ThExchange Office Park Sold for $64 Million
The 42-acre Charlotte office complex has new ownership, with plans to introduce food and beverage amenities to attract tenants.
Updated on Sept. 24, 2026 in Commercial
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Investicore Holdings USA acquired the 14-story ThExchange office park from Ares for $64 million. The acquisition of the 569,000-square-foot property follows a period of market shifts for the site.
Why it matters
The purchase signals an effort to revitalize the office park by incorporating new food and beverage spaces to boost occupancy. Current vacancy rates in the broader Charlotte office market sit at 23.9 percent, highlighting the challenges owners face in attracting corporate tenants.
The complex spans 42 acres with a 60 percent occupancy rate, which rises to 85 percent when excluding one vacant building. This transaction follows $34 million in renovations completed in 2020.
The players
Investicore Holdings USA
An investment firm that manages commercial property acquisitions and repositioning projects for institutional portfolios.
Ares
A global alternative investment manager that holds and manages commercial real estate assets and credit investments.
The Dilweg Cos.
A commercial real estate firm that previously owned and renovated the ThExchange office park.
KW Commercial
A brokerage firm that assists clients with commercial real estate transactions and site acquisitions.
CBRE
A global commercial real estate services and investment firm that represents property owners in large-scale transactions.
The details
Investicore Holdings USA aims to reposition the property by adding amenities like outdoor activation and flexible workspaces. The complex, which sits near Interstate 77, currently houses tenants including Conterra Networks, The Redbud Group, Adecco Staffing, and Ragona Architecture & Design. KW Commercial brokered the acquisition while CBRE represented the seller.
Timeline
The Dilweg Cos. completed renovations on the site in 2020.
Ares acquired the property in 2024 following the maturity of a $68.6 million loan.
The property was listed for sale in April 2026.
Charlotte's office market saw 931,000 square feet of leasing activity in Q2 2026.
Money Landscape
The office park sale comes as the Charlotte office market struggles with a 23.9 percent vacancy rate. This move by Investicore signals a wider trend of investors buying aging or underutilized office stock to attempt value-add transformations.
For business owners leasing space in Charlotte, the new ownership may eventually lead to increased rental costs if the site improvements successfully draw higher-end demand. Tenants should review their lease terms and speak with a qualified commercial real estate professional regarding future renewal options.
The takeaway
Commercial office investments are increasingly shifting toward mixed-use models that prioritize tenant amenities over traditional floor space. Local tenants should monitor announcements regarding the site's redevelopment schedule to prepare for potential changes in building access or service costs.
Further reading
For more on local market trends, visit the Commercial section.
Source note: This article includes information reported by Bisnow.
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