Praelium Real Estate lands major office tenant in high-vacancy market

Industrial automation and process control provider R.E. Mason is leaving its longtime home in Charlotte’s Lockwood neighborhood to establish a headquarters at Three Resource Square in University Research Park. 

The company, founded in 1940 by Robert E. Mason, signed a 10-year lease for 64,000 square feet at 10815 David Taylor Drive, with options for two 10-year renewals, the Charlotte Business Journal reported, citing Amy Tucker of Legacy Real Estate Advisors. 

California-based landlord Praelium Commercial Real Estate bought the 125,700-square-foot building for $21 million ($167 per square foot) in 2022, when it was 85 percent leased.

The relocation marks a major transition for R.E. Mason, which has operated from its office at 1726 North Graham Street for over 80 years. The company is planning extensive upgrades to the space, with 135 employees expected to move by next summer. It is unclear how big the Graham Street space is or who owns it, but the David Taylor Drive space is bigger, Tucker said.

The new space will foster more collaboration, said John Tennant, R.E. Mason’s president and CEO.

Legacy Real Estate Advisors’ Tucker, Andrew Blumenthal and Geoff Partel represented R.E. Mason in the lease transaction, while CBRE’s Kris Westmoreland, Joe Franco and Addison Stratton represented the landlord.

Three Resource Square is also home to Republic Services, Resolvion and the district office of U.S. Rep. Alma Adams.

Like major metros across the country, the office market in Charlotte is experiencing record-high vacancy. The vacancy rate reached 24.7 percent in the second quarter, largely due to weak demand and the delivery of large speculative office developments.

The development pipeline in Charlotte has slowed, as 39 percent fewer projects were in the pipeline this year compared to last year.

—Rachel Stone