201 North Tryon (Charlotte, North Carolina)

History

The building was developed by Trammel Crow Co. for the former NationsBank now Bank of America. After Interstate/Johnson Lane signed on as a tenant the bank agreed to give them naming rights which gave the tower the name IJL Financial Center. In the spring of 1998 260 Interstate/Johnson Lane employees moved into the building to occupy their new headquarters. The company had leased the first five floors for a total of 105,000 sqft. They moved from their previous headquarters at 121 West Trade, at that time called the Interstate Tower. Other original tenants of the building included MCI leasing 24,000 sqft, Carousel Capital with 6,000 sqft, law firm Smith Helms Mulliss & Moore leased 85,000 sqft, and Landcraft Properties occupying 2,700 sqft. The building had three restaurants The Capital Grill (opened in spring 1998), CoCo Pazzo (opened in the summer of 1998), and Leo's Delicatessen (opened in the spring of 1998) across 15,000 sqft. In November 1997 it was announced that Bank of America would occupy 350,000 sqft in the building. In December 1997 the first NationsBank employees moved into the building, the bank space had increased to 400,000 sqft. Additional employees moved in in the spring of 1998.

In October 1998 Wachovia purchased Interstate/Johnson Lane Inc. for $230 million.{{cite news | url=https://greensboro.com/wachovia-to-buy-brokerage-the-purchase-of-interstate-johnson-lane-occurs-as-banks-branch-out/article_701b43db-f84b-5946-99eb-8177980ee570.html | title=Wachovia subleases space on N. Tryon St.| work=Greensboro News & Record | date=27 October 1998|access-date=28 September 2022}} In February 2002 Wachovia announced it would lease five floors in the building for a total of 110000 sqft.{{cite news | url=https://www.bizjournals.com/charlotte/stories/2002/02/25/daily25.html | title=Wachovia subleases space on N. Tryon St.| work=Charlotte Business Journal | date=27 February 2022|access-date=28 September 2022}} On March 10, 2010, Fifth Third Bank announced that 201 North Tryon will be the North Carolina headquarters for the bank; renaming it to Fifth Third Center.{{cite news | url=https://www.bizjournals.com/charlotte/stories/2010/06/07/newscolumn3.html | title=After long-awaited move to uptown Charlotte, Fifth Third mulls growth|first1=Adam | last1=O'Daniel | work=Charlotte Business Journal | date=7 June 2010|access-date=28 September 2022}} Previously the building was known as IJL Financial Center.{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2010/03/fifth_third_focused_on_201_north_tryon.html | title=Fifth Third focused on 201 North Tryon|first1=Will | last1=Boye | work=Charlotte Business Journal | date=1 March 2010|access-date=28 September 2022}} The signage on the building was replaced in May 2010. Fifth Third began to occupy the building in June 2010. They moved their 250 local employees into space that spanned three floors. At the time they moved into the space Bob James, bank president for North Carolina, said that they only had room for 10 additional employees. At that time there was an option to lease a fourth floor. Their previous Charlotte office was in University Research Park. The bank first entered the Charlotte market with their 2008 acquisition of First Charter Corp. First Charter had occupied a small amount of space in the building.

In July 2012 Real estate investment firm Parmenter Realty Partners purchased the building from Bank of America for $163 million, which came out to $240 per square foot. This price per square foot was similar to other recent transactions in Charlotte. In June 2012 Parkway properties paid for $257 per square foot for Truist Center formerly Hearst Tower for a total of $250 million and also in June an Israeli real estate firm purchased One Wells Fargo Center for $249 per square foot for a total of $245 million.{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2012/06/israeli-group-buying-one-wells-fargo.html | title=Israel-based Azrieli Group buying One Wells Fargo for $245 million| first1=Will | last1=Boye | work=Charlotte Business Journal | date=14 June 2012|access-date=28 September 2022}} At the time of the purchase the building was 99% leased.{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2012/07/parmenter-closes-on-fifth-third-center.html | title=Parmenter closes on Fifth Third Center purchase| first1=Will | last1=Boye | work=Charlotte Business Journal | date=3 July 2012|access-date=28 September 2022}} This sale was part of a broader effort by Bank of America to sell the building along with Truist Center formerly Hearst Tower. The bank leased back space in both buildings.{{cite news | url=https://www.bizjournals.com/charlotte/blog/bank_notes/2012/02/bank-of-america-to-sell-hearst-tower.html | title=Bank of America to sell Hearst Tower, Fifth Third Center|first1=Adam | last1=O'Daniel | work=Charlotte Business Journal | date=1 February 2012|access-date=28 September 2022}}

In November 2013 Winstead, a Texas-based law firm signed a lease for 20000 sqft to house its 40 local employees.{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2013/11/growing-winstead-will-relocate-to.html | title=Growing Winstead will relocate to Fifth Third Center| first1=Will | last1=Boye | work=Charlotte Business Journal | date=19 November 2013|access-date=28 September 2022}} In March 2014 law firm McGuireWoods renewed their lease of 150000 sqft across 7 floors. The firm is the third largest tenant after Bank of America and Fifth Third.{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2014/03/mcguirewoods-renews-lease-at-fifth-third-center.html | title=McGuireWoods renews lease at Fifth Third Center| first1=Will | last1=Boye | work=Charlotte Business Journal | date=4 March 2014|access-date=28 September 2022}} In March 2015 HFF Inc. signed a lease for 6,000 square feet.{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2015/03/fifth-third-center-lands-new-tenant-plus-existing.html | title=Fifth Third Center lands new tenant, plus existing tenant expands at uptown tower|first1=Will | last1=Boye | work=Charlotte Business Journal | date=19 March 2015|access-date=28 September 2022}}

In June 2014 Cousins Properties purchased the building for $215 million, which equals $308 pers square foot. This transaction set the record for the highest price per square foot for an office building. The previous record was from 2007 when the Carillon building was purchased for $140 million, with a price of $298 per square foot.{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2014/07/cousins-properties-to-buy-fifth-third-center-for.html | title=Cousins Properties to buy Fifth Third Center for record number|first1=Will | last1=Boye | work=Charlotte Business Journal | date=30 June 2014|access-date=28 September 2022}}

In November 2019 Fifth Third expanded their space in the tower to 100,300 sqft. The expansion of space at that time was 25,000 sqft, an additional floor. Tenant Dimensional Fund Advisors vacated two floors earlier in 2019, which they occupied starting in 2015,{{cite news | url=https://www.bizjournals.com/charlotte/blog/real_estate/2015/03/fifth-third-center-lands-new-tenant-plus-existing.html | title=Fifth Third Center lands new tenant, plus existing tenant expands at uptown tower| first1=Will | last1=Boye | work=Charlotte Business Journal | date=19 March 2015|access-date=28 September 2022}} to occupy its newly built East Coast headquarters in South End. In 2019 Fifth Third had 500 employees based in the Charlotte area with plans to add an additional 300 in the coming years. Even with Fifth Third's expansion Bank of America remained the largest tenant with 318000 sqft.

In May 2024 Bank of America announced plans to exit the building in July 2025. Their current space is 316,751 sqft, which equals 46% of the building's current occupancy. As of May 2024, the building was 92% occupied, this will drop to 53% once the bank leaves.{{cite web |url=https://www.bizjournals.com/charlotte/news/2024/05/29/bank-of-america-to-exit-uptown-buildings.html|title=Bank of America to exit two uptown Charlotte buildings in consolidation move

References

References

1. "Fifth Third Center". Council on Tall Buildings and Urban Habitat.
2. "Project could link offices, retail, train station", ''The Charlotte Observer'', November 7, 1997.
3. "What's In A Name", ''The Charlotte Observer'', December 1, 1997.
4. Doug Smith,"CHS will relocated some office to Cadmus printing complex", ''The Charlotte Observer'', August 26, 1997.
5. Doug Smith,"A stroll up busy N. Tryon", ''The Charlotte Observer'', December 31, 1997.
6. Doug Smith,"How can you work with head in the clouds?", ''The Charlotte Observer'', November 30, 1997.