Charlotte Commercial Real Estate Sees Growth at Ballantyne Corporate Park
Charlotte, N.C. — Northwood Office, a prominent commercial real estate company based in Charlotte, has successfully signed 33 new deals, renewals, and expansions totaling over 360,000 square feet at Ballantyne Corporate Park between April and September 2024. These developments indicate strong performance in the firm’s portfolio, even amidst ongoing market challenges.
Details of the New Transactions
Several significant leases were inked during the second and third quarters of 2024. Notable agreements include:
- Lennar Carolinas leased 27,900 square feet at the Calhoun Building.
- Allen Lund Co. secured 15,800 square feet at the Crawford Building.
- Waste Connections took on 12,600 square feet at Overlook.
- American Engineering signed a lease for 10,850 square feet at the Everett Building.
Additionally, one of Northwood’s long-term clients, Premier, renewed its lease for 146,000 square feet at the Betsill Building. Premier has occupied this space since 2011, highlighting the importance of long-term relationships in commercial real estate.
The Importance of Renewals
Kate Urey, Northwood’s senior vice president of leasing and development, emphasized the significance of renewals, especially in cases like Premier’s. “Renewals are so significant because they showcase the value we’re providing to the client,” Urey stated. “When a tenant like Premier decides to stay, it confirms we’re helping them succeed. We love to welcome new customers to the park, but maintaining those connections is important.”
Expansion of Existing Tenants
CrossCountry Mortgage is also expanding its footprint at Ballantyne, more than doubling its existing space to 16,000 square feet in the Harris Building. This trend of expansion reflects a growing confidence among businesses regarding their office space needs.
Attractive Features of Ballantyne Corporate Park
Urey noted that the Ballantyne Corporate Park remains one of the most appealing suburban office properties due to its strategic location, amenities, and variety of available office spaces. “Users recognize the appeal of well-located, amenity-rich spaces,” she explained. “Ours offer community programming and an elevated work experience.” The presence of nearby attractions, such as The Bowl at Ballantyne, contributes to the park’s allure.
Navigating a Competitive Market
Northwood currently manages 4.5 million square feet of Class A office space across 41 buildings in Ballantyne, with around 70% leased according to Urey. Since the beginning of 2024, the firm has executed leases totaling over 573,000 square feet within its Ballantyne portfolio.
Looking ahead, Urey expressed optimism about the office activity and what it means for the remainder of the year and into 2025. “We’re optimistic given our success this year,” she noted. “Deal sizes are picking up, and companies are prioritizing spaces with flexibility. We’re positioned to accommodate that demand.”
Collaboration with Brokers
The various transactions at Ballantyne were facilitated by a range of brokers. Urey collaborated with her team including Mary McClure, Elizabeth Newman, and Isabel Windham. External brokers included CBRE’s John Christenbury and Mark Decherd representing Lennar Carolinas, along with representatives from Cushman & Wakefield, JLL, and New South Properties for the other companies involved.
As Northwood Office navigates the commercial real estate landscape with these new deals, the ongoing activity at Ballantyne Corporate Park underscores its reputation as a leading business hub in the Charlotte area.
