SouthPark’s Rotunda Building announces over 60,000 SF of leasing transactions
The Rotunda building in Charlotte’s SouthPark has had significant leasing activity since being sold in August of 2021. The building, located at 4201 Congress Street, has recently executed more than 60,000 RSF in leasing transactions.
The significant leasing was across new deals, renewals, and expansions and includes tenants like Kian Capital, KDC Real Estate Development & Investments, Sargent & Lundy, Brightworth, and Walker & Dunlop. The Brookdale Group acquired Rotunda in August 2022 and would like to thank the following brokers: Mark Decherd, Ben Rojhan, Heath Chapman, and Spencer Hawkins with CBRE, Parker Melvin with Eagle Commercial Realty, Ross Howard with JLL, and Joe Learner and Colin Reed with Savills. Trinity Partners’ Rhea Greene and Tim Arnold handle the leasing duties on behalf of the landlord.
“Strong office demand is back in SouthPark, and Rotunda is meeting the mark on all fronts,” said Greene. “New tenants are attracted by the quality, expanded amenity offerings, and SouthPark location. Existing tenants appreciate all it has to offer, proven by our continued renewals and expansions. We’re encouraged by the continued activity we’re seeing at the building and in the submarket as a whole,” she added.
The SouthPark’s Class A submarket continues to experience sustained rent growth, with rental rates increasing 13% since 2020. SouthPark’s average rental rate in the Class A competitive set is $42.89 per square foot, making it the only suburban submarket with average rents over $40 per square foot.
Greene expects to see positive annual absorption for SouthPark in 2023, reversing the submarket’s negative absorption because of the pandemic. “The overall pause on new development and renewed focus on collaborative work back in the office is creating positive momentum on the demand side, and quality assets like Rotunda and submarkets like SouthPark are benefitting,” said Greene.
In the center of SouthPark’s urban core, Rotunda provides exceptional walkability to more than 2.5 million SF of the highest-quality retail, restaurant, and grocery options and is just minutes from some of Charlotte’s most desirable neighborhoods. The Class-A, 234,670 RSF four-story property features a renovated lobby and tenant amenity lounge with complimentary coffee, Wi-Fi, Canteen services and meeting space. Rotunda’s spacious outdoor patio is furnished and the ideal setting for a casual meeting or lunch break. The building offers excellent parking with a dedicated underground parking deck and 3.3 per 1,000 square foot parking ratio. Current tenants include Hedrick Gardner Kincheloe & Garofolo, South Summit Capital Management, Jefferies, NAI Southern Real Estate and Village Tavern.
ABOUT THE BROOKDALE GROUP
The Brookdale Group is a privately held commercial real estate investment firm founded in 1994 in Atlanta, Georgia. Through its sponsored closed-end investment funds, Brookdale makes commercial real estate investments on behalf of the firm’s principals and institutional co-investment partners. Since its formation, Brookdale has sponsored eight investment funds which have focused on making “value-add” and “near-stabilized” office real estate investments located within the Mid-Atlantic, Southeast and Southwest regions of the United States. Learn more at brookdalegroup.com.
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