Goldman Sachs Asset Management, Lincoln Harris and Honeywell Sell 374,000-Square-Foot Honeywell Global Corporate HQ at Charlotte’s Legacy Union to PRP Real Estate Investment Management
CHARLOTTE, N.C., Dec. 21, 2021 /PRNewswire/ — A fund managed by the Real Estate business within Goldman Sachs Asset Management (Goldman Sachs), along with Lincoln Harris and Honeywell International Inc., today announced they have sold the 374,000-square-foot Honeywell Global Corporate Headquarters at Charlotte’s Legacy Union mixed-use development to PRP Real Estate Investment Management.
Begun in 2019 and opened earlier this year, the 23-story building is home to the global headquarters of Fortune 100 technology company Honeywell International Inc. The company comprises all but one floor of the office space in the brick and glass building, which also features ground-floor retail and 12 levels of dedicated parking. Honeywell is in the first year of its 15-year lease at the building, providing significant appeal for a long-term investor like PRP.
“Despite the challenges of COVID, the partnership between Goldman Sachs, Lincoln Harris and Honeywell enabled us to create a unique asset that is one of the smartest office buildings in the world,” said Johno Harris, president of Charlotte-based Lincoln Harris. “Honeywell’s decision to bring its headquarters to this region and to Charlotte further proves the thesis that when we combine a great community, region and partners, we will continue to attract and draw transformative companies like Honeywell,” added Harris.
Lincoln Harris will continue to serve as leasing agents and also provide property management services at the building, which was designed by award-winning architects LS3P and incorporates much of Honeywell’s industry-leading technology, including energy, security and accessibility features.
“Infill trophy office properties like the Honeywell Headquarters building are among the most desired product type in today’s market,” added Patrick Gildea, vice chairman of Carolinas Institutional Properties for CBRE, who led the team that represented the sellers in the transaction along with colleagues Matt Smith, Will Pike and Grayson Hawkins. “As companies endeavor to draw employees back to the office, best-in-class office space with a fantastic amenity package will be a powerful tool in generating excitement around the return to work.”
Located at 855 S. Mint St. directly across from Bank of America Stadium, Honeywell Global Corporate Headquarters is part of Legacy Union, a 10-acre project developed by Goldman Sachs and Lincoln Harris comprising two city blocks on the historic former site of The Charlotte Observer. Other elements of the property include the 33-story Bank of America Tower; 650 South Tryon, an 18-story modern glass-and-steel structure; a 14-level parking garage; and a street-level public plaza.