Cushman & Wakefield has arranged the $58.5 million sale of Corning Optical Communications’ headquarters, a newly constructed, Class A office building totaling 182,169 square feet in Charlotte, North Carolina. Rob Cochran, Jared Londry, and Nolan Ashton of Cushman & Wakefield represented the seller, Beacon Partners, in the transaction. An affiliate of Crown Realty & Development, based in Costa Mesa, California, acquired the property.
Featuring a state-of-the-art build-out that offers best-in-class amenities including employee lounges, outdoor patio seating areas, a café with grab-and-go options, on-site walking trails and a “green roof” with seating. The exterior of the building is glazed with View Dynamic Glass smart window technology. The building is fully leased for the next 14 years to Corning Optical Communications, the largest operating segment of Corning Inc. (NYSE: GLW).
Located at the intersection of Interstate 485 and NC 16 on 11.7 acres in the heart Riverbend Village, a mixed-use development featuring best-in-class multi-family residential, retail, hotel and medical facilities, the LEED Certified (pending) building is easily accessible to the airport, interstates 85 and I-77 and the entire Charlotte region.
“The offering presented an exceptional opportunity to acquire a Class A single-tenant asset with a long-term net lease and an investment grade tenant in place, creating a stable investment with minimal to no capital requirements,” said Cochran, Managing Director of Capital Markets at Cushman & Wakefield’s Charlotte office.
Londry added, “We had a huge response to this offering with more than 150 interested buyers. We received 30 offers and ended up with a record-breaking price, despite the current market uncertainties.”
Crown closed the all-cash transaction in three weeks.
About Crown Realty & Development
Crown Realty & Development was established in 1994 by Robert Flaxman and Jaime Sohacheski to apply intelligent real estate strategies with determined and reliable execution. Headquartered in Orange County California with offices in Los Angeles and Scottsdale, Arizona, the firms current portfolio consists of office, retail, entitled multifamily land, flex, and industrial properties with a total portfolio value in excess of $750 million in value. Crown has a deep and demonstrated understanding of the relationships among people, places and results. Crown leverages the broad skill set of an exceptional team and market-based foresight to uncover and create value in unexpected places. Long-term relationships anchored by trust and transparency are the cornerstone of the company.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.