230-Acre IBM Campus Sells for $90.3 Million

The 21-year-old, 1.8 million-sf, 230-acre IBM campus at University Research Park has a new owner. The Meridian Group of Bethesda, MD paid $90.3 million or $392,609 per acre ($9 psf) for the 65%-leased property in northeast Charlotte.

The new owner plans to upgrade the complex and market it as a multi-tenant businesspark. The campus, off W.T. Harris Boulevard near Interstate 85, was developed by IBMin phases between 1979 and 1984.

IBM, which occupies about 750,000 sf, signed a long-term lease and will remain a tenant, along with Solectron Corp. and Manufacturers’ Services Ltd. Rents in the northeast market are in the $18 psf to $20 psf range.

The campus is in the fast-growing northeast office market which totals about nine million sf. The property has about 600,000 sf of vacant space, including one entire building totaling 159,000 sf and several large blocks suitable for office, manufacturing and warehousing.

Trammell Crow Co.’s Charlotte office will manage and lease space for Meredian in 11 buildings, including a cafeteria.