). "Bank of America Tower under contract to be sold in $436M deal". Charlotte Business Journal. Retrieved 6 June 2021.
  18. ^ Fahey, Ashely (10 February 2021). "Highwoods Properties plots office expansion at Bank of America Tower as it builds out speculative suites". Charlotte Business Journal. Retrieved 6 June 2021.
  19. ^ Hudson, Caroline (6 October 2020). "Deloitte exec gives inside perspective on firm's big plans for Charlotte presence". Charlotte Business Journal. Retrieved 6 June 2021.
  20. ^ Fahey, Ashely (24 October 2018). "RENDERINGS: Rezoning petition gives more clues into next phase of Legacy Union uptown project". Charlotte Business Journal. Retrieved 6 June 2021.
  21. ^ Hudson, Caroline (6 October 2020). "Deloitte exec gives inside perspective on firm's big plans for Charlotte presence". Charlotte Business Journal. Retrieved 6 June 2021.
  22. ^ Fahey, Ashley (10 December 2020). "Developers, contractors get creative on Covid-19 challenges for construction". Charlotte Business Journal. Retrieved 27 May 2021.
  23. ^ Fahey, Ashely (11 December 2018). "Deloitte to anchor next office phase of Legacy Union". Charlotte Business Journal. Retrieved 6 June 2021.
  24. ^ Hudson, Caroline (6 October 2020). "Deloitte exec gives inside perspective on firm's big plans for Charlotte presence". Charlotte Business Journal. Retrieved 6 June 2021.
  25. ^ Fahey, Ashley (23 March 2021). "JLL Carolinas debuts uptown office at Legacy Union with flexible workspace design". Charlotte Business Journal. Retrieved 6 June 2021.
  26. ^ Fahey, Ashley (22 April 2020). "JLL Carolinas debuts uptown office at Legacy Union with flexible workspace design". Charlotte Business Journal. Retrieved 6 June 2021.
  27. ^ Fahey, Ashley (25 March 2021). "Robinhood may have zeroed in on Legacy Union tower for its local operation". Charlotte Business Journal. Retrieved 6 June 2021.
  28. ^ Fahey, Ashley (30 March 2021). "Robinhood to add 389 jobs, invest nearly $12M in establishing Charlotte office". Charlotte Business Journal. Retrieved 6 June 2021.
  29. ^ Fahey, Ashley (27 October 2020). "RENDERINGS: Lincoln Harris files plans for signage on Honeywell HQ building". Charlotte Business Journal. Retrieved 6 June 2021.
  30. ^ Fahey, Ashley (5 June 2019). "Honeywell HQ to anchor latest office tower at Legacy Union in uptown". Charlotte Business Journal. Retrieved 6 June 2021.
  31. ^ Fahey, Ashley (3 October 2019). "PHOTOS: Honeywell CEO says new HQ building is hopefully first of many in Charlotte". Charlotte Business Journal. Retrieved 6 June 2021.
  32. ^ Fahey, Ashley (5 June 2019). "Honeywell HQ to anchor latest office tower at Legacy Union in uptown". Charlotte Business Journal. Retrieved 6 June 2021.
  33. ^ Fahey, Ashley (27 October 2020). "RENDERINGS: Lincoln Harris files plans for signage on Honeywell HQ building". Charlotte Business Journal. Retrieved 6 June 2021.
  34. ^ Lang, Hannah (8 November 2021). "Honeywell brings employees back to its Charlotte office, with one major COVID change". Charlotte Observer. Retrieved 17 November 2021.
  35. ^ "720 S Church Parking LAZ Parking". LAZ Parking. LAZ Parking. Retrieved February 23, 2020.
  36. ^ "Legacy Union Bank of America Tower". Legacy Union. Lincoln Harris. Retrieved February 23, 2020.

External links[]

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