Hot Properties: CBRE arranges $16.75M sale of downtown Charleston office building

CBRE arranged the $16.75 million sale of 174 Meeting, a 47,113 square-foot Class A office building in downtown Charleston .

Matt Smith, Patrick Gildea, Grayson Hawkins, Robert Hardaway, Charles Carmody and Ryan Carmody of CBRE represented the seller,  advised Highland Ventures during the transaction.

Constructed in 2014, the building is near the intersection of Meeting and Market Streets on Charleston’s Peninsula. It features three levels of office space above a ground-level bank, lobby and parking. The building was designed with energy efficient systems and environmentally sensitive materials, according to a news release

At the time of the sale, 174 Meeting was fully occupied by Truist Bank, Thrive Co-Working, Stifel Financial Corp. and Evening Post Industries.

“With tenant’s focused on flight to quality in today’s office climate, 174 Meeting offers a rare new construction option in Charleston’s amenity rich environment,” CBRE’s Smith said in the news release. “174 Meeting will continue to maintain its position as a best-in-class asset in Charleston’s highest barriers to entry submarket.”

Located at 174 Meeting St., the building has a Walk Score of 96, with more than 50 restaurants, more than 2,300 hotel rooms, and retail options within a half-mile.

Charleston’s Peninsula/CBD is one of the top-performing submarkets in Charleston, with 7.6% average vacancy, and 3% rental rate growth since 2016, according to CBRE.

In other commercial real estate transactions:

Jenna Philipp of Palmetto Commercial Properties represented the landlord, Southern Pines Holdings LLC, in the lease of 635 square feet of office space at 1535 Sam Rittenberg Blvd. to The Guest House Studio Ltd. Katie Frederick of Simply Commercial Real Estate, an affiliate of Marshall Walker Real Estate, represented the tenant.

Blair Belk and William Sherrod of Belk Lucy represented the tenant, Blair Belk, in the lease of 3,411 square feet of retail space at 601 Meeting St. in Charleston from William Sherrod. NAI Charleston represented the landlord.

Robert Pratt of Re/Max Pro Realty represented the buyer, Dorchester County Community Outreach, in the sale of 3.13 acres of redevelopment space at Jamison Road in Ladson from Ladson Development Co. LLC for $465,000. Eric Meyer and Fritz Meyer of Meyer, Kapp & Associates represented the seller.