Highland Ventures plans a multi-million-dollar revamp of a dated office tower in Charlotte after buying it for $24 million. The seller, New York Life, paid $60 million for the property in 2014. The 19-story tower has over 400,000 square feet. 525 North Tryon is about 46% occupied.
The Charlotte Business Journal reports that Highland wants to stabilize and hold the property long term. Renovations are due for the elevators, lobby, restrooms and tenant conference rooms. Highland is also considering upgrades to the ground-floor restaurant is looking into adding speculative suites and a rooftop terrace. Work is expected to begin before the end of the year. Insite Properties will provide property management services and leasing for the building.
On its website, Highland says it operates over 650 properties in 20+ states and continues to acquire, develop, and invest in retail and office real estate markets.
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