Goldman Sachs Asset Management, Lincoln Harris and Honeywell Sell 374,000-Square-Foot Honeywell Global Corporate HQ at Charlotte's Legacy Union to PRP Real Estate Investment Management
Goldman Sachs Asset Management, in collaboration with Lincoln Harris and Honeywell, has sold the 374,000-square-foot Honeywell Global Corporate Headquarters located at Charlotte's Legacy Union to PRP Real Estate Investment Management. The 23-story building, which was completed in 2021, benefits from Honeywell's 15-year lease, making it an attractive asset for long-term investors. The sale showcases the demand for premium office spaces as companies aim to encourage employee returns to the workplace.
- Honeywell's 15-year lease increases the building's appeal for long-term investors.
- The building is considered one of the smartest office buildings globally, accentuating its desirability.
- None.
CHARLOTTE, N.C., Dec. 21, 2021 /PRNewswire/ -- A fund managed by the Real Estate business within Goldman Sachs Asset Management (Goldman Sachs), along with Lincoln Harris and Honeywell International Inc., today announced they have sold the 374,000-square-foot Honeywell Global Corporate Headquarters at Charlotte's Legacy Union mixed-use development to PRP Real Estate Investment Management.
Begun in 2019 and opened earlier this year, the 23-story building is home to the global headquarters of Fortune 100 technology company Honeywell International Inc. The company comprises all but one floor of the office space in the brick and glass building, which also features ground-floor retail and 12 levels of dedicated parking. Honeywell is in the first year of its 15-year lease at the building, providing significant appeal for a long-term investor like PRP.
"Despite the challenges of COVID, the partnership between Goldman Sachs, Lincoln Harris and Honeywell enabled us to create a unique asset that is one of the smartest office buildings in the world," said Johno Harris, president of Charlotte-based Lincoln Harris. "Honeywell's decision to bring its headquarters to this region and to Charlotte further proves the thesis that when we combine a great community, region and partners, we will continue to attract and draw transformative companies like Honeywell," added Harris.
Lincoln Harris will continue to serve as leasing agents and also provide property management services at the building, which was designed by award-winning architects LS3P and incorporates much of Honeywell's industry-leading technology, including energy, security and accessibility features.
"Infill trophy office properties like the Honeywell Headquarters building are among the most desired product type in today's market," added Patrick Gildea, vice chairman of Carolinas Institutional Properties for CBRE, who led the team that represented the sellers in the transaction along with colleagues Matt Smith, Will Pike and Grayson Hawkins. "As companies endeavor to draw employees back to the office, best-in-class office space with a fantastic amenity package will be a powerful tool in generating excitement around the return to work."
Located at 855 S. Mint St. directly across from Bank of America Stadium, Honeywell Global Corporate Headquarters is part of Legacy Union, a 10-acre project developed by Goldman Sachs and Lincoln Harris comprising two city blocks on the historic former site of The Charlotte Observer. Other elements of the property include the 33-story Bank of America Tower; 650 South Tryon, an 18-story modern glass-and-steel structure; a 14-level parking garage; and a street-level public plaza.
About Goldman Sachs Asset Management Real Estate
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than
About Lincoln Harris:
Lincoln Harris, together with Lincoln Property Company, provides clients with a national platform and unparalleled institutional resources, including commercial real estate development, investment and property management. Based in Charlotte, Lincoln Harris takes great pride in its reputation as one of the region's most accomplished full-service commercial real estate companies. Lincoln Harris' multi-disciplinary team has a long history of working through complex transactions and adopting innovative approaches to real estate problems. We develop and implement comprehensive national real estate programs for our clients and cultivate a sense of trust in the communities we serve and the individual transactions we service. To learn more about Lincoln Harris properties and services, please visit www.lincolnharris.com.
About Honeywell:
Honeywell is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit https://www.honeywell.com/us/en/news.
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SOURCE Lincoln Harris
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