Chicago-Based Developers Snap Up Charlotte Trophy Office Tower for $36.5M, Unveil Redevelopment Plans

In a bold play for Charlotte's urban core, Chicago-based Riverside Investment & Development and Singerman Real Estate have closed on the acquisition of the former Two Wells Fargo Center at 301 S. Tryon St. for a reported $36.5 million. The purchase sets the stage for a comprehensive redevelopment of the more than 800,000-square-foot asset, which has been rebranded as 301 South Tryon. The deal was brokered by a CBRE team led by Patrick Gildea and Matt Smith, who represented the seller, Wells Fargo & Co., in the transaction.

Key Details

The $36.5 million purchase price highlights a compelling value-add opportunity for the Riverside-Singerman joint venture for a well-located, institutional-scale asset in the heart of Charlotte's central business district.

According to Connect CRE, the partnership is planning a $200 million mixed-use redevelopment of the dual-tower property. The 30-story tower will be converted to approximately 275 multifamily residential units on the upper floors and 200 hotel rooms on the lower floors, while the 11-story building will receive more than 250,000 square feet of renovated office space. Construction is expected to begin in early 2027, with office delivery targeted for early-to-mid 2028 and full project completion anticipated in late 2028 or early 2029.

Market Context

This transaction offers a telling snapshot of the broader commercial real estate landscape, where well-capitalized investors are seizing opportunities in premium urban assets at a fraction of their replacement cost. The scale of the $200 million redevelopment commitment — against a $36.5 million acquisition price — underscores the new owners' long-term confidence in Charlotte's economic fundamentals.

Charlotte continues to boast robust population growth and a rapidly expanding financial services sector. The mixed-use conversion strategy — blending residential, hospitality, and office uses — reflects a broader shift among developers who are repositioning large urban towers for diversified demand rather than relying solely on office absorption. If successful, 301 South Tryon could serve as a model for adaptive reuse in the Charlotte financial district and spur further investment activity in the region.