Duke Energy Plaza

The Duke Energy Plaza is a 597 feet (182 m),[1] 40 floor skyscraper under construction in Uptown Charlotte, North Carolina.[2] Upon its completion it will become the third largest building in Charlotte by leasable square feet[3][4] and serve as the corporate headquarters of Duke Energy.[5][6] It will house up to 4,400 Duke Energy employees and contractors.[5] The entire building features 1,000,000 square feet (93,000 m2) of space, including 25,000 square feet (2,300 m2) of retail space, a 7 floor parking garage for 1,100 vehicles, and will be a LEED-Gold Certified Class AA [3] office tower.[7][3] The building topped out on August 20, 2021 as reported by the Charlotte Business Journal.[8]

Duke Energy Plaza
General information
StatusTopped-out
Location525 South Tryon Street, Charlotte, North Carolina, United States
Construction started2019
Estimated completion2022
Cost$675 million
OwnerCGA Capital and Childress Klein
LandlordChildress Klein
Height597 feet (182 m)[1]
Technical details
Floor count40 floors
Floor area1,000,000 square feet (93,000 m2)
Design and construction
ArchitectTVS Design
Other information
Parking7 Floor 1,100 Space Parking Garage

History

The site is located directly across from the Duke Energy Center, Duke Energy's corporate headquarters.[3] The lobby will also be on South Tryon Street.[2] The site is a 2.1 acre former parking lot that was purchased in 2017 for $27.5 million.[3] The land purchase was six transactions from two separate companies. 1.8 acres was divided into 5 transactions purchased from Consolidated Realty Co. for $22.9 million. The final .3 acre lot was purchased from Eastern Federal Corp. for $4.6 million.[9]

Once construction is complete CGA Capital and Childress Klein will buy the building for an estimated $675 million, a record high building sale for Charlotte.[3] The sale price could vary since final construction costs have not yet been determined. Childress Klein is the developer of the project.[10] Duke will lease back the entire building.[3]

Duke has 7,700 employees in the Charlotte area working in numerous offices. The company is reducing its real estate footprint by moving out of a number of buildings such as 401 S. College Street, 526 S. Church Street,[11] 4320 Yancey Road[12] and 400 South Tryon.[13] Many of the employees from the buildings that are closing will be relocating to the tower. Also, the COVID-19 pandemic has changed the company's views about having employees work from the office full time. It is expected many employees will work from home part time.[11] Even after completion of the tower, Duke will continue to occupy Optimist Hall, NASCAR Plaza, and Piedmont Town Center (until 2025).[5] Duke's goal with its real estate consolidation is trimming its foot print from 2,500,000 square feet (230,000 m2) to 1,000,000 square feet (93,000 m2) by 2050.[13] Duke estimates they will save $85 to $90 million over the next five years.[14]

Duke's most visible presence is the Duke Energy Center. As of May 2021 Duke occupied 491,000 square feet (45,600 m2) of it across 21 floors. On May 17, 2021, Duke announced it planned to move out of all the space in the Duke Energy Center that they occupied there. Wells Fargo, the building owner of Duke Energy Center, plans to fill the space with some of its own employees as they are planning to stop leasing the One Wells Fargo Center.[5]

On August 20, 2021 the Duke Energy Plaza was topped off when the last patch of concrete was added to the building, the estimated time of opening is mid 2022 to late 2022.

As of December 31, 2021 Duke had exited its lease of the Duke Energy Center. All Duke employees left the building before the holidays. The Duke Energy Center signs and plaques have been removed from the building and is temporarily renamed 550 South Tryon. When the Duke Energy Plaza is completed, Duke Energy will relocate their employees into the new building as its new headquarters.[15]

See also

References
  1. "Charlotte Metro Tower". Emporis. Retrieved July 20, 2021.
  2. Thomas, Jason (March 18, 2019). "View Rendering: 40-story tower under construction in Uptown across from the Duke Energy Building". Charlotte Agenda. Retrieved March 3, 2020.
  3. "Childress Klein and CGA Capital acquire Charlotte Metro Tower in Uptown for up to $675 million". Childress Klein (Press release). December 23, 2019. Retrieved March 3, 2020.
  4. Shapiro, Amy (October 9, 2020). "Charlotte's largest office buildings Ranked by Leasable square feet". Charlotte Business Journal. Retrieved May 30, 2021.
  5. Fahey, Ashley (May 17, 2021). "Duke Energy to exit current HQ building in uptown after company's new tower delivers". Charlotte Business Journal. Retrieved May 17, 2021.
  6. "Charlotte". The Skyscraper Center. CTBUH. Retrieved May 8, 2021.
  7. Downey, John (December 23, 2019). "Duke Energy tower under construction in uptown acquired in record deal". Charlotte Business Journal. Retrieved March 3, 2020.
  8. Wilson, Jen (August 20, 2021). "CBJ Morning Buzz: Duke Energy's uptown tower tops out; Charlotte makes jobs ranking". Charlotte Business Journal. Retrieved August 25, 2021.
  9. Fahey, Ashley (July 7, 2017). "Duke Energy buys prime uptown real estate for $27.5M". Charlotte Business Journal. Retrieved June 14, 2021.
  10. Downey, John (December 23, 2019). "Duke Energy tower under construction in uptown acquired in record deal". Charlotte Business Journal. Retrieved June 14, 2021.
  11. Downey, John (February 21, 2021). "'Hybrid' work policy at Duke Energy likely to reduce office space needs". Charlotte Agenda. Retrieved May 8, 2021.
  12. Fahey, Ashley (March 9, 2021). "Developer Terwilliger Pappas plans next Charlotte projects in midtown, lower South End". Charlotte Business Journal. Retrieved May 17, 2021.
  13. Limehouse, Jonathan (May 18, 2021). "Duke Energy's future uptown HQ gets a new name as company looks to cut back on space". The Charlotte Observer. Retrieved May 18, 2021.
  14. Peralta Soloff, Katie (May 17, 2021). "Duke Energy to trim office footprint and move HQ into new tower Uptown". Axios Charlotte. Retrieved May 18, 2021.
  15. Downey, John (January 11, 2022). "Duke Energy exits former HQ as it awaits completion of new uptown tower". Charlotte Business Journal. Retrieved January 12, 2022.

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