Duke energy has decided that it wants to be a tennant in Wachovia's building. This is great news for Charlotte NC Real Estate. Not only will a building be full downtown, but Duke Energy, a major employer in town will now have more of a presence downtown. Wachovia was building a new building, but after it was bought by Wells Fargo, it was up in the air as to whether it would occupy it.
This is definitely a great thing for Charlotte. Because if the building had sat empty, it would have affected corporate real esate, which would have been a bad thing. It also gives Wachovia a source of revenue and a home if Wells Fargo decides to move people to Charlotte one day.
Charlotte has distinct advantages for executives who want to move their business to a suburban style of city with lower expenses. It's one of the reasons that many companies have been moving their operations to Charlotte over the past decade.
Although it is a little out of the way for some people who need to be connected to the northeast, the weather is a big motivator. There is ample transportation out of Charlotte and the fact that the Charlotte Douglas International Airport is a USAirways hub means that flights to just about anywhere are readily available.
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They could have owned the building, at a discount. Wachovia was in no position to complete the project and Duke could have purchased the building on the cheap.
Also, Duke could have developed the building as it was the owner of the site before selling it to Wachovia, a move that irked Duke executive management when they found out that thier own subsidiary, Crescent Resources, sold it to Wachovia without Duke's prior approval.