Square Mile Capital Management LLC (“Square Mile Capital”) today announced that it has originated a $184.3 million loan to facilitate the construction of 600 South Tryon, a 410,000 square foot Class A office building located in Charlotte, NC.
Square Mile Capital provided the construction financing to a partnership between the Real Estate business within Goldman Sachs Asset Management (“Goldman Sachs”) and Lincoln Harris. The financing was arranged by JLL.
Robinson Bradshaw, a Charlotte-based national law firm, has preleased the top four floors of the project (approx. 25 percent of total square footage). The property will feature a state-of-the-art fitness center, collaborative meeting areas, and terraces on levels 9, 20, and 23. The project will be the fourth phase of the Legacy Union master plan. Since 2016, the joint venture has successfully developed the three prior phases of the master plan (Bank of America Tower, Honeywell’s HQ, and SIX50), totaling 1.5 million square feet of office space
Square Mile Capital Principal Eric Cohen said, “Despite broader market headwinds in the office sector, we are bullish on investing into best-in-class office product in growth markets such as Charlotte alongside top tier sponsors and developers. We expect this asset to be a great complement to the partnership’s prior success at Legacy Union and we are excited to be a part of this piece of the broader development.”
The project is located within the Stonewall Corridor, which serves as the new main street of Charlotte, and features connectivity to neighboring submarkets via walking, driving, and using the city’s Lynx blue line. Additionally, the property is located one block from Interstate 277 and three Blocks from South Boulevard, two of the primary thoroughfares.