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Starwood Capital, Vision Properties Sell One Wells Fargo Center in Charlotte for $284M

CHARLOTTE, N.C. — In one of the largest office building transactions ever in North Carolina, Starwood Capital and Vision Properties have sold One Wells Fargo Center in Charlotte’s central business district for $284 million.

According to the Charlotte Observer, the buyer was a limited liability company tied to Dennis Troesh, a Nevada businessman who founded a concrete company in the 1970s that was later acquired by Tokyo-based Mitsubishi Materials Corp.

Starwood and Vision purchased the building in 2013 for $245 million. One Wells Fargo Center opened in 1988 and is located at 301 S. College St.

The 42-story tower, which spans more than 1 million square feet, is home to a mix of financial, legal and real estate firms. One Wells Fargo Center serves as the East Coast headquarters for Wells Fargo, the largest bank in the world in terms of market capitalization. The building was 98 percent occupied at the time of sale.

The building features amenities such as covered parking, two restaurants, the Childress Klein YMCA, a coffee shop and a dry cleaner. It also serves as one of only two downtown buildings with direct access to the LYNX public transportation system.

One Wells Fargo Center is on the same site as the Charlotte Hilton Center City Hotel.

Will Yowell, Patrick Gildea, Jay O’Meara and Justin Parsonnet of CBRE handled the negotiations on behalf of Starwood Capital.

“This transaction demonstrates the strength in the Charlotte economy and the confidence investors have in its continued growth,” says Yowell, vice chairman of CBRE.

— Haisten Willis

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