Shorenstein, Stiles Break Ground on $186M Tower

110 East Blvd. Image courtesy of Stiles and Shorenstein Properties

Shorenstein Properties and Stiles broke ground this week on 110 East, a 23-story, 370,000-square-foot speculative Class A office building in the South End submarket of Charlotte, N.C.  The $186 million project is slated for completion by March 2024.

Located at 110 East Blvd., the building will be situated on a 1.99-acre parcel at the intersection of East and South Boulevard and directly at the platform of the LYNX Blue Line Light Rail and Charlotte Rail Trail, offering easy connectivity to commuters. Designed by Hastings Architecture, the building will include about 11,000 square feet of ground-floor retail, a parking garage with more than 900 spaces, a 4,000-square-foot fitness center and flexible conference spaces. Floorplates will be 29,000 square feet.

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Matt Knisely, managing director at Shorenstein, said in a prepared statement the location and amenities at 110 East will provide companies with high-quality resources. Calling Charlotte an attractive market, Knisely said the San Francisco-based real estate investment firm was pleased to expand its footprint in the city and to continue is longstanding partnership with Stiles. One of the projects they have teamed on is The Main Las Olas, a 2.7-acre mixed-use development in downtown Fort Lauderdale, Fla., where Stiles has its headquarters. The property includes a Class A, 357,000-square-foot office tower. In Charlotte, Shorenstein’s current office holdings include 6800 Solectron Drive, a 450,000-square-foot office asset acquired in October 2019.

Growing market

Justin Siemens, president of Stiles Carolinas, called 110 East a transformative project that will accommodate the tremendous growth in the Charlotte area. He said in prepared remarks the development team remains highly committed to the growing South End submarket and Charlotte market. Stiles’ other office projects in Charlotte date back to at least the fall of 2016, when the firm announced plans construct a three-story, 64,000-square-foot, Class A office building at 300 W. Summit Ave. in the South End neighborhood. Citing investor demand for office properties in the South End, Stiles sold the building early last year to a core fund advised by Zurich Alternative Asset Management for approximately $28.8 million.

Of the 2.1 million square feet of office space under construction in the fourth quarter of 2021, 824,693 square feet was being developed in the South End submarket, according to JLL’s Office Insight report. Overall, 4.9 million square feet delivered in 2021 from pre-pandemic projects and several long-awaited speculative projects broke ground last year as well, JLL reports.

In addition to 110 East, Stiles is building a mixed-use tower in the submarket with joint venture partner Catalyst Capital Partners. The project will have 291 units of ultra-luxury housing in a 30-story tower along with office, retail and restaurant space. Catalyst will be occupying the approximately 10,000 square feet of office space in the building. Construction is expected to begin later this year. The mixed-use tower at Camden Road and W. Park Avenue will be near 110 East.

Jessica Brown and David Dorsch of Cushman & Wakefield are handling the office leasing at 110 East.