200 South College

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200 South College
Map
Former namesBB&T Center
General information
StatusCompleted
TypeOffice
Architectural styleModern
Location200 South College Street, Charlotte, North Carolina
Coordinates35°13′31″N 80°50′37″W / 35.22528°N 80.84361°W / 35.22528; -80.84361
Opening1975; 49 years ago (1975)
OwnerBB&T Properties LLC[1]
Height
Roof300 ft (91 m)
Technical details
Floor count22
Floor area567,865 square feet (52,756.4 m2)[2]
Design and construction
Architect(s)Little & Associates
Other information
ParkingOn-site parking garage
Public transit accessLight rail interchange 3rd Street/CC
References
[3]

200 South College[4] (formerly BB&T Center) is a 300-foot (91 m) high-rise in Charlotte, North Carolina. Completed in 1975, it consists of 22 floors and an 11-story parking garage.[5] On the second floor, it is connected to neighboring buildings via skybridges, as part of the Overstreet Mall.

History[edit]

The building was developed for Southern National Bank. The idea to construct the building was first announced in December 1970. Earlier in the year Southern National had acquired Bank of Charlotte, which gave them four 100-year old buildings on South Tryon Street. The bank undertook a $300,000 renovation of one of these buildings. However, the renovation was abandoned when the contractor discovered that the old brick turned to powder when it was touched. Southern National determined that none of the four buildings could be renovated. When the Charlotte Observer reported on this, Dewey D. Godfrey, executive vice president in charge of local operations, told the newspaper the bank still had not decided to build. However, he said about the success of a new building. "I bet we could rent it all out tomorrow, if we were definitely going to build."[6]

Originally the building was intended to be 13 stories. However, in January 1974 Southern Bell signed a lease for 300,000 square feet (28,000 m2) of space. The building's floor count increased to 22 floors and the floor area from 237,000 square feet (22,000 m2) to its current 586,000 square feet (54,400 m2). The project's price tag doubled from $13 to $26 million. Part of the expansion was adding office space to floors 11 to 13 by building above the parking garage. This allowed Southern Bell to locate departments together on floors within the building. At the time of the announcement in January 1974, Southern Bell had 1,124 North Carolina-based employees housed in seven office buildings in Charlotte, for a total of 245,000 square feet (22,800 m2). The company's space in the building allowed them to locate all North Carolina employee in one building.[7][8]

Rodney Little of Little & Co. said that in 1975, Overstreet Mall, based on a Minneapolis design, was expected to be a big success as concern began about retailers moving to the suburbs. For this reason, Southern National Center did not face a major street, but was intended to be part of a network of bridges between office buildings and major stores such as Belk and Ivey's. Another reason for locating along College Street was the concern that Tryon Street would run out of space.[9] However, in the 1980s, the Charlotte City Council decided to limit additional walkways,[10] and the uptown Belk and Ivey's closed by the end of the decade.[11]

Southern National Center was the home of the Charlotte headquarters of Southern Bell from 1975 to 1995. When BellSouth, the successor company to Southern Bell, moved to the 16-story BellSouth Plaza in 1995, Little & Co. made plans for a $10 million renovation to attract new tenants. The merger of Southern National Bank and BB&T, which resulted in a name change to BB&T Center, meant that BB&T increased its space to 59,000 square feet (5,500 m2), and NationsBank took 285,000 square feet (26,500 m2), but 166,181 sq ft (15,438.7 m2) still remained vacant. Among the building's problems were the facts that most of the floor space had been designed specifically for Southern Bell, and the lobby was on the third floor due to the Overstreet Mall. An advantage was the 1500-space parking deck inside.[10]

In August 1999 the New York-based Winstar Communications Inc. signed a lease for 12,795 square feet (1,188.7 m2) for a switching station. The station only employed a few people. However, at the time of signing the lease, the company was looking for a 10,000 square feet (930 m2) office to house sales staff, technical, and administrative workers.[12]

NationsBank became Bank of America, and in 2001 and 2002 gave up 140,000 square feet (13,000 m2) as part of its operation moved to Gateway Center, leaving 240,000 square feet (22,000 m2) still occupied. In 2004, BB&T agreed to increase its space in the building by 21,000 square feet (2,000 m2) to 100,000 square feet (9,300 m2).[9]

In February 2007, the CIM Group acquired the building for $117 million. BB&T, Bank of America, Mecklenburg Medical Group and AT&T were the largest tenants at the time of the sale. Spectrum Properties became the new leasing management company.[13]

In February 2014, AIG signed a lease for 32,000 square feet (3,000 m2) for a technology center on the 13th floor. The creation of the new office created 230 new jobs by 2017. The center jobs included design, development, testing and deployment of insurance software. The 13th floor became available as a result of Bank of America vacating three floors for a total of 180,000 square feet (17,000 m2) earlier in the year. After the AIG lease, 151,478 square feet (14,072.8 m2) remained available.[14] [15]

In May 2016, landlord Spectrum Properties renewed or issued new leases for a total of 80,000 square feet (7,400 m2). TeKsystems and Aeroteks jointly signed on for 43,000 square feet (4,000 m2), and AIG expanded its space to 23,450 square feet (2,179 m2). The new building tentants were RingCentral leasing 12,351 square feet (1,147.4 m2) and USC's Darla Moore School of Business with 5,000 square feet (460 m2).[16]

In November 2016 BB&T, the building's anchor tenant signed a 10-year newel lease for 120,000 square feet (11,000 m2). The building served as the bank's regional headquarters, housing many lines of business and a bank branch on the first floor. The businesses housed there include Grandbridge Real Estate, BB&T Investments and BB&T Wealth Management. At the time of their renewal the building was 74% leased.[17]

In June 2017 the building was purchased by Philadelphia-based Arden Group for $148.5 million. At the time of the sale, the building was 80% leased.[18] When the purchase was announced, they revealed plans to spend $10 million to renovate the building. This included adding stone and porcelain walls and floors to the first and third floors, adding LED lights, and creating a tenant amenity center with training on the second floor. The renovations were completed in the third quarter of 2019. At the time of the announcement, 97,965 square feet (9,101.2 m2) was available in the building.[19]

In May 2020, the building's parking deck was sold to Cousins Properties Inc. for $85 million. The structure is 11 stories and has 1,520 spaces.[5]

In January 2021 the building was sold for $115m to BB&T Properties LLC. The Arden Group acquisition in 2017 for $148 million included the parking deck. However, only the building was sold in 2021. The building was 85% occupied at the time of the sale, with Truist Financial being the major tenant occupying 120,000 square feet (11,000 m2) of the 586,646 square feet (54,501.2 m2) in the building, with their lease expiring in 2026. The other tenants include AIG, TekSystems, Aerotek, and Ring Central.[1]

In November 2021, Truist Financial announced it would be closing their branch in the building by mid-February 2022. It stated it plans to open a branch on the ground level of Truist Center. In November 2021, the branch employees were the only Truist employees left in the building. The bank is leasing 120,000 square feet (11,000 m2) until 2026, when it will be opting to sublease.[20] The building had served as BB&T's regional headquarters prior to the BB&T and SunTrust merger.[21]

See also[edit]

References[edit]

  1. ^ a b Fahey, Ashley (15 January 2012). "BB&T Center in uptown sells to New York group for $115M". Charlotte Business Journal. Retrieved 29 May 2021.
  2. ^ Sharipo, Amy (22 October 2022). "Charlotte's largest office buildings". Charlotte Business Journal. Retrieved 24 December 2022.
  3. ^ "BB&T Center". Emporis.com. Archived from the original on August 3, 2020.
  4. ^ "200 South College". Trinity Partners. Retrieved 2023-03-28.
  5. ^ a b Fahey, Ashley (12 May 2020). "Could Atlanta-based Cousins Properties' $85M acquisition of uptown parking deck spell future redevelopment?". Charlotte Business Journal. Retrieved 4 October 2022.
  6. ^ "Southern National Bank May Build Instead of Remodel", The Charlotte Observer, December 4, 1970.
  7. ^ "Strong N.C. Economy Attracts National Lenders To State", The Charlotte Observer, January 17, 1974.
  8. ^ "Southern Bell Lease Means Nine Floors For Southern National Bank", The Charlotte Observer, January 17, 1974.
  9. ^ a b Doug Smith, "BB&T Center Wins Again in Tough Market," The Charlotte Observer, March 21, 2004.
  10. ^ a b Doug Smith, "Redevelopment Team Plans Major Makeover for BB&T Center," The Charlotte Observer, December 10, 1995.
  11. ^ Carol Hazard, "Overstreet Undershopped Merchants in Uptown Mall Feel Heat from Belk's Closing," The Charlotte Observer, October 13, 1989.
  12. ^ Lee Howard, Roundup J. (23 August 1999). "elecom company opens switch station, seeks office". Charlotte Business Journal. Retrieved 4 October 2022.
  13. ^ "BB&T building sells for $117M". Charlotte Business Journal. 6 February 207. Retrieved 4 October 2022.
  14. ^ Boye, Will (16 August 2014). "Uptown Charlotte's (lack of) vacancy problem". Charlotte Business Journal. Retrieved 4 October 2022.
  15. ^ Boye, Will (18 February 2014). "AIG leases space at BB&T Center for new technology center". Charlotte Business Journal. Retrieved 4 October 2022.
  16. ^ Fahey, Ashley (13 May 2016). "IT firm, AIG expand BB&T Center". Charlotte Business Journal. Retrieved 30 September 2022.
  17. ^ Fahey, Ashley (3 November 2016). "BB&T renews its lease at uptown Charlotte office building". Charlotte Business Journal. Retrieved 4 October 2022.
  18. ^ Fahey, Ashley (14 June 2017). "BB&T Center sells for $148.5M to Arden Group". Charlotte Business Journal. Retrieved 4 October 2022.
  19. ^ Fahey, Ashley (31 October 2018). "RENDERINGS: BB&T Center, Overstreet Mall renovations planned by new building owner". Charlotte Business Journal. Retrieved 4 October 2022.
  20. ^ Hudon, Caroline (15 November 2021). "Truist Financial to relocate uptown branch next year, add another locally". Charlotte Business Journal. Retrieved 30 September 2022.
  21. ^ Fahey, Ashley (11 November 2016). "BB&T renews its lease at uptown Charlotte office building". Charlotte Business Journal. Retrieved 30 September 2022.

External links[edit]

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