The Charleston Technology Center project is a six-story, 92,000 square foot office building development in the fast-growing upper Peninsula location in Charleston, South Carolina. The project will be a landmark ground up office building development designed to meet the market demand from local and regional tech companies. The project also includes an 816 space build-to-suit garage for city of Charleston adjacent to the office site with acquisition by the city upon development completion.
The technology sector is the fastest growing part of the Charleston economy and demand is high for class A space that will provide the amenities and location required for attracting and retaining top tech talent.
At the same time, the Charleston office market is extremely tight, with high barriers to entry for development, including high land cost, long BAR approval processes and a shortage of available land. Charleston has the highest rental rates with the lowest vacancy rates in South Carolina, providing for a compelling investment opportunity.
The project was sourced through a relationship with the Charleston Digital Corridor, the city-backed non-profit who provides co-working and incubation space for tech startups in the city. The CDC will be an anchor tenant in the building and there is significant additional tenant interest from local, national and international tenants based on the desirable location, dedicated parking and specific tech focus for the building.
Investor Downside Protection
With a build-to-suit garage for the city of Charleston, Iron Bridge was able to de-risk the investment for its investors whereby they will receive a significant portion of their capital back in less than 18 months while preserving significant upside in the office building for either a long-term hold or sale upon stabilization, with anchor tenants already in place.