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Key location drives demand for this new office building

By Ashley Fahey  |  Staff Writer  Charlotte Business Journal

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Located within one of Charlotte’s tightest submarkets, 500 East Morehead opened in April 2017 with most of the building pre-leased: tax and accounting firm Elliott Davis Decosimo; CB&I, which recently departed uptown; and two restaurant concepts by Deedee Mills taking part of the first floor.

Since then, LMC, the multifamily division of Lennar Corp., has signed on to take a floor and will move into the building later this year, leaving only about 10,000 square feet of office space available in the building. The project was built in about 15 months, from groundbreaking todelivery, according to Mike Harrell, partner at Beacon Partners. He said at the time of conception about threeyears ago that the goal was to deliver a project that would create a more urban environment along Morehead Street.

At the time, he cited the property’s two-block proximity to a light-rail stop, the Dowd YMCA and apartments
under construction as key reasons for deciding to build a mixed-use office project on the site. 500 East Morehead is the latest addition to Beacon’s portfolio as it develops boutique mixed-use projects in and around South End. Last year saw the delivery of 1616 Center, a 76,000-square-foot project on Camden Road. Next up is The RailYard, a two-building project with almost 300,000 square feet of office space at the HD Supply site in South End.

Key Players
Owner/developer: Beacon Partners
Architect: BB+M Architecture
General contractor: Balfour Beatty
Financial partner: Bank of America
Leasing brokers: Charlie Swanson and Kristy Venning at Beacon Partners

By the Numbers
90% — leased as of Oct. 6
$70M — estimated value of project
7 — stories in the building

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