Babson Capital Management and Cornerstone Real Estate Advisers Break Ground on 300 South Tryon TowerDecember 15, 2014 12:15 pm
Global Asset Manager’s Anchor Tenant Role Reflects Commitment To Grow With Charlotte
Babson Capital Management, a leading global asset management firm with more than $206 billion in assets under management, and Cornerstone Real Estate Advisers, one of the world’s largest real estate investment managers, today marked the groundbreaking of 300 South Tryon, a 25-story Class A office building located in the heart of Charlotte’s Center City.
Babson, which has had a growing presence in Charlotte since 2002 and now has nearly 170 associates in the city, will be the anchor tenant in the new tower, to be located at the corner of South Tryon and 3rd Street. Construction is expected to begin in early January with completion scheduled for the spring of 2017.
“300 South Tryon is a reflection of Charlotte’s continued dynamic growth, and will be a world-class building in the heart of the Charlotte skyline,” said Tom Finke, Chairman and CEO of Babson Capital. ”We are excited to be breaking ground on Babson’s future home in Charlotte.”
“Cornerstone looks forward to working with our partners Spectrum Properties, Balfour Beatty Construction and Babson to develop a tower that Charlotte will be proud of,” said Scott Brown, President of Cornerstone Real Estate Advisers. “We believe the quality of this project, combined with Charlotte’s robust growth prospects, will create significant long-term value for our investors.”
Joining Mr. Finke and Mr. Brown for today’s groundbreaking ceremony were representatives of development partner Spectrum Properties and Balfour Beatty Construction, general contractor for the project. Honored guests and speakers included North Carolina Governor Pat McCrory, Charlotte Mayor Dan Clodfelter, Mecklenburg County Commission Chair Trevor Fuller and Michael J. Smith, President and CEO of Charlotte Center City Partners.
“Babson is making a leadership investment in our community,” said Mr. Smith. “This project will drive job growth by providing Charlotte with much needed premium office space for corporate relocation.”
Designed to achieve the U.S. Green Building Council’s LEED Gold certification, reflecting the city’s strong commitment to sustainable development, 300 South Tryon will incorporate several sustainable features including a state-of-the-art water management system, significant use of sustainable materials in construction, energy-efficient use of natural daylight to complement interior lighting, recycling areas within the building and preferred parking with charging stations for low-emission vehicles.
About Babson Capital Management
Babson Capital Management LLC (Babson Capital) is a leading global asset management firm with more than $206 billion in assets under management as of Sept. 30, 2014. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develops products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities. Babson Capital maintains a strong global footprint, with operations on four continents and clients in over 20 countries. Babson Capital is a member of the MassMutual Financial Group. Learn more at www.babsoncapital.com.
About Cornerstone Real Estate Advisers
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., U.K., Europe and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. More information is available at www.cornerstoneadvisers.com.
Brian Whelan, Babson Capital Management, (704) 805-7244, (704) 579-0460, firstname.lastname@example.org