Arden Group announces renovations to BB&T Center, Overstreet Mall in Downtown Charlotte
Charlotte, North Carolina – October 31, 2018 – Arden Group, owner of BB&T Center, has officially announced its renovation plans for the 22-story, 567,865 SF office tower and connecting Overstreet Mall in Downtown Charlotte. The Philadelphia-based real estate company purchased the property in 2017 for $148.5 million and have since been working closely with Trinity Partners Office Leasing team and Redline Design Group to develop the full-scale plan, including renovations to the Overstreet Mall, third floor lobby, and the addition of a tenant amenity center and outdoor deck.
The lobbies on the first and third floor of BB&T Center will feature a new, dramatic and modern look with stone and porcelain walls and floors, LED lighting, and custom perforated backlit ceiling and wall elements.
On the second floor, the complete renovation will include a feature-rich Tenant Amenity Center with training rooms, conference spaces, event space, and casual amenities including the new addition of a 1,400 SF outdoor tenant lounge along College Street.
Overstreet Mall renovations on the third floor will modernize the existing mall space with new floor and wall finishes, updated ceilings, and new, brighter LED lighting, while maintaining operation of the mall during renovation. Renovations will be complete third quarter 2019.
“BB&T Center’s location and available parking is unmatched, but there haven’t been any significant renovations or amenity upgrades for years,” said Greene. “We worked closely with Arden to create a renovation plan that refreshes the public spaces and adds the collaborative amenities and gathering spaces tenants are looking for.”
BB&T Center is in the heart of Downtown Charlotte and is Arden Group’s first acquisition in the North Carolina city. Current tenants at BB&T Center include BB&T Corp., AIG, TekSystems, AeroTek and Ring Central. The property’s connectivity to Overstreet Mall gives tenants access to popular restaurants and retail. Arden Group chose Charlotte because of its population, millennial workforce growth, affordable cost of living, white-collar job growth and educated workforce, Arden Group CEO Craig Spencer said in a statement upon purchase of the property.
“The building has always been a strong performer given the access and irreplaceable location,” noted Greene. “We’re eager and excited to see what BB&T Center can achieve now with this upcoming renovation. We expect it to become a true destination office tower in the heart of the city.”
The building is managed by Trinity Partners’ Property Management team. Tracy Haynie, Trinity Partners’ Project Management Division Partner, is leading the renovation project.
About Arden Group
Arden Group, headquartered in Philadelphia, is a discretionary real estate fund investment platform that acquires value-add hotels, Class A office, light / last mile industrial properties in major U.S. markets. Since its founding in 1989, Arden Group has purchased $3.7 billion of real estate and has managed more than $5 billion of assets through its asset management platform.
About Trinity Partners
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with ten service lines ranging from landlord and tenant representation to property management and investment sales. They are known for our entrepreneurial spirit, best-in-class performance, and respected team of commercial real estate professionals, who are directly responsible for the company’s success and collaborative culture. The firm currently leases and/or manages over 20 million square feet of office, industrial, mixed-use, and retail space across the region through their four offices in Charlotte and Raleigh, North Carolina, and Columbia and Greenville, South Carolina.
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