Uptown office tower in receivership

CHARLOTTE — Chicago commercial real estate firm JLL has been appointed receiver of an Uptown office tower following a lawsuit filed by the lender against the property owners over a default on a $93.5 million loan that funded the $133.5 million acquisition in 2018.

400 South Tryon Property, a limited liability company linked to lenders Citizens Bank and Synovus Bank, filed the suit in Mecklenburg County Superior Court on Nov. 5 against Tryon Property Owner LP.

In the suit, the plaintiff sought appointment of a limited receiver for 400 South Tryon in order to hold the property as it begins foreclosure proceedings, according to the suit. The 32-story, 587,000-square-foot office tower is at 400 S. Tryon St. in Uptown Charlotte.

Los Angeles global investment manager Oaktree Capital Group acquired 400 South Tryon in May 2018 for $133.5 million, according to Mecklenburg County real estate records. Charlotte-based Trinity Capital Advisors retained an ownership stake in the property, which it purchased in 2014 with New York real estate investment firm DRA Advisors.

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