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CBRE has been retained to market ThExchange, a 14-building office park totaling 568,811 square feet in Charlotte. The firm is listing the property on behalf of current owner Ares Management Corp., with CBRE professionals Patrick Gildea and Matt Smith leading the marketing effort. The office park is located near the city’s airport, positioning it within one of Charlotte’s key employment and transportation corridors.
The property, a 42-acre office complex, was developed in phases between 1975 and 1997. It was previously known as Vanguard Center before being rebranded as ThExchange under prior ownership. The campus-scale layout, with multiple buildings clustered on a large land parcel, reflects the era and style in which the complex was originally constructed.
According to reporting from The Charlotte Business Journal, Ares Management Corp. assumed ownership of ThExchange in September 2024. The transition followed an issue with the property’s former owner, The Dilweg Cos., which was unable to perform on a $68.6 million loan backed by the asset. That situation ultimately led to Ares taking control of the office park.
The Dilweg Cos. had acquired the property in June 2018, completing two separate transactions for a combined purchase price of $45.6 million. After taking control, Dilweg embarked on a significant repositioning effort targeting both the physical condition and the market profile of the complex. The company invested approximately $34 million over two years in a comprehensive overhaul of the property.
Renovation work under Dilweg’s ownership concluded in 2020, delivering an updated office environment across the multi-building campus. While the specific scope of the improvements is not detailed, the substantial capital investment signals a major modernization relative to the property’s original 1975–1997 construction period.
ThExchange is currently reported to be about 60% occupied. The tenant roster includes a mix of corporate and professional users such as Conterra Networks, The Redbud Group, Adecco Staffing, Achroma U.S., M/I Homes Charlotte and Ragona Architecture & Design. These tenants provide an established in-place income stream while still leaving a meaningful portion of the campus available for lease-up.
With CBRE now marketing the property for Ares Management Corp., ThExchange is being brought to the market following a recent history that includes a change in ownership tied to loan performance and a completed capital improvement program. The offering gives prospective buyers insight into a repositioned, partially leased office campus near Charlotte’s airport, together with a documented record of prior acquisition pricing, capital investment and loan-level stress at the asset.
The post Charlotte’s 568K-SF ThExchange Office Park Near Airport Listed for Sale by CBRE appeared first on CRE Market Beat.
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