Cornerstone Real Estate Advisers Announces New Charlotte Office Building

25-Story Office Building to be Built at the Corner of Tryon and Third Street in Uptown Charlotte--Babson Capital Management to be Anchor Tenant

Cornerstone Real Estate Advisers, on behalf of one of its institutional investor clients, has announced the development of a 25-story Class-A office building named 300 South Tryon to be constructed at the corner of Tryon and Third Street in Uptown Charlotte. Groundbreaking is set for the fall of 2014, and construction is scheduled to be completed by the spring of 2017. Babson Capital Management will be the anchor tenant in the new office building, and the firm plans to relocate its existing Charlotte operations from the Duke Energy Center once construction is complete. The building will achieve LEED Gold Certification, reflecting the city's strong commitment to sustainable design, and include a state-of-the-art water management system, significant use of sustainable materials during construction, energy efficient use of natural daylight to complement interior lighting, recycling areas within the building and preferred parking with charging stations for low emission vehicles.

"We are excited to move forward with the development of 300 South Tryon Street and to once again partner with Spectrum Properties to develop this high quality office building," said Mike Zammitti, Managing Director at Cornerstone Real Estate Advisers. "We believe the property is well-positioned to create value for our investors, and are proud to have already secured such a strong tenant in Babson Capital."

"The Babson team is excited to be partnering with our affiliate Cornerstone and with Spectrum to bring a first class office complex to the heart of Charlotte, " said Tom Finke, Babson's Chairman and Chief Executive Officer. "The expansion of our Charlotte office is an important part of our growth strategy, and establishing tenancy in 300 South Tryon Street will ensure our long-term facility needs are met."