CBRE Brokers $22M Sale of Downtown Greensboro Office Tower

CBRE has brokered the sale of Renaissance Plaza, a 19-story office tower at 230 N. Elm St. in downtown Greensboro, North Carolina. Appian Investments acquired the 287,464-square-foot building from Richardson Properties for $22 million. Patrick Gildea, Matt Smith and Greg Wilson of CBRE represented the seller.

Richardson Properties invested $4 million in renovations to the tower in 2023. Built in 1990, the property includes a two-story atrium lobby, an attached six-level parking deck with 300 spaces, an onsite cafe and offices with floor-to-ceiling windows. Current tenants include Arch Mortgage Insurance, Brooks Pierce, Fox Rothschild, Schell Bray and RSM US.

The deal shows continued investor interest in older downtown office stock that has received recent capital improvements, with the per-square-foot price offering a benchmark for Greensboro office valuations.

For developers and lenders, the sale is a reference point for pricing aging Class A-style downtown office assets with parking and recent upgrades.