Stiles, Shorenstein Top Out $186M Tower in Charlotte

Stiles and Shorenstein Properties have topped out 110 East in Charlotte, N.C. Image courtesy of Stiles

Stiles and Shorenstein Properties LLC have topped out their 110 East project, a 23-story, 370,000-square-foot Class A office building in the South End of Charlotte, N.C.

The building, at 110 East Blvd., is scheduled for completion in March 2024 and reportedly is the only Class A office building in the South End that’s sited on a light rail platform. It was designed by Nashville-based Hastings Architecture, with Shelco LLC as the general contractor.

Besides the transit connectivity from being directly on the platform of the LYNX Blue Line and Charlotte Rail Trail, the location provides proximity to a variety of restaurants and nightlife venues.

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Rendering of 110 East in Charlotte, N.C., designed by Hastings Architecture. Image courtesy of Stiles

When ground was broken, in January 2022, the speculative project’s value was given as $186 million.

In a prepared statement, Chris Grenier, senior vice president of development, Stiles Carolinas, noted the building’s amenities, which include a parking garage with more than 900 spaces, a 4,000-square-foot fitness center, flexible conference spaces, 11-foot clear vision glass and 5,800 square feet available directly on the rail platform for retail and restaurant uses. In addition, 110 East will feature both LEED Gold and WiredScore Platinum certifications.

Jessica Brown and David Dorsch of Cushman & Wakefield are leading the office leasing effort. Retail leasing is being handled by Adam Williams with Legacy Real Estate Advisors.

Economy outpaces office sector

The Charlotte region’s economy is benefiting from 3.4 percent year-over-year employment growth and from an unemployment rate 40 basis points below the national average, according to a second-quarter report from Cushman & Wakefield.

The office market, however, has seen its direct vacancy rate rise for four straight quarters, to 18.0 percent currently, with a 22.0 percent overall office vacancy. The strong presence in Charlotte of the banking sector has been a factor here, as it has a substantial proportion of hybrid or remote workers.

Last December, Shorenstein sold the Commons at the Park, a 430,000-square-foot, two-building adaptive reuse campus on a 63-acre site in Charlotte’s University Park area. Shorenstein acquired the then industrial property in 2019 and by 2021 had adapted it into a creative office campus. The buyer was Albemarle Corp., a Charlotte-based chemicals supplier, which plans to use the campus for a $200 million lithium research center.