Charlotte Experiences Growth Surge as RCN Capital Expands Office Space to Double Its Size

Charlotte Sees Exciting Growth: RCN Capital Expands Its Office Space

Charlotte is buzzing with news this week as RCN Capital, a New England-based investment firm, has announced a significant expansion of its office space in the city. The firm, which has made a notable mark in the financial landscape since moving to Charlotte, has doubled its square footage from 3,300 to 6,500 square feet at The Rotunda, located on 4201 Congress Street in the beautiful SouthPark area.

A Decision to Expand

As their three-year lease was nearing its end, RCN took a moment to evaluate their options. Instead of moving to a different location, they decided to stay put and expand their existing office space. RCN’s chief financial officer, Justin Parker, mentioned that the choice to remain at The Rotunda was a deliberate one. “The goal was to take a Charlotte presence that’s been successful and expand,” Parker said, showing confidence in the team’s efforts and the positive impact that the Charlotte office has had on RCN.

RCN first set up shop at The Rotunda in 2021, and the expansion reflects their commitment to the area and their desire to enhance their operations. Parker further illustrated their motivation by saying, “We wanted to throw gasoline on a fire and double that impact.” With this expansion, RCN has renewed its lease for seven years, signaling their intent to be a long-term player in the Charlotte market.

Growing the Team

Currently, the Charlotte office has around 30 employees, but plans are in motion to accommodate up to 50 people as the hiring process ramps up. “We’re hiring actively right now to bring more folks into the Charlotte office,” Parker shared, adding that he expects all available seats will be filled in about a year or two. This growth in personnel is part of a larger strategy to assess the market continuously and adapt to the increasing demands.

RCN’s excitement about expansion is palpable, and it’s the kind of news that resonates well with the broader Charlotte community which thrives on growth and innovation. Parker pointed out that there are no immediate plans to cap their employee numbers at 50, indicating further growth could be on the horizon depending on market conditions.

About The Rotunda

As for The Rotunda itself, it has an impressive occupancy rate of just under 98%, according to property management by JLL. This bustling office building hosts a variety of other tenants, including Walker & Dunlop, Hedrick Gardner, Jeffries Financial, and NAI Southern Real Estate. The property has a rich history, built back in 1988, and was recently sold for just under $80 million in September 2022, after the previous owner invested $4.5 million on renovations.

Looking Ahead

This expansion and ongoing activities at RCN Capital signify a broader trend within Charlotte, a city that continues to attract businesses and talent alike. With a vibrant workforce and a promising economic climate, the Queen City seems to be a perfect backdrop for firms looking to make their mark.

Ultimately, RCN Capital’s move to amplify their presence in Charlotte demonstrates their belief in the city’s potential and their long-term vision for growth. As they continue to hire and expand, we can all look forward to seeing how this fits into Charlotte’s ever-evolving landscape!