PRP Acquires Honeywell Corporate Headquarters in Charlotte for $275M
CHARLOTTE, N.C. — PRP Real Estate Investment Management has acquired the global corporate headquarters of Honeywell International Inc. (NYSE: HON) in Charlotte for $275 million. Lincoln Harris and Goldman Sachs Asset Management were the sellers. The property, which opened earlier this month, is dubbed the smartest building in the world given the advanced Honeywell technology implemented in the design, according to PRP.
Located at 855 S. Mint St. in Charlotte’s central business district, the headquarters spans 373,921 square feet and rises 23 stories. The building is adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers.
The property is part of Legacy Union, a 10-acre mixed-use project developed by Lincoln Harris and Goldman Sachs that comprises two city blocks on the former site of The Charlotte Observer.
The building design showcases proprietary Honeywell technology, supported by a unit within the company that develops building management solutions, including energy conservation, enhanced security systems, surveillance, health monitoring, air quality measuring and network-based infrastructure.
The property can house up to 1,300 Honeywell employees. The building includes ground-floor retail space, terraces on the 22nd and 23rd floors and a podium parking garage with 814 spaces.
“Infill trophy office properties like the Honeywell headquarters building are among the most desired product type in today’s market,” says Patrick Gildea, vice chairman of Carolinas Institutional Properties for CBRE. “As companies endeavor to draw employees back to the office, best-in-class office space with a fantastic amenity package will be a powerful tool in generating excitement around the return to work.”
Gildea, along with colleagues Matt Smith, Will Pike and Grayson Hawkins, represented the sellers. Lincoln Harris will continue to serve as leasing agent and also provide property management services at the building, which LS3P designed.
In late 2018, Honeywell announced that it would move its headquarters to Charlotte from New Jersey. The technology and manufacturing company signed a 15-year lease at the building. Honeywell’s stock price opened at $201.05 per share Wednesday, Dec. 22, down from $207.94 per share one year ago.
PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities as well as investments in Opportunity Zones, data centers, value-add apartment properties and value-add office buildings. Since its formation in 2005, the company has acquired, developed or invested in 46 assets with a value in excess of $5 billion. The privately held company is headquartered in Washington, D.C.
— Kristin Hiller