Portman Holdings has secured financing for its $122 million office development located at 615 South College Avenue in Uptown Charlotte. China Orient Summit Capital contributed equity financing, and PCCP, LLC is the lender.
615 South College is a 371,000-square-foot Class-AA office building that will be constructed atop an existing parking garage. The building, which is visible from Interstate 277, will have an outdoor green space and direct access to the Lynx Blue Line, among other amenities and features.
“Since Portman first entered the Charlotte market in 2003 with the opening of The Westin Charlotte, we have been seeking our next opportunity to create a unique property in this area,” said Ambrish Baisiwala, CEO of Portman Holdings. “615 South College is in an ideal location that allows us to create a stand-out office product located among Uptown’s amenities and convenient connectivity.”
John Portman & Associates is providing architectural services, and Travis Garland of Portman Holdings is managing the leasing process, in conjunction with Trinity Partners. Construction will be complete in February 2017.
Mr. Yongli Xu, Chairman of COS-Capital, said, “We are delighted to be participating in a second project with Portman, who have a strong local presence in the market, and we expect this investment with them to be as successful as the first.” CEO of COS-Capital Lijian Chen added, “This office development in the vibrant Charlotte market is ideal in terms of both location and timing, and we could not ask for a more experienced and professional partner to work with than Portman Holdings.”
“PCCP is pleased to provide the financing for the development of this property, which will provide a high quality, well-located office building in a strong submarket that has a steadily growing population and corresponding job growth. We are excited to close on our second transaction with Portman Holdings, a best-in-class developer with a successful 60-year track record and their capital partner, China Orient Summit Capital, a premier asset management firm.” said Kevin Chin, Senior Vice President with PCCP, LLC.
A groundbreaking ceremony is planned for August 14. North Carolina Governor Pat McCrory, Charlotte Mayor Dan Clodfelter, and Vice Chairman of the Mecklenburg County Commission Dumont Clarke will join representatives of Portman Holdings to commemorate the occasion.
About Portman Holdings
Throughout the past 60 years, Portman Holdings has developed over 50 million square feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Teams in the company’s global offices seamlessly connect to develop, finance and manage a diverse portfolio in the world’s core and emerging markets. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate projects.
