By Mary Hopper

The University Research Park (URP) remains a bright spot in office activity in the Northeast submarket. Located at Harris Boulevard and I-85, the 2000-acre park has a 45-year history of fostering cutting edge technology dating back to its early days when IBM was making ATMs there and Verbatim was producing floppy discs. Its growth came in spurts over the years, with First Union’s CIC complex and TIAA CREF as two of its past wins.

The latest uptick began in 2008 when SPEED renovated a former Verbatim building to become home to a state of the art, all-digital TV network. The motorsports channel now reaches 84 million homes in North America with additional worldwide distribution. The pace continued with David Bowles’ 2009 acquisition of the 70,000 square foot Louis Rose building that had housed IBM and then First Union Mortgage. Bowles used his skills to create Environmental Way as one of the region’s first LEED Platinum buildings and a workplace laboratory of sustainable systems and design.

The December 2009 Electrolux announcement that they would consolidate national operations in the former First Charter headquarters was called the largest corporate relocation to Charlotte since 1984, when insurer Royal & SunAlliance USA moved here. The Electrolux North American Headquarters was well on its way to meeting its original commitment of bringing 738 jobs to the City when it announced it would add another 200 jobs and expanded the building.

Empty URP buildings are not staying that way long. IBM relocated into the former Enovia Building and Mallard Creek Polymers made a quick move into a former R&D building when it needed additional lab space for its facility near the Speedway. Within the last few weeks Convergys, which answers the nation’s On Star calls from the Cambridge Corporate Center on Mallard Creek Church Road, announced it would add 150 workers and Andritz Hydro and AREVA both said they planned to hire more engineers.

This October, the Electric Power Research Institute (EPRI) purchased the adjacent 24 acres and started renovating a second Verbatim Building with plans to add laboratory, conference and meeting space to support its collaborative research and development programs and allow staff expansion over the next five years.

The most ambitious renovation is taking place in the former IBM complex. Converting a multi-building two million square foot campus into multitenant had proved daunting to previous absentee owners. In a much discussed acquisition, BECO launched its BECO South operation and has proceeded to make sweeping renovations — currently half way through a $30million upfit that includes everything from fitness centers, electric car plugs in and a bike check out to parking decks and enhanced food services. As Innovation Park, the complex is home to 3500 employees and growing.

What does this tell us? Two things; 1) Sometimes the greenest building is the one you do not tear down and 2) even in today’s economy, people will find value in older buildings if they are accessible, well built and near a strong workforce. URP hits all those notes. Add to that, the solid growth at UNC Charlotte and there are bright spots even in a down economy.

— Mary Hopper is executive director of University City Partners.  In July 2003, Charlotte City Council authorized the formation of University City Partners in the area immediately adjacent to the University of North Carolina at Charlotte and around a proposed light-rail line. Based on that first five years of work, the city allowed the tax district to more than double in size and triple in budget in July 2008.