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Union Pier has sparked a tidal wave of excitement. The proposed mega-development along the Charleston peninsula’s Eastern waterfront has galvanized the community and is quickly becoming the most talked-about project in the Lowcountry. The Union Pier redevelopment aims to reconnect the community to the waterfront, establishing a new mixed-use neighborhood and a resilient waterfront destination. It will combine grand visions of residential, commercial, and communal gathering spaces, and promises to generate considerable buzz along the way.
And now, there is even more momentum in making all of this a reality. On March 18, 2024, local billionaire businessman Ben Navarro announced plans to purchase the Union Pier site from current owner SC Ports. Navarro owns development firm Beemok Hospitality, which owns Charleston icons including the Charleston Place Hotel, Credit One Stadium, and The Cooper.
In an Op Ed with the Post & Courier, Navarro gushed over the potential of Union Pier, and laid out his mission.
“Whether it’s education, wellness, hospitality, open space, recreation or entertainment, we have tried to make a positive impact on our city,” said Navarro.
“I hope to leave Charleston better off than I found it 20 years ago, when I first made the decision to move my company and my family here. I owe this city so much for taking me and my family in and making us feel at home from the day we arrived. I want to see the city that was revitalized under the stewardship of Joe Riley continue to move forward and become an even better place to live, work and play.”
“I don’t yet have all the answers to the many questions the community will have. But I can tell you this: I will always have the interests of the residents of Charleston in mind and the humility to be a good listener as we move forward with adding this critical missing piece to the Peninsula.”
Why does all of this matter?
It matters right now for Lee & Associates because we’re presenting a new office sale listing at 525 East Bay. This property is located half a mile away from Union Pier.
We are excited to present 525 East Bay Street, a premier office property nestled in the heart of Downtown Charleston, steps away from the Union Pier development. Boasting 28,346 SF and high visibility at the intersection of East Bay Street & Chapel Street, this property stands as a distinguished asset in an enviable location.
This is an opportunity for investors to acquire a landmark office property in the thriving Charleston market, renowned as one of the most sought-after destinations for individuals and businesses nationwide. Charleston’s allure, marked by its exceptional quality of life and robust business environment, has attracted numerous global institutions over the past decade.
525 East Bay Street commands a similar appeal, and is regarded as one of the city’s flagship office properties. Featuring an irreplaceable location, unique architecture, ample parking, and enormous potential, this property represents a rare chance to own a piece of Charleston history while capitalizing on its future.
Nestled at the heart of Charleston’s iconic peninsula, 525 East Bay Street provides office investors a prime location blending historical charm with modern vibrancy. This coveted address places you footsteps from the city’s most desirable amenities—Charleston Aquarium, International African American Museum, Cigar Factory, Marion Square, and is walkable to a strong lineup of restaurants—Bay Street Biergarten, East Bay Deli, Saffron, Mercantile & Mash, and many more. Unmatched accessibility further enhances 525 East Bay Street’s appeal.
Throughout recent years, the building has undergone a variety of renovations that complement the classic structure of the building with a fresh “look and feel.” These renovations include the following:
New Furniture
New Carpeting
Fresh Exterior Paint
New LED Lighting in Parking Garage
525 East Bay Street offers on-site parking with access directly off East Bay Street and Chapel Street. This lot offers the opportunity to expand over the parking fully and add additional SF to the building. Covered parking is located underneath the building, with 24-hour LED lighting.
In addition to this ample on-site parking, off-site overflow parking is available at the City of Charleston parking garage at 24 Calhoun Street.
Built in 2004, 525 East Bay Street is a wonderful example of modern architecture that still fits into Charleston’s high-end historical charm. At the forefront, the building boasts a curved brick design, that allows for frontage on both East Bay Street
and Chapel Street. The curvature on the corner provides an excellent signage and branding opportunity for tenants.
When Union Pier does become a reality, 525 East Bay Street becomes a direct beneficiary of the publicity, the traffic, the visitors, and the corresponding boom in development. This office building checks all the boxes: location, aesthetics, parking, prestige. And now, with Union pier in the picture, the sky is the limit.
There is no crystal ball, but the future owner of this office property is likely to feel the positive vibrations of Union Pier project from a leasing standpoint, and even better, for the potential of a spike in the valuation.
For more information on this exciting opportunity, get in touch with brokers Bob Nuttall, Paul Hartley, Miles Barkley, or Hunter Hartley.
And for more details on the property, download the Offering Memorandum below.
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