Ares Sells ThExchange Creative Office Campus in Charlotte to Investicore Holdings for $64 Million

An Ares Real Estate fund has sold ThExchange, a 553,219-square-foot creative office campus in Charlotte, North Carolina, to Investicore Holdings for $64 million, CBRE announced Sept. 28.

CBRE's Patrick Gildea and Matt Smith represented the seller, the Ares fund, in the transaction. Joe Franco, Kris Westmoreland and Stephanie Spivey leased the asset on behalf of Ares before the sale.

ThExchange Campus Details

ThExchange is located at 77 Center Drive at the intersection of Tyvola Road and Interstate 77 in Charlotte's Airport submarket. The campus comprises 13 office buildings on nearly 38 acres. The sale price works out to approximately $115.66 per square foot.

The buildings were originally developed between 1975 and 1997. The campus underwent more than $34 million in capital improvements to reposition and rebrand the former office park as a creative office environment designed to meet evolving tenant preferences, CBRE said.

The renovations included upgraded building systems, renovated interiors and exteriors, enhanced landscaping, outdoor gathering spaces and public art installations. The work also created The Hub, a 37,795-square-foot amenity center with conference and training facilities, a fitness center, a tenant lounge and a café.

Occupancy and Tenant Mix

The property is approximately 69.5% leased to 61 tenants. Tenants represent a range of industries, including technology, manufacturing, financial services, healthcare and professional services.

Location Between South End, LoSo and SouthPark

ThExchange sits between Charlotte's South End, LoSo and SouthPark districts. The location provides access to Uptown Charlotte, Charlotte Douglas International Airport and the city's major transportation corridors. The surrounding area has seen significant residential and mixed-use development in recent years.

"ThExchange is a unique property for this market," said Gildea, Vice Chairman at CBRE. "Its location positions it squarely in the path of growth for South End, making it a very interesting long-term investment. The size of the park and overall site offers optionality to adjust the business plan as the market continues to evolve. As a result, this marketing process was highly competitive."

Charlotte Office Market Context

The sale comes as Charlotte's office market continues to contend with elevated vacancy while benefiting from restrained new construction. Institutional Property Advisors projects Charlotte metro office vacancy of 15.1% at year-end 2026, above the 10.6% average recorded from 2015 to 2019. The firm forecasts rents of $32.60 per square foot and further tightening in vacancy as deliveries decline.

Investicore Holdings plans to convert part of a building at the campus into a food-and-beverage area.

CBRE has reported rising sales and leasing activity. The firm said its 2025 revenue exceeded $40 billion, up 14.4% year over year, with property-sales revenue increasing 20.0% and U.S. leasing revenue rising 16.1%. CBRE attributed the results to increased leasing and sales activity, greater capital availability, lower borrowing costs and improved occupancy fundamentals.

Sources

CBRE press release: https://www.cbre.com/press-releases/cbre-arranges-64-million-sale-of-thexchange-creative-office-campus-in-charlotte