Investment firm to relocate from Metropolitan to 525 North Tryon building uptown
CHARLOTTE, N.C. – April 16, 2015 (BUSINESS JOURNAL) – Private-equity firm Frontier Capital has leased the 19th floor of the 525 North Tryon building in uptown Charlotte and plans to relocate from the Metropolitan development in September.
The long-term lease for 12,600 square feet is the first new deal this year in the building, which was acquired by Grubb Properties and New York Life Real Estate Investors in January for $60 million.
“Grubb Properties and New York Life are very excited to have Frontier Capital as a tenant at 525 North Tryon,” said Jonathan Nance, senior vice president of Grubb Properties. “We feel they will be a great addition to the building and the neighborhood, especially with all the positive development occurring in the North Tryon corridor.”
Frontier Capital, which invests in software and technology-enabled business-services companies, leased temporary space at 525 North Tryon early in its history, saysRichard Maclean, a managing partner with the firm.
“It is exciting for us to return almost 15 years later and build out our new offices on the 19th floor,” he says. “All of the new development underway on that end of Tryon Street is encouraging, and we are looking forward to Frontier Capital being a part of it.”
The 525 North Tryon building is one block over from the 336-unit SkyHouse Uptown apartment tower that Grubb is building with Novare Group and Batson Cook Construction, and the development teamplans to build a second SkyHouse tower as well.
Grubb and New York Life plan to condense the currently vacant first-floor restaurant space at 525 North Tryon to accommodate a new fitness center and additional conference space.