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Office investors are taking a cautious approach in light of increasing rates and uncertain occupancy numbers. Instead of building or flipping properties, many have turned to renovating existing structures until the market improves.

According to the Charlotte Business Journal, Crestlight Capital has announced plans to invest over $20 million in renovations for one of SouthPark’s most recognizable properties. The firm acquired SouthPark Towers for $192.5 million in May 2022 and has since rebranded it as Towers at SouthPark.

Renovations are expected to be completed by the second quarter of next year for the 526,600 square foot property which is currently about 80% leased. In addition, Crestlight has filed a rezoning petition with city officials that would allow for mixed-use development on site spanning more than 150,000 square feet if approved.

The article “Crestlight Plans Renovation/Addition to SouthPark Towers” was originally published on Connect CRE.