NEW YORK, June 11, 2018 /PRNewswire/ -- DRA Advisors LLC (DRA) announced today that it has completed the disposition of 400 South Tryon in Charlotte, North Carolina, as part of a joint venture with Trinity Capital Advisors (Trinity). The Property consists of a 33-story, 587,081 square foot office tower and 4-level parking garage, located in the heart of Uptown Charlotte. The buyer was Oaktree Capital Group, who purchased the Property for $133.5 million ($227/psf).
The joint venture between DRA and Trinity purchased the asset in 2014 for $61.3 million. During its hold, ownership invested significant capital improving the aesthetic to the lobby, elevators, common corridors, retail area and the creation of a new fitness facility. The venture also redeveloped 7,500 square feet of vacant ground floor space located on Church Street into three successful restaurants, Rhino Market & Deli, B. Good, and JJ's Red Hots.
"400 South Tryon proved to be a great example of value-add creation, whereby we successfully leased up vacancy with multiple tenants while substantially increasing market rents. This substantiated our original thesis that the building was an attractive alternative to tenants in an A+ location. The strength of Uptown Charlotte and the asset's positioning within the market was critical to the transaction's success, as was a great partnership with Trinity who did an exemplary job executing the business plan," said David Luski, President and Chief Executive Officer of DRA Advisors.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $29 billion in assets, including 49 million square feet of office space, 65 million square feet of retail space, 45 million square feet of industrial properties, and 65,000 residential units. DRA currently has over $10 billion in assets under management.
SOURCE DRA Advisors LLC