Charlotte Business Journal Feature: Toringdon Build-To-Suit
October 31, 2013
Trinity Capital Advisors’ 100 Toringdon Way Build-To-Suit in South Charlotte was recently featured in the Charlotte Business Journal.
Trinity marketing new seven-story building at Toringdon
Senior Staff Writer
Charlotte Business Journal
Charlotte, NC – October 30, 2013 – Trinity Partners has begun marketing a new, seven-story, 175,000-square-foot office building at an undeveloped site at the Toringdon office park in south Charlotte. The land is owned by Trinity’s sister company, Trinity Capital Advisors, in a joint venture with Stockbridge Capital Group and Madison International Realty. The group now owns four of the six buildings in the park, 12 acres of vacant land and the parking deck for the two buildings it does not own at Toringdon.
The development is on Johnston Road, off Interstate 485. The proposed office building, called 100 Toringdon Way, would be built next door to the Toringdon 6 building and would be visible from I-485. The site, located in the southeast corner of the park, will eventually be bordered by the planned extension of North Community House Road, providing another point of access.
Trinity needs to prelease 60% of the proposed building before it starts construction, which would take about 16 months to complete. With a lack of large blocks of office space in the market, large tenants will ultimately have to consider preleasing space in build-to-suit projects such as 100 Toringdon Way, says Rhea Greene, Trinity’s leasing director. The site could accommodate two 100,000-square-foot buildings, she says, but a single, larger building holds greater allure for a potential anchor tenant, due to its height. Although that puts the onus on Trinity to prelease a greater amount of space, the firm is planning for a seven-story project.
“The goal is to capitalize on those views and the signage,” says Greene, who expects the asking rental rate for the project will be in the mid to high $20’s per square foot.
The new building would be accompanied by a two-story parking deck to the south. Trinity Capital is discussing the development of a hotel and additional retail on adjacent land to the east of the office site, along the planned North Community House extension.
Trinity recently worked with The Dodd Studio to put new signs on its Toringdon properties and to correct an odd sequence of building numbers at the park. The firm changed the Toringdon 8 building to Toringdon 4 so the park’s six building are labeled one through six, and the Roman numerals used by the park’s original developer have been replaced with easier-to-read Arabic numerals. The four Trinity Capital buildings (Toringdon 1, 2, 4 and 6) total 356,100 square feet and are 90% leased, up from 82% at the time the portfolio was purchased. The Toringdon 3 and 5 buildings are owned by companies controlled by LNR Partners, which took title to the properties after foreclosing in 2012. Gensler designed 100 Toringdon Way, and Greene and Jennifer Kurz at Trinity Partners are leasing the project.