East West Capital has acquired the Boxer Building in Charlotte, North Carolina. The building, located at 1000 West Morehead Street, has approximately 40,000 sf of office space and is currently 75% leased.
“The Boxer Building is a truly iconic landmark in Charlotte. We are delighted to expand our presence in the Charlotte CBD with the purchase of our second beautifully restored historic building along West Morehead.” said David Moritz, Managing Partner. “The Boxer Building is directly across the street from our previous office purchase, the Carolina School Supply Building.”
Built in 1927 and originally used as a warehouse, the building contains expansive high ceilings, large windows with downtown views, and is in close proximity to the city center. Prior to being renovated to professional office use in 2000, the building was used by the Karl Boxer Textile Machinery Company for storage and distribution of machinery for the textile industry. The building’s current name is in honour of Karl Boxer. Previous owners include Ford Motor, Southern Appliances and the Union Storage and Warehouse.
“Tenants not only love the industrial design of the structure, but also find the location to be incredibly convenient to Uptown and the interstate, while enjoying dedicated free parking.” said Brian Nelson, Managing Partner. “Historically, the Boxer Building and Carolina School Supply Building have been 100% leased, and we expect to lease the remainder of the Boxer Building in the coming months.”
It is believed that this was one of the first all concrete buildings in Mecklenburg County. In its use of concrete construction, the building exemplifies the innovations in structural engineering and factory and warehouse design that transformed industrial construction during the first decades of the twentieth century. The interior of the building is constructed almost entirely of concrete, brick and steel, making this an attractive building for office tenants who seek unique space that complements their brands. The building is on the National Register of Historic Places
According to DTZ’s Q4, 2014 report on Charlotte, direct vacancy in the Midtown office market is 5.3%. Continued net absorption of space is expected to continue to drive vacancy down and rents up.