Research Drive Project

Project Description

Description: University Research Park, Charlotte, NC Renovating a dated office building into a viable investment for institutional investors

Blue Wall working with an established private equity firm, acquired and redeveloped a four story 160,000 SF office building built in 1984 for IBM that was being vacated by its existing 15 year tenant. The building was functionally obsolete with; an inefficient core area, very small windows, a dated HVAC central plant, systems and equipment at the end of their useful life, a deteriorating parking area and over grown site that hindered its curb appeal. Recognizing that the building was very well located and had the basics of being an efficient coirporate location, a transformation of the building was planned and executed.

Renovation Details

A complete renovation included:

  • A new core area was created that made the building much more efficient for the occupant.
  • New elevators were added to the upgraded and retro fitted existing elevators
  • New larger efficient windows and a new façade that updated the aesthetics of the building and allowed for natural light to penetrate the deep floor plates.
  • New HVAC and building operating systems were installed.
  • The renovation achieved LEED silver certification.
  • The parking lot was replaced and made a more efficient entrance and circulation.
  • New landscaping and enhanced visibility form the interstate was implemented.
  • The renovation took 10 months and during construction the building was leased to a fortune 50 corporation on a long term lease.
  • Shortly after occupancy Research Drive was sold to an institutional investor as a core asset in its real estate investment portfolio.

The renovation took 10 months and during construction the building was leased to a fortune 50 corporation on a long term lease. Shortly after occupancy Research Drive was sold to an institutional investor as a core asset in its real estate investment portfolio.

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