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New office tower for Charlotte

By David Mildenberg - May 19, 2014 - 1:40:00 pm

Charlotte will have a new 25-story downtown office building by 2017, with construction to start this fall in a project led by MassMutual Financial Group and Charlotte’s Spectrum Properties, MassMutual's Cornerstone Real Estate Advisors said today.

Plans for an office tower at the corner of Tryon and Third streets have been discussed for nearly a decade by the two companies. MassMutual’s Babson Capital Management Group, which manages nearly $200 billion in assets, will be the anchor tenant, according to a company statement. Babson, which has its headquarters in Springfield, Mass., now has offices in the Duke Energy Center in downtown Charlotte. Babson Capital Chief Executive Officer Tom Finke lives in Charlotte.

Babson Capital managed $150 billion in fixed-income investments as of Dec. 31, 2013, while its Cornerstone Real Estate Advisors group oversaw $41.4 billion of assets, according to Babson’s website.

Separately, Crescent Communities has provided renderings of a proposed 27-story office building, called Tryon Place, near the intersection of Tryon and Stonewall streets, about four blocks from the MassMutual development, the Charlotte Business Journal reported in March. No tenants have been disclosed for that project.

 

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