300 S. Brevard

At the time of acquisition, this vacant 15-story, Class A office building in downtown Charlotte represented the submarket’s largest contiguous block of prime quality office product available in the market. The business plan was to renovate and re-lease the space to a large corporate occupier, given the strong demand for Charlotte office space and a lack of available space throughout the market.

After AT&T vacated the building, Stream completed a $17 million renovation plan to upgrade the property, including improvements to the lobby, restrooms, elevators, and building façade. In 2016, Stream purchased the property’s existing ground lease from Norfolk Southern for additional value upon exit. Stream leased the entire building to Wells Fargo in January 2019. The building was officially brought to market for sale in early 2020. Despite heightened uncertainty during the COVID-19 pandemic, a South Korean institutional investor purchased the building and closed on the transaction in early 2021.