Highwoods Properties Completes $111.5M Purchase of Uptown Charlotte Parking Garage

Highwoods Properties, Inc. has finalized its acquisition of the Legacy Union Parking Garage in Charlotte’s Uptown district, investing approximately $111.5 million—including funds allocated for immediate enhancements to the facility.

The garage, which accommodates 3,057 vehicles, serves the 1.2 million square feet of office space Highwoods owns at Legacy Union, including the Bank of America Tower and 650 South Tryon—now directly accessible via a skybridge. This connection enhances convenience and integration for tenants.

About 70% of the garage’s annual income comes from long-term leases with office occupants, who remain under contracts averaging nine years in duration. The remaining revenue is generated by short-term users and visitors attending events at the nearby Bank of America Stadium.

Management projects that in the year following closing, the garage will contribute roughly $8 million in combined cash flow and GAAP-based operating income. According to President and CEO Ted Klinck, the acquisition not only strengthens the firm’s immediate income but also reinforces its long-term growth strategy by improving asset connectivity.

Highwoods, headquartered in Raleigh and traded under NYSE:HIW, is a fully integrated office-focused REIT active across several major business districts in markets such as Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa.