Oct
06

Wachovia Deal Could Free Up Extensive Uptown Charlotte Office Space

By
October 1, 2008

by Susan Stabley – Charlotte Business Journal

Citigroup Inc.’s takeover of Wachovia Corp.’s banking operations could put into play more than 3.5 million square feet of commercial space the Charlotte bank owns or leases. That include the 1.5 million-square-foot headquarters complex that’s under construction on South Tryon Street.
Real estate observers say much of that space could hit the market as Citi looks to cut costs and eliminate redundant positions between the financial institutions.

The best-case scenario: New York-based Citi (NYSE:C) keeps a significant level of operations in Charlotte because office costs are lower in the Queen City than in Manhattan, says Andrew Jenkins, managing partner of real estate research firm Karnes Research Co.

“This is the space that’s most affordable,” Jenkins says. “The worst case is that they quickly decide to vacate space.”

Wachovia is one of uptown’s largest tenants. The main buildings in its portfolio are:

One Wachovia Center at 301 S. College St., with 954,531 square feet of leasable space;

•Two Wachovia Center at 301 S. Tryon St., with 758,509 square feet of leasable space;

•Three Wachovia Center at 401 S. Tryon St., with 885,302 square feet of leasable space; and

•The 1.5 million-square-foot complex under construction as a new headquarters.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://charlotte.bizjournals.com/charlotte/stories/2008/09/29/daily11.html?surround=lfn&brthrs=1
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