Riverside Lands Anchor Tenant, Financing for Charlotte Tower

Riverside Investment & Development locked in an anchor tenant and construction financing for the second phase of its Queensbridge Collective project in Charlotte, clearing the way for a $450 million mixed-use tower.

Moore & Van Allen, the city’s largest law firm, signed a 15-year lease for 206,000 square feet across the top nine floors of the 43-story building at 1111 South Tryvon Street, the Charlotte Business Journal reported. The firm, which has nearly 700 local employees, will leave its longtime perch at Bank of America Corporate Center for a home that managing partner Tom Mitchell said offers room to grow and amenities to compete for talent.

The tower was initially envisioned as a pure office play, but Chicago-based Riverside pivoted to a hybrid design: 356,000 square feet of offices atop 346 multifamily units. The residential portion will range from studios to penthouses on the 24th and 25th floors. Tony Scacco, Riverside’s president, said the change reflected tenant demand and “prevailing capital markets feedback.” In today’s climate, he said, “vertical mixed use” made more sense than a standalone office tower.

The shift also aligned with Moore & Van Allen’s needs.

“A smaller office component, but in a more prominent, taller building” fit the bill, Scacco told the outlet.

With Apollo Global Management providing debt financing and RXR bringing equity, Riverside will start construction soon. Delivery is slated for mid-2028, when the law firm will relocate. CBRE’s Joe Franco, Stephanie Spivey and Kris Westmoreland represented the landlord. Benson Browne, Mike Fahey, Maura Flanagan, Rob Hinton, Todd Lippman and Jim Whalen, also of CBRE, represented Moore & Van Allen in the transaction.

Phase one of Queensbridge — a 42-story apartment tower branded the Vivian — is already nearing completion, with delivery expected late this year. The site, at 111 East Carson Boulevard, which Riverside acquired in 2021 for $35 million, is filling in with restaurants as well: Denver’s Guard and Grace steakhouse, local chain Night Swim Coffee and Chicago-based FARE have all signed on.

In Charlotte, trophy tenants still want new, efficient space with top-tier amenities, but developers are hedging bets by blending offices with apartments and retail. Queensbridge’s bet is that a taller, flashier mixed-use tower will lease faster — and finance easier — than a monolithic office project.

— Eric Weilbacher

Correction: A previous version of the key points at the top of this article conflated the cost of the entire project with the cost of one tower.