FCP®, with JV partners Abacus Capital (Abacus) and Big Cypress Capital (Big Cypress), has signed Clancy & Theys Construction Company to an 11,850-square-foot lease, relocating its Charlotte office to 22EIGHTEEN Toomey, a 24,252-square-foot adaptive reuse office building within The Quarter South End.
Clancy & Theys is a family-owned construction company with projects in 19 states including apartments, office buildings, hotels, R&D facilities and more. Headquartered in Raleigh, the company, with 40 employees, has had an office presence in Charlotte since 1996. Clancy & Theys will apply its expertise in leading the build-out of its new space at 22EIGHTEEN Toomey, which will feature an open floor plan, informal and formal meeting rooms, a training area and an expansive outdoor patio. Additionally, the team will engage local artists to create unique, custom art installations for the space.
“Our relocation to The Quarter South End will provide our company with a dynamic workplace that is representative of our innovative and collaborative culture, as well as drive employee retention and recruitment,” said Tom Planishek, vice president at Clancy & Theys. “With many of our employees spending the majority of their time at project sites, we were looking for a well-located and highly amenitized space that would bring our team together, but also provide unparalleled accessibility to our clients and partners. We’re confident 22EIGHTEEN will inspire the creativity and camaraderie that Clancy & Theys is known for, and we’re looking forward to this next chapter of growth.”
In addition to the in-process development underway at 22EIGHTEEN, development activity within the 15-acre mixed-use creative district has accelerated over the past month with construction now underway on 23TWENTY Toomey, a 77,362-square-foot adaptive reuse redevelopment of an existing mid-century warehouse building into a 21st-century creative commercial asset.
Also, construction of the final commercial phase of The Quarter will begin this month with the start of 22THIRTEEN Toomey, an adaptive reuse office redevelopment that will offer office and retail space.
The Quarter South End adaptive reuse buildings offer tenants a range of available spaces from 5,000 square feet to 77,000 square feet.The venture is also announcing the groundbreaking for the ground-up development of a 306-unit surface-parked luxury apartment community with 5,900 square feet of ground floor retail space. The community will offer residents seeking convenient, transit-friendly, walkable apartments, luxury one-, two- and three-bedroom options in a Class A building. Clancy & Theys has been selected as the general contractor for the development.
The partners anticipate delivering the creative office assets in phases over 2022 commencing with 22EIGHTEEN Toomey in late Q1. The multifamily phase of The Quarter South End is anticipated to deliver in late 2023.
“Abacus Capital is pleased to partner with Clancy & Theys around their new office location in the Charlotte market,” said Wes McAdams, managing partner at Abacus Capital. “Located steps from the best retail amenities South End has to offer, in an urban location with the parking ratio of a suburban project, we are excited to see The Quarter South End’s pandemic-responsive design and value-oriented rental rate price point validated by such a high-quality space occupier as Clancy & Theys.”
FCP, Abacus and Big Cypress extend their appreciation to Bryan White, Jim Thorp, Jaime Boast and Conor Brennan of JLL for their representation of Clancy & Theys and to Foundry Commercial’s John Ball and Claiborne Dandridge for their work on behalf of the venture.
The Quarter’s nearly 150,000 square feet of redeveloped commercial space along Toomey Avenue will, when completed, offer tenants a first-generation, Class A creative commercial environment with 18–24’ ceilings, expansive window lines, and an exposed brick and steel beam aesthetic in one of the most dynamic submarkets in the Southeastern US. More information about the project can be found at thequarterclt.com.
Foundry Commercial’s John Ball and Claiborne Dandridge have been retained to lease the office portion of the project while Legacy Real Estate Advisors’ Adam Williams is handling retail leasing. Foundry Commercial will also property manage the office buildings on behalf of the venture.
FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Abacus Capital
Abacus Capital is a multi-strategy tactical real estate opportunity investor focused on the acquisition and development of differentiated commercial real estate in growth markets across the southeastern United States. Recognized as one of the fastest-growing real estate investment managers in the Charlotte market, Abacus’ mission is to identify investment opportunities that we believe offer our investors the most compelling risk-adjusted returns in dynamic capital markets environments. The principals of Abacus Capital have over 25 years of real estate investing experience and have acquired or developed over 16.5M square feet of commercial real estate with a total capitalization in excess of $3.1B.
About Big Cypress Capital’s Headwaters Strategic Operator Platform
Based in Naples, FL, Big Cypress Capital is an emerging investment management firm. Big Cypress Capital’s Headwaters Strategic Operator Platform focuses on cultivating capital partnerships with real estate operators and institutional JV partners that result in long-term value creation within their platforms. Please visit bigcypresscap.com for more information.
About Clancy & Theys Construction
Founded in Raleigh, North Carolina in 1949, Clancy & Theys Construction Company is listed among the top U.S. Contractors. During their 72-year history, Clancy & Theys has grown to be a cornerstone of the Southeast’s construction market with five offices located on the East Coast, including Raleigh, Wilmington, and Charlotte, NC, Newport News, VA, and Orlando, FL. For more information, visit www.clancytheys.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with over 380 employees and more than 60 million square feet of management and leasing across the Sun Belt. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services, and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $1.5 billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.